Your Direct Debit is firstly based on an estimate of future consumption. You can find assessments of your consumption on your current energy bills. From my perspective this is useful on my electricity use, which is quite stable, month to month. I find them not so great for Gas, as my consumption varies with the severity of the weather. A bad winter can increase my consumption (and thus my Bills) by 20+% . The period of that estimate is important.
If the period is 6 months then it will only cover the summer months when bills are usually lower due to lower heating requirements. If the period is 12 months then it covers winter as well. On a fixed DD this will mean building up credit in the summer to soften the higher winter bill period.
Then we come to price. There is a price cap now but it only lasts another 2 weeks. On 1 April a new price cap (up another54% on average). Then in October 2022 another price cap will come into effect, and early indications are that the pressure of increased wholesale prices will result in yet another increase of a magnitude that is totally uncertain.
Then you can work out what the likely bill might be for the required period. Standing charges also have to be factored in. Then there is the matter of the current position on the account. Credit balances will tend to reduce the monthly direct debit, while money owed will increase the DD, as the supplier will aim to eliminate the debt in say 6 months. It is important to recognise that all this results in an assessment of your future consumption and bills. Fixing a Direct Debit is not fixing your liability. If you use more energy than predicted your DD will at some point be adjusted up, if you use less then it can be adjusted down. If prices increase, then the DD will likely go up, and if prices drop then your DD can go down. You still have to pay for all the energy you use at the prices listed in your tariff. The direct debit is intended to help customers budget and manage their finances better.
Paying by Direct Debit is the cheapest way to pay for you energy as the prices are marginally lower than other methods. Does this help?
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