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Energy - Fixed Rate 20:51 - Aug 12 with 1253 viewsJimmyJazz

What does the collective mindset think of this offer?

OVO - who is my Supplier of Last Resort have offered me a 2 year fixed contract for a 50% increase on my current monthly DD. I've been with them since March and am healthily in credit as it's summer and my DD could be lower, but with winter to consider I haven't changed it. The increased fixed rate is based on my usage so far.

A 50% increase sounds high, but it is for 2 years. Stick or twist?

My gut feeling is to stick.

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Energy - Fixed Rate on 23:33 - Aug 12 with 1086 viewsKievthegreat

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-d

Martin Lewis and Co have OVO's 1 year deal as worth considering, no mention on the 2 year deal so presumably not as competitive.
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Energy - Fixed Rate on 00:12 - Aug 13 with 1057 viewsJimmyJazz

Energy - Fixed Rate on 23:33 - Aug 12 by Kievthegreat

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-d

Martin Lewis and Co have OVO's 1 year deal as worth considering, no mention on the 2 year deal so presumably not as competitive.


I note the best deals are offered to existing customers, and the money saving website say they aren't always aware of what existing customers are being offered.

The one year fixed rate i'm being offered is just £1 less than the two year fixed rate.

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Energy - Fixed Rate on 00:22 - Aug 13 with 1038 viewsKievthegreat

Energy - Fixed Rate on 00:12 - Aug 13 by JimmyJazz

I note the best deals are offered to existing customers, and the money saving website say they aren't always aware of what existing customers are being offered.

The one year fixed rate i'm being offered is just £1 less than the two year fixed rate.


In which case, it's possibly worth considering then. Only risk would be if prices drop considerably for year 2, but seemingly not that likely.
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Energy - Fixed Rate on 03:54 - Aug 13 with 955 viewsC_HealyIsAPleasure

Energy - Fixed Rate on 23:33 - Aug 12 by Kievthegreat

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-d

Martin Lewis and Co have OVO's 1 year deal as worth considering, no mention on the 2 year deal so presumably not as competitive.


Martin Lewis is recommending fixing if the rate is less than 95% above your current tariff, so if what the OP has said is correct it should be a no brained. I would however suggest the OP checks the actual tariff rate (ie. Standing charge and per unit rate) are at the levels they have said and not just look at the annual cost estimate that could be misleading

Being fixed for 2 years shouldn’t be an issue either if future cap estimates ring true, it should end up paying for itself. I guess the only issue could be if there ends up being government intervention that brings the variable rate down but doesn’t help people on fixed contracts, but unlikely and presumably the OP could still exit anyway

Not financial advice etc etc

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Energy - Fixed Rate on 09:23 - Aug 13 with 773 viewsbracknell_blue

I moved from a 2 year fixed deal at £85pcm (which was a very good deal and highly recommended on various sites) with OVO to a £215pcm 2 year fixed deal. The 1 year fix was lowee - around £170 but I reckoned the following year could be much higher (and I think I may have got that right). Go with it if I were you. Ovo do treat you reasonably and I find their smart meter very useful.

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