It’s all going up. Not unexpectedly though.
I’m currently with the Octopus Go May 2021 V1 tariff (15.78p/5p per kWh with 25p SC per day) until, hopefully, next September, as I switched just before the GO prices went up in October.
Of note, Agile Octopus has recently come back to life and has had several days of plunge pricing (you get paid to use electricity) at the start of the year. The gamble is if that trend will continue or tail off like it did in mid-2021, becoming way more expensive than Go. At this stage, I’m HODL with GO
But compared to the E.ON prices above, is still strong.
Got an email from British Gas yesterday, this is the first time I’ve been able to see from them an actual cost if I just go to the variable rate.
Your Exclusive Energy Feb 2022 tariff comes to an end on 28th February 2022. Now is the time to fix your energy tariff again, protecting your rates until 31st December 2023. If you do nothing, you’ll be switched to our Standard Variable Tariff.
With so much uncertainty in the global energy market, prices will be affected for a while yet. So although our Standard Variable Tariff may appear cheaper right now, that won’t last for long. It’s likely that it will increase by hundreds of pounds when the industry regulator, Ofgem reviews the energy Price Cap in February.
Arguably we’re approaching a time where our reliance on Gas falls due to warmer weather, so long as they can get their little battle done before next winter, we should be fine!
Wholesale gas is bought in advance, though, so any large price rises would affect us next Winter too (they already will). If russia does invade Ukraine and a sanctions war follows, it’s unlikely that would be resolved in a year either. That said, Russia might not be able to afford to turn the gas off and it’s all pretty hypothetical. Still, few are predicting the market goes down this year.
I should’ve probably been clearer - I meant the difference between variable + fixed, seemed low in comparison to what I’ve been seeing elsewhere with the huge differences in price compared with staying on the variable tariff.