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My fixed plan ends soon, if I don't renew will I move onto the price capped variable plan?

  • 16 March 2022
  • 3 replies
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My current fixed rate plan ends in March, does this mean I automatically will be on the price cap rate?

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Best answer by Jess_OVO 17 March 2022, 11:47

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Hi @Colette Ross and welcome to the OVO online community,

 

A really important question to ask now you’re coming to the end of a fixed plan. About 7 weeks before the end of your plan you’ll receive an email or letter (depending on your communication preferences) advising of the renewal options available. Unless you decide to opt for another fixed plan, you’ll automatically roll-on to the Simpler Energy plan which is our variable tariff, protected by Ofgem’s price cap. We’ve got more details of the price cap change and extra support which might be available to you here.

 

Worth mentioning that the variable unit rates are due to change from April 1st, so the prices given in your initial renewal email will confirm the current rates. You’ll receive a separate email advising on the prices on the Simpler Energy plan from April 1st at least 28 days before, if you haven’t yet opted in to another fixed plan.

 

Hope this helps decide the best option for you.

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I would just add the renewal options can change over the 7 weeks. 

I just noticed the 2 year renewal option offered to me recently has now been reduced with a lower unit cost for both gas and electric. I can see tariffs when i log into my account on the ovo website. 

My original renewal quote may have hit the eye of the storm in terms of wholesale gas spot prices which have fallen dramatically in the last few days.

If for whatever reason you initially decide not to accept a fixed price offer, i would go back regularly and check the latest ovo offer to you personally just in case things have changed. 

 

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Just following on from my previous post, my personal fixed rate offer has fall again in only 4 days. So do keep an eye out if your fixed rate has come to an end recently and you are thinking about fixing. I still don't really understand all the rules about cancelling a contract but if you have signed up in the last 7 days to a fixed price deal it might be worth a call to customer services to see if there are now better deals? 

The renewal rate for me personally originally was

Electricity

Unit rate:

42p/kWh

Standing charge:

38.73p/day

Gas

Unit rate:

13.85p/kWh

Standing charge:

27.49p/day

 

And is now

 

Electricity

Unit rate:

36.54p/kWh

Standing charge:

38.77p/day

Gas

Unit rate:

10.92p/kWh

Standing charge:

27.52p/day

 

The wholesale spot price of UK gas has fallen dramatically in the last few days, no saying that will continue of course. 

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