Advice on the best renewal option for me during these time of high energy prices - which to choose?

I've just had the same dilemma. Obviously I can't advise you on the best option for you but I read Martin Lewis's articles, which helped me make a decision.

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

If only my energy fixed rate deals were as low,

The cheapest fixed deal ovo are offering me today is an eye watering 107% increase on top of the minimum recommended payment from my standard variable rate that I’m on currently on.

if I were to add my 2nd account costs, ovo’s fixed rate deals sit either side of the £900 a month mark.

Tom…

Don't forget to compare price per kWh and standing charge to get an accurate comparison, rather than monthly cost.

Hi @ChrisBod the other thing to remember is the price cap is due to go up from October so you only get the currently cheaper price cap for 2 weeks on the variable rate if you don't fix.

Ofgem are due to announce the October price cap around 26th August. 

Also the current plan is for ofgem to update the price cap quarterly so the variable rate will go up again in January in the middle of winter based on current industry predictions and  current gas prices. 

I can't comment on the electricity rates as I can't see them, but the gas rate is pretty much the going rate now. Up until last week you could get gas at a maximum of 11p/kWh for 1yr. This tariff has now gone to max. 16p/kWh, so a fixed rate of around 15p/kWh is possibly worth considering and could well be what the variable cap rate moves to in October.

The low exit fee for 2yr tariff may well be worth giving consideration to for the sake of price certainty.

https://www.standard.co.uk/news/uk/russia-kremlin-graham-ofgem-government-b1014999.html

£3850 price cap for January? (That is based on a typical consumption of 12000kWh gas and 2900kWh electricity) 

That's double the current cap of £1971 if it turns out to be correct. 

Hi there, 

Thanks very much for the advice from you all - it's been really helpful. Picked a deal and just now working on selling a kidney to actually pay it!

Chris 

Hi @ChrisBod do you mind me asking which one you picked in the end? 

Hi jeffus,

I went for a 2 year fixed with a homeserve deal attached to it (it was a loyalty offer). We need to know exactly what is going out each month even if it's more than we'd like! My new monthly combined bill is 133% more than it used to be. 

Chris

My 1 year fixed plan comes to an end in September. I phoned OVO for an estimate if I kept on this plan again. My bill for 2021 was £1400, which looks like what I will pay by this September.  If I choose the fixed plan today, and based on my usual usage, I was quoted that I will be paying £6000 for the next year! Surely this can’t be. I was expecting more like £3000.

I know I can pull out if I want, but don’t feel like clicking into this. Any thoughts would be appreciated.