Future Proofing Energy Costs

[#1]

As the vote for IN or OUT approaches... I have received notification that my present energy tariff will cease on 31 July 2016 and if I do nothing, it will then go to "standard tariff"... on offer from the company is a 1 year FIX ....

So, using their figures for my consumption over the last year, I went to a comparision site, and it showed them as the cheapest 1 yr fix.. BUT also, they showed a 2 yr fix from the same company...  However, the second fix (2yrs) costs £82 more than the 1 yr fix...   here are the figures.

1 year fix to july 2017      elec     400.80

                                         gas     307.73

 total                                           707.53

2 year fix to july 2018     elec  442.08

                                        gas 340.15

total                                       782.23

I am thinking.... the news this morning said that the pound has already been devalued by the debate and prospect of the U.K  leaving the E.U... and this value will not "suddenly" increase, if we leave..the next day.  and because of the value of the pound being reduced. that means the amount of energy it will purchase from Russia and France, will cost us more...

so ... I think I will opt for the 2 year deal.

What do you think?      Good idea  ?     or Bad idea  ? 

[#2]

I'm with GB Energy and I'm saving pots of money. All the major suppliers follow each other with minor differences and of course they pay the comparison websites a commission for referrals. GB Energy and several others don't appear on the comparison websites as they don't pay the commission. Make the big change and make big savings

[#3]

Thanks for that..... will have a look on their site, and stick my figures in, and see if they have a 2 yr deal...

[#4]

I wasn't aware of that one - saving for me about 10% compared to my SSE fixed tariff

[#5]

Well, something is wrong with their calculations,  although It shows me saving over £340 p.a.  when I compare the figures with the figures above, the actual difference is just under £60.  for the year....

[#6]

@PeterLoftus - GB Energy may not pay commission but they are on the Compare the Market website.

[#7]

I got a very good E.On/Age Uk 2 year offer back in January - been with E.On for years so direct offer not maligned Age Uk site. Offer ceased after all the fuss but I'm in until Jan 2018 with no cancellation penalties.

I like 2 year deals

[#8]

The reason is probably the same as for the other cheating comparison sites

They take your present fixed rate deal up to when it ends and then change to the standard tariff for the remaining months of the 12 month deal

As always you need to look at the actual numbers yourself

[#9]

@Mook that's changed then. But I would still recommend them. Dead basic, no fancy website with calculators and advice on using high efficiency lighting and no smart meters. Just what i want cheap prices - sigh!

:thumbsup

[#10]

This would tend to indicate that they haven't really got things quite sorted yet http://forums.moneysavingexpert.com/showthread.php?t=5172368

https://uk.trustpilot.com/review/www.gbenergysupply.co.uk

http://www.which.co.uk/energy/saving-money/reviews-ns/energy-companies-reviewed/best-and-worst-energ...

[#11]

@PeterLoftus  @Mook  Hmm... this gets more confusing.... GB energy does not come in the first 31 quotes on the Compare the Market site... and my current supplier comes in about 4th or 5th... with their "offer" on 2 yr supply.

Scottish Power 1 yr "suggests" that my savings would be £260

Current supplier 1 yr "suggests"  it would be. £192

                           2 yr "suggests" it would be   £188

(Compare that to what I posted orginally ! )

[#12]

@shutter

I would recommend using the Citizens Advice Bureau energy comparison site http://energycompare.citizensadvice.org.uk/ as they are impartial.

[#13]

@shutter going back to your OP. What makes you think energy prices will go up after Brexit? You don't believe project fear do you?

[#14]

@PeterLoftus

I guess the price of energy will go up irrespective of any in or out vote, these companies use any excuse to increase prices, they increase the price in case of a out vote but you can be certain of an remain in result the prices will not go down.

As others have said the smaller companies offer much better deals but essential to keep an eye on when your contract ends otherwise you will be switched to a more expensive standard tariff.

[#15]

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PeterLoftus wrote:

@shutter going back to your OP. What makes you think energy prices will go up after Brexit? You don't believe project fear do you?

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No, I don`t believe in project fear.... and according to the news, the pound seems to have rallied,.. but as everyone knows. energy prices to the end consumer will continue to rise, over the next 2 years, and beyond...  even if they fall on the "wholesale(rigged)" market, the end user will still not see any real reductions, as the energy companies will say that the increased profit will ensure that the infrastructure and other "overheads" ( such as executive pay and pensions) will be secured and future investment can take place.. ( oh yeah.. )...