Reply To: Price cap to increase by £693 from April | Ofgem So as we all know, the regulator Ofgem is allowing the energy price cap to increase from 1 April 2022 which is a worry for most of us. So I…

[kev2021]

Hi all,

So what do people think? Is it worth moving to a fixed rate tariff to avoid future price rises? Even though they are a bit above the new cap coming in, if they increase again in Oct/April 2023, you could then benefit from the fixed price?  Or should remain variable and just pay the new cap rates?

For myself, the new cap rate is cheaper than any fix I can find, not too much in it but still a difference.  I could switch to a 2yr fix but if prices come down as lots of people predict in 2023 when companies will start competing again etc, I’d be stuck on a higher tariff and with a potentially larger exit fee (depending who I go with).

Fortunately, my Elec is fixed till 2023 so that’s good, its just my Gas that isn’t.  Ironically, my elec provider is the one I’m considering moving my Gas to.  Slightly kicking myself as I could of moved my gas to them and got a dual tariff and the rates were pretty good, just my existing provider beat them, they were a small company but had been good to date so decided to stay loyal to them and support them etc. so not sure how that will work if i moved to them as i guess maybe 2 different accounts due to not being dual fuel and one fixed till 2023 and the new one would be fixed till 2024

Thanks

Kev

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