My 2 year fix is coming to an end.
What's the current wisdom on fixed vs. variable?
Current rates:
Electricity
Unit rate 25.02p per Kilowatt hour
Standing charge 36.11p per day
Gas
6.33p per Kilowatt hour
Standing charge 24.88p per day
The standard variable rate I'll move to if I do nothing (I'm with Ovo) is:
Electricity
Unit rate 26.89p/kWh
Standing charge 61.67p/day
Gas
Unit rate 6.85p/kWh
Standing charge 29.11p/day
Fixed options are fractionally higher. But I'm confused - the current price cap is 53.37p for electricity, so how can they charge 61.67p?
Whatever I do, I'm fairly sure I'm going to see a big increase in bills, but the electricity standing charge seems huge...