Electric Or Gas Deal End READ THIS!

Electric or Gas Contracted ENDED? STOP AND READ THIS BEFORE DOING ANYTHING! The UK wholesale prices of gas and electric are SUPER HIGH if your contract has ended on your GAS deal and the company your with sent you an email with new contracts DO NOTHING Don’t sign a new contract or switch suppliers! This is because you will default to the variable deal with them which traditionally would have been more expensive HOWEVER as the government Ofgem put a price CAP in they can’t increase the price over that till April 2022 However with a fixed contract they can charge what they like so just DO NOTHING. What you will spend over the winter will be higher on gas so even if you are worried prices may continue to rise the variable will hold the rate and the wholesale market may calm down by April. Electric is a little bit more tricky if your deal has ended and you thinking of moving to octopus or another firm with a variable EV deal then work out if it’s going to save you money compared to paying variable prices currently and if you don’t have a smart meter that works on that deal remember your be paying higher rates till that’s in place. ALSO, remember DON’T SWITCH THE GAS just the electric as again switching now means higher prices! So last but not least my advice is DO NOTHING. Many in the industry also agree including Martyn Lewis and octopus have a warning message displayed when new customers try to sign up (another reason I love them)

https://www.ofgem.gov.uk/information-consumers/energy-advice-households/check-if-energy-price-cap-affects-you

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