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Martin Lewis energy tariff fix 'rule of thumb' as several firms offer new deals (www.dailyrecord.co.uk)

submitted 1 year ago by Emperor@feddit.uk to c/personalfinanceuk@feddit.uk

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the team at MoneySavingExpert.com (MSE.com) has reported that several energy firms are now offering existing customers fixed-tariff deals which could give households a bit of financial stability over the next 12-months. Octopus, Sainsbury's Energy, E.on Next, Shell Energy and British Gas are offering deals that are just below, or on, the level of the current price cap (£2,074) - something MSE.com said “could be worth considering”.

But it also reminded people of its founder, Martin Lewis' ‘rule of thumb’ over whether you should switch to a fixed-energy tariff.

For the current fixed-tariff deals available to view on MSE.com, the consumer champion said: “Based on current predictions, if any firm offers a fix for under the July Price Cap, that looks a decent deal. If it's the same or a little more, it may still be worth considering for the sake of price certainty.

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[–] wewbull@feddit.uk 4 points 1 year ago

A supplier will never offer a fixed deal they don't think they can make money on.

The price cap will come down as the wholesale price this quarter has been lower than last quarter. So all of them are offering to fix your price above the next price cap. How generous of them! The question is, what will it do after that. Solar generation will drop off in the autumn and winter months, so it depends how well wind picks up the slack and so how much gas we need to burn.

Personally I'll ride the rollercoaster. If British gas are offering a fix term deal, it's got to be a bad idea.