Energy bills

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sultangopi
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#1
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#1
Anyone know if it is best to continue on tariff instead of a find a new one. I heard Martin Lewis said not to switch onto new gas and electric tariffs even with new supplier
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tinyperson
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#2
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ask the company
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normaw
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#3
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(Original post by sultangopi)
Anyone know if it is best to continue on tariff instead of a find a new one. I heard Martin Lewis said not to switch onto new gas and electric tariffs even with new supplier
If you are on the price cap with your current provider then moving to a new provider will likely result in you being on a tariff that is more expensive than the price cap. However, it might be worth it for a few. Read this:

https://www.moneysavingexpert.com/ne...to-rise-a-hor/
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Zarek
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#4
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It seems at the moment all the companies are making a loss because of the price cap and the ones that have been able survive are those that have big reserves. The smaller ones went bust. So prices are as high as they can make them, no one particularly wants new customers to make a loss with anyway, and it’s best to sit tight until things stabilise
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sultangopi
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#5
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#5
(Original post by Zarek)
It seems at the moment all the companies are making a loss because of the price cap and the ones that have been able survive are those that have big reserves. The smaller ones went bust. So prices are as high as they can make them, no one particularly wants new customers to make a loss with anyway, and it’s best to sit tight until things stabilise
I have always been with one of the big ones who have not gone bust. So if I am coming upto the end of my current tariff, is it best not to move onto new fixed tariff. I think martin lewis said prices will go down?
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Zarek
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#6
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#6
(Original post by sultangopi)
I have always been with one of the big ones who have not gone bust. So if I am coming upto the end of my current tariff, is it best not to move onto new fixed tariff. I think martin lewis said prices will go down?
I wouldn’t change company nor sign up to a fixed tariff. Prices are going up everywhere before they go down and fixed tariffs, although an insurance, are worked out to benefit the company rather than the consumer
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sultangopi
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#7
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#7
(Original post by Zarek)
I wouldn’t change company nor sign up to a fixed tariff. Prices are going up everywhere before they go down and fixed tariffs, although an insurance, are worked out to benefit the company rather than the consumer
Do I automatically switch to variable if fixed ends and I don't choose another fixed tariff with same employer?
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Zarek
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#8
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#8
(Original post by sultangopi)
Do I automatically switch to variable if fixed ends and I don't choose another fixed tariff with same employer?
You need to check with your company, call or email them. But normally you have to specifically sign up to a fixed rate period
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normaw
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#9
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#9
(Original post by sultangopi)
I think martin lewis said prices will go down?
No he's not said that. Quote from his web site:

"I've been calling for Government intervention to prevent an energy bill crisis before 1 April, when the price cap – which most bills are now based on – is predicted to rise 51%, adding typically £600/year to bills, a nightmare that'll throw millions into fuel poverty. Unsurprisingly, with this prediction many are asking me if they should now move off the price cap to fix?

After number-crunching, for most, it's still a 'no', but for the first time in many months fixing may be worth it for a few.

The price cap limits what firms can charge in England, Scotland and Wales for their default standard variable tariffs. Calling it a 'price cap' is a misnomer, there's no max you pay for energy, think of it more as a cap on the cost of each unit of gas and electricity. Most people who aren't on fixes are on it. You're on it if:

  • You've never switched tariff.
  • Your cheap fix ended and you did nothing (as there are no cheap deals now, many are being moved to it).
  • Your energy firm recently went bust and you were moved elsewhere.
For years I warned price-capped tariffs were far from cheap. Yet last year wholesale energy prices (those suppliers pay) exploded, and as that takes time to feed into the cap, it currently forces firms to sell gas and electricity massively below cost. In fact, there are NO MEANINGFULLY CHEAPER SWITCHABLE DEALS. That's why my mantra's been 'do nothing', as then you're on, or will eventually move to, a price-capped tariff."

You should be moved onto the price cap if you do nothing when your current fix ends. If you're still not sure about your situation, do a comparison on one of the switching web sites. This is a link to the MSE one:

https://clubs.moneysavingexpert.com/cheapenergyclub
Last edited by normaw; 3 months ago
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sultangopi
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#10
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#10
(Original post by normaw)
No he's not said that. Quote from his web site:

"I've been calling for Government intervention to prevent an energy bill crisis before 1 April, when the price cap – which most bills are now based on – is predicted to rise 51%, adding typically £600/year to bills, a nightmare that'll throw millions into fuel poverty. Unsurprisingly, with this prediction many are asking me if they should now move off the price cap to fix?

After number-crunching, for most, it's still a 'no', but for the first time in many months fixing may be worth it for a few.

The price cap limits what firms can charge in England, Scotland and Wales for their default standard variable tariffs. Calling it a 'price cap' is a misnomer, there's no max you pay for energy, think of it more as a cap on the cost of each unit of gas and electricity. Most people who aren't on fixes are on it. You're on it if:

  • You've never switched tariff.
  • Your cheap fix ended and you did nothing (as there are no cheap deals now, many are being moved to it).
  • Your energy firm recently went bust and you were moved elsewhere.
For years I warned price-capped tariffs were far from cheap. Yet last year wholesale energy prices (those suppliers pay) exploded, and as that takes time to feed into the cap, it currently forces firms to sell gas and electricity massively below cost. In fact, there are NO MEANINGFULLY CHEAPER SWITCHABLE DEALS. That's why my mantra's been 'do nothing', as then you're on, or will eventually move to, a price-capped tariff."

You should be moved onto the price cap if you do nothing when your current fix ends. If you're still not sure about your situation, do a comparison on one of the switching web sites. This is a link to the MSE one:

https://clubs.moneysavingexpert.com/cheapenergyclub
So in effect I should also do nothing right once my tariff finishes as that what he is saying
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normaw
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#11
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#11
(Original post by sultangopi)
So in effect I should also do nothing right once my tariff finishes as that what he is saying
Your current supplier should inform you what tariff you will be moved onto when your fix finishes (which should be the price cap (often referred to as the standard variable tariff)). It is very unlikely that any cheaper tariffs will be available at this time. But do check by trying one of the comparison web sites.
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