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Energy price freeze

(4 Posts)
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Oldnproud Thu 08-Sept-22 13:26:57

Now that the price of energy is to be capped at £2,500 (average) for two years from the first of October, what will you do if you signed up for a fixed-rate tariff some time in the last few months?

I presume that anyone in that position urgently needs to do some calculations (based on their actual usage) to see if it is worth paying the exit fees and switching to the standard variable tariff right away.

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karmalady Thu 08-Sept-22 13:34:29

I am with octopus on a fixed rate and the advice is to wait. Octopus always let us know the cheapest rate available. I am not moving anywhere, octopus is fab for customer service and value

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Oldnproud Thu 08-Sept-22 13:38:47

karmalady

I am with octopus on a fixed rate and the advice is to wait. Octopus always let us know the cheapest rate available. I am not moving anywhere, octopus is fab for customer service and value

Has the advice to wait been reiterated since today's announcement, karmalady?
I can see it still being valid advice if you have been on that tariff for quite a while, but maybe not if you've gone on it in recent months.

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Oldnproud Fri 09-Sept-22 09:32:22

I have just found this from Martin Lewis, which sounds promising for those on fixed tariffs too:

" Since the announcement, I have heard the discount that is being applied to the price-capped tariffs is likely to be applied to all tariffs, including fixes (the new 'price guarantee' will effectively work as a per pound discount off the unit rates of the pre-planned 1 October price cap rate). If this is correct, many fixes that currently look costlier than the price guarantee will end up cheaper. Earlier, the information I was told by the Government was that "all can get out of a fixed tariff without exit penalties". This may have changed, so that it is left up to firms. I will confirm when I know, but be careful acting on any of this before it is cast iron. "

www.moneysavingexpert.com/news/2022/09/energy-bills-price-freeze-cost-of-living-government-liz-truss-/

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