[JoeSoap]

@meldrewreborn

My v17 rates from 6 Aug to 30 Sep were E 52.11p and 37.92p SC. G 12.87p and 27.22p SC. Presumably I'll revert to these on 1st April until 5 August as things stand.

From 1 Oct they are E 35.06p and G 10.31p. SCs as above.

If I do a tariff search for my postcode (Eastern I think) for Next Flex then the rates are the same as I'm on now but the SCs are more... E 38.94p and G 28.48p.

Trying to work it out when we don't know exactly what's coming next from the government is tricky.

[meldrewreborn]

@JoeSoap

First thoughts are that those rates are 10%+ below the levels that OFGEM authorised on 26 August, when the average bill was expected to be £3,600. The forecasts for next April are that unadjusted OFGEM rates/caps will be higher again by then. So perhaps It might be better to stick with the fix - you can revert to the flex if (when?) prices goe down but you'll not be able to recover that fix if prices go up.

And government help is likely to be more limited and targeted that the current EPG. If you are an above average user, what help might you expect.

[JoeSoap]

@meldrewreborn

Thanks for that. I have a dilemma then. I used approx. 696kWh Elect and 1040kWh Gas between 6Aug and 30 Sep. I don't know what the Next Flex rates were between those dates but using the current rates I would be due around £144 refund. Assuming Next Flex rates rose by 30% on 1st Oct then I would be due somewhere in the region of £110 if I took up their offer. However my SCs would rise by about 2p per day for 6 months so that would cost me a few quid.

So, I reckon if I take the offer I will be around £100 better off immediately... but if the rates rise in April I will lose four months of my fix. If the rates rise by only 10% above my fix then then (using last year's usage) I will be about £100 worse off.

Conclusion...

If I accept the offer then I could just about break even by the end of my current fix. But it's a gamble as I don't know what is going to happen in April. I am also inviting more confusion by adjustments being made to my account.

If I stick on my fix I'm risking about £100 but I know where I'm at. If the Next Flex rates in April are lower than my fix then I can switch at that point.

Thanks for your input. I'm now leaning the other way so as to thank them for their fair offer and to consider the matter closed, but to stick with my fix in light of political developments.

[meldrewreborn]

for what its worth I agree - but its not my money!!


Chart of the week: energy price cap update | ICAEW

Cornwall Insight release final predictions for October’s Price Cap (cornwall-insight.com)

[JoeSoap]

Ok, this is where I'm at...

I was hoping to get the difference in what I was paying on my fixed tariff up until 31 Oct and what the Next Flex/EPG rates were/are, credited to my account. What I was actually offered was the option to switch to Next Flex backdated to the start of my fix on 6 Aug at the rates in force at the time.

I considered this a fair and reasonable offer and if the EPG was still expected to be in force for two years I would have accepted. However, this is not the case. I can't have the extra money I have spent in Aug/Sep refunded and expect to stay on my current fix if the EPG ends in April. That would be having my cake and eating it.

My wife advised taking the money and then take what ever happens in April. I nearly went with it but decided to stick on my Next Online v17 in the expectation the EPG will end at the end of March or thereabouts and I will revert to my agreed fix rates until 6 Aug 23.

What a terrible time to try to make decisions about buying gas and electric when we're getting promised one thing one day and having it taken away another.

Anyway. I consider my complaint fairly, and reasonably swiftly, dealt with and now consider the matter closed. As usual, time will tell as to whether my decision(s) pay off or not. Personally, I think I'll come out of it all about even, whatever decision I had made.

[retrotecchie]

Breaking even is about as much as any of us can hope for these days. I hope it does pan out ok for you. As for me, I don't even want to think as far ahead as April. If I can get to the end of this month relatively unscathed, I'll be happy!