Energy bills to rise 9% in Oct 2024

[kev2021]

Saw on bbc, Energy bills expect to increase by 9% in October 2024 and rumours will increase again Jan but not back to the levels previously,

https://www.bbc.co.uk/news/articles/cy54r9r1355o

Kev

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[kev2021]

Time to fix?

My current fix ends mid next year so will re-evaluate then, hopefully it will drop before i need to re-fix.

Kev

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[UK Sentinel]

We all expected the rise, but glad most of us have taken steps to plan for this by fixing during the summer months.

For some others including myself, still on the Octopus Tracker and saving a small fortune with these milder winters in my part of the country

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[UK Sentinel]

Just seen (Late I know) an increase of 10% compared to the cap set between 1 July to 30 September 2024 (£1,568).

https://www.ofgem.gov.uk/energy-price-cap

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[kev2021]

Yes, I fixed mine in June but I’m now hearing of a small increase again in prices in Jan and no talk of any drops next year, advise seems to be prices will stay that way this time next year so I’m considering changing to a 2 year fix now before prices increase.  I just had a look and my current supplier has a 2 year fix for not too much more each month, so whilst it will lost a little more (not to mention the £50 exit fee) it might be worth doing to avoid potential increases next winter.

I’ve just sent them a message so will see what they come back with and decide from there.

Kev

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[kev2021]

forgot to say – the 2 yr fixed prices are below the oct prices so whilst bit more than I pay now, will be below the oct prices so should be a win I hope.

Kev

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[UK Sentinel]

Will be interesting if your supplier can just extend your fixed rate by another 12 months, hopefully they have over ordered / estimated for the next 12 months and can cut you a deal

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[kev2021]

Would be nice but I expect they will move me to the new tariff as its slightly more expensive than current one and I beleive its 10% increase in Oct now, not 9% as originally thought…

Not seen a reply but didn’t get a confirmation email from there “leave a message” on website so I’ve emailed them tonight and they have sent automated email confirming they have my email so will wait and see, hopefully a reply tomorrow before they pull the tariff in favour of the a new version with higher prices.

Only issue with this tariff is £100 exit fee per fuel but doubt I’d have to use it to be honest, just keep paying and exit when can but doubt any tariff will be £200 cheaper to encourage me to switch and pay it…

Usage for my place is pretty low tbh so they wouldn’t be massively out of pocket if they pre-paid for it and then i left etc.. not like I’m a large family in a large house lol.

Kev

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[UK Sentinel]

Let is know how it goes .

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[kev2021]

So just heard back today….

OTM have 2 tariffs:-

Fix’d Dual Aug24 v5.0

Tariff type: Dual Fuel Only – Fixed. Payment method: Direct Debit. Electricity unit rate: 22.392p per kWh. Electricity standing charge: 49.937p per day. Gas unit rate: 5.841p per kWh. Gas standing charge: 31.000p per day. Exit fees: £25.00 per fuel. Tariff Term: 12 months

 

2 year Fix’d Dual Aug24 v5.0
Tariff type: Dual Fuel Only – Fixed. Payment method: Direct Debit. Electricity unit rate: 23.103p per kWh. Electricity standing charge: 49.906p per day. Gas unit rate: 5.947p per kWh. Gas standing charge: 31.006p per day. Exit fees: £100.00 per fuel Tariff Term: 24 months

I’m looking at the 2yr one as just over a £1.13 a month difference in price so not a real issue but the £100 exit fee per fuel is a bit high but then i guess just don’t exit early?

What are your thoughts? I believe the 12month is 6% less than Oct price cap and I can only assume the 2yr one is slightly less than that but still cheaper than the Oct price cap as as ppl reckon a small increase again in Jan and then prices stay same throughout next year, I suspect will go up again later next year so might be worth taking a gamble on 2yr fix?

Also, they wont charge me an exit fee as I’m switching to another fix with them BUT if I switch to variable they would charge so all good there, a bonus if you will.

Kev

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[UK Sentinel]

If you are concerned about fuel price security and not willing to see what happens in say 12 months, the 2 year Fix’d Dual £1.13 a month difference and as OTM will not charge an exit/transfer fee, then this is ideal for yourself.

If it was me, I would see out existing contract and see what happens in next year price wise, but I do have a high risk appetite, which is not always good.

Just don’t exit early

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[kev2021]

Agreed, I’m not overly concerned, more I don’t want to pay anymore than I have to and I already missed a lower tariff by BG last year and my existing contract is only 1 year so it will run out in June and therefore mean I’d likely pay higher prices next winter so not ideal.  I’m fortunately in that my usage is relatively low.  I’ve worked out that using the figures I had for gas/elec, for last year, it will cost me an additional £24.35 per year.

It seems OTM have altered my estimated usage figures so hence the estimate more elec and less gas but I’m sticking with my figures for now so will see.  Worst case, even though they estimate DD will be higher than now, I reckon I’ll end up in credit and likely reduce it as I did previously as I have currently £100 in credit with them as not used any gas over summer so hence bills not as high so I did reduce my DD so will see but atm I’m tempted to go with the 2yr fix and be doe with it and not worry about the next price rise and the next etc, I can have 2yr not worrying, although admittedly might come as a shock if prices do rise again next year coming from these prices to potentially much higher but as you say, all a gamble as no one knows atm and no one knows what the Oct. budget will bring.

Kev

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[kev2021]

Based on est. usage by OTM, its an extra £28.19 per year compared to existing tariff so not too much higher..

Kev

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[UK Sentinel]

Bargain for piece of mind

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[kev2021]

Yeah, seem to reckon a extra £6.x per month DD but all based on estimates so I’d expect to end up with credit, like I am now having only been on my existing plan since June lol.

Kev

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