Unfortunately for those whose fixed rate deal is ending there are no longer any better deals than the price capped ones. we're all in the same boat paying for our energy at what seem to be outrageous prices. But we're told the energy companies are still losing money, so don't expect things to get better soon.
That sounds to me like a variable rate tariff. I strongly recommend considering your options soon so that you can lock in a good deal. You'll probably want to scour the entire market as well, just in case a better deal exists elsewhere. Be careful of anything that sounds too cheap though.
I think we all need to keep scouring the price comparison sites to see if there are better deals out there, although at the moment anf fixed rate deals are even more expensive than both the current and the April 2022 price cap. If any supplier comes out with a cheaper deal I'd expect it to be front page news and the deal will be gone in days if not hours.
@dmm, Hi, I think the reason you don't recall being offered any better tariffs is because you were probably on the cheapest. Many years ago suppliers had numerous tariffs, some only being available for a short time. If the consumer was on the ball they could get some very good tariffs. Ofgem then, in their wisdom, decided too much choice was bad for the consumer and restricted the suppliers to something like 4 or 5 tariffs. Consequently, the good tariffs disappeared and there became little variation in tariffs between suppliers.
It does say on your bill if you're on their cheapest tariff or what you could save to moving to their cheapest (I mean least expensive 🤔).
I thought I'd create a thread to start a discussion around the price cap, set out by Ofgem, released today, and coming into effect from 1st April.
As we all know, the energy market over the last 6-12 months has been a little... How can I say this. Bleak?
There can be misinformation and confusion all over the shop when it comes to the price cap such as "I thought you couldn't charge more than this, so why are you?" and "Does this mean I can use as much as I want and not pay more than what Ofgem have said?"
The hope with this post is that we can have a discussion and a bit of a Q&A about any worries or concerns you might have, and hopefully put many of them at ease 😌 We'd love to hear any energy saving tips you may have, as well as of course, sharing some of our own! 😄
If you'd like to view the official info on the price cap, you can do so by visiting our Price Cap Information Page which outlines how the price cap impacts E.ON Next customers and guidance for next steps.
I know this can be a worrying and uncertain time for most (myself included!) so if you have any questions, be sure to post them below so that we can have a discussion.
Pete 😊
My fixed tariff ends 31st March. I've gone through all the options a few times and they have changed in just a few days. I thought I'd decided and was about to select Next2year v18 but when I go through it says "£290.03 per month until 2022-08-26, then £249.46 per month"
How is this a fixed rate? Why does the payment I decided I was happy with of £249.46 per month not kick in for 5 months and why would I have to pay more for the fitst 5 months? This makes no sense.
The quoted monthly amount is based on your account balance currently, what we think you'll use over the period of your tariff based on your previous consumption, and the unit rates and standing charges of that tariff.
It's a fixed rate because the unit rates and standing charges on the tariff won't change during the duration of the tariff. Your Direct Debit could change. We may review this from time to time if you're using more or less than what we expected, we'd then write to you to suggest that we lower your payment or increase it based on what you're using.
Pete 😊
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What happens if you don't renew your tariff? The cheapest renewal for me is a variable rate at 187 a month, do I automatically go onto this tariff? I genuinely cannot afford the increase so I'm stuffed whatever I do!!
@dmm
A year ago and more you could get fixed rate deals at lower prices than the price cap.
Now you can't. Wholesale prices have gone up so quickly that allegedly suppliers are losing money even on the variable price cap tariffs, so they'd lose even more on long term fixes below the price capped rates.
A fixed rate eventually comes to an end. If you cannot switch to a new tariff you end up on the standard variable tariff, priced at or fractionally below the price cap. The number of households on these rates increases daily as supplier go bust and customers are switched to new suppliers at the price cap, and other customers who have avoided the cap because of their fixed rate deal then find their deal has ended and the only alternative is the price cap.
So there are no better deals out there at the moment. Your statements will show what the supplier was advising you - its there in the mumbo jumbo - there's so much irrelevant detail its sometimes difficult to see the important stuff.
If you don't renew your tariff, you'll automatically be placed onto the variable tariff, the Next Flex.
I understand that at the moment it could be difficult to deal with the cost of energy, so if you feel you may not be able to afford your payments going forward, or just to discuss your account in more details, please do get in touch with us so we can look into what help may be available for you.
The best way to get in touch is over Facebook or Twitter - Our Digital Energy Specialists are available 24/7 over there and can usually get back to you quite quickly.
You can also call us on 0808 501 5200. The phone lines are open weekdays 9am - 5pm. You can also email us too at hi@eonnext.com.
This may be due to a balance on your account at the moment. If you have a balance, your payments may be more to cover whatever balance you might have at the moment and then will change to reflect what your usage should be when the balance is repaid. I hope that makes sense.
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