Enmax fixed vs. floating rates...

[Bill Bumface]

Anyone know why Enmax doesn't show me the option to switch plans online anymore? I accidentally rolled through my contract without updating it and they auto-fixed me.

[Izzle]

Originally Posted by Bigtime

https://twitter.com/user/status/1762857515694653802

This means switch to floating electricity?

[DoubleK]

Originally Posted by Izzle

This means switch to floating electricity?

That all depends on what rate you are currently at.

If it's higher, switch to RRO. If it's lower, stay put until he tweets again.

[Izzle]

Originally Posted by DoubleK

That all depends on what rate you are currently at.



If it's higher, switch to RRO. If it's lower, stay put until he tweets again.

Hmm... I think I'm 11.89. I gotta check my enmax statement when I get home.

[Ironhorse]

I'm at a fixed rate below 7/kWh for a few more years, so I guess I'm still good for now.

[Erick Estrada]

Originally Posted by Ironhorse

I'm at a fixed rate below 7/kWh for a few more years, so I guess I'm still good for now.

As am I. Is it best to be fixed or floating for natural gas presently?

[DoubleK]

I've always floated gas. Depends on your usage and risk appetite for your bills to fluctuate.

[timun]

If you've been paying a fixed rate less than $3.70ish/GJ, then it's been pointless to switch to floating. If you're paying more on a fixed rate than that, then it hasn't worked in your favour for over a year now: other than some blips at the end of 2022 and January this year, floating rates have generally been $3/GJ or less since August, 2022. Don't forget the extra transaction fee Enmax charges on top of the consumption, it's $1.23/GJ!

In my case, with my actual usage, since I've switched from floating market rates to a fixed rate in November, 2021, I've saved about $245.

Almost all of the savings were accrued for the first 15 months, up to my February, 2023 bill. Cumulatively I saved $238.70 over that time. Over the 27 months I've been on my current fixed-rate contract the floating rate would have worked in my favour only 10 months, and in those 10 months the cumulative cost difference was only $24.81. Most summer months I don't even use a single gigajoule of gas, so the cost difference of floating vs. fixed this past year was working in floating's favour by 58 cents here, 49 cents there...

The most disadvantageous month so far has been last month's bill, which would have been $10.95 cheaper if I was on the floating rate. However, this month alone I saved $29.22 vs. the floating rate (which was $4.86/GJ), which has covered not only the January 2024 difference... but the entire cumulative savings in the last 27 months!

I calculated my breakeven gas price retroactive to the beginning of my fixed-rate contract, and it worked out to $5.32/GJ so far. that's the price at which it wouldn't have been worth being on a fixed contract.

(As an aside, being on a fixed electricity contract has saved me $466.46 v. the RRO since November 2021; together, electricity and gas, I've saved over $700, or about $26/mo.)

[Fuzz]

By never switching off my original floating gas rate, my transaction fee is only $ 0.47/GJ. So that's big motivator to stay floating for me.

[GGG]

Originally Posted by timun

If you've been paying a fixed rate less than $3.70ish/GJ, then it's been pointless to switch to floating. If you're paying more on a fixed rate than that, then it hasn't worked in your favour for over a year now: other than some blips at the end of 2022 and January this year, floating rates have generally been $3/GJ or less since August, 2022. Don't forget the extra transaction fee Enmax charges on top of the consumption, it's $1.23/GJ!

In my case, with my actual usage, since I've switched from floating market rates to a fixed rate in November, 2021, I've saved about $245.

Almost all of the savings were accrued for the first 15 months, up to my February, 2023 bill. Cumulatively I saved $238.70 over that time. Over the 27 months I've been on my current fixed-rate contract the floating rate would have worked in my favour only 10 months, and in those 10 months the cumulative cost difference was only $24.81. Most summer months I don't even use a single gigajoule of gas, so the cost difference of floating vs. fixed this past year was working in floating's favour by 58 cents here, 49 cents there...

The most disadvantageous month so far has been last month's bill, which would have been $10.95 cheaper if I was on the floating rate. However, this month alone I saved $29.22 vs. the floating rate (which was $4.86/GJ), which has covered not only the January 2024 difference... but the entire cumulative savings in the last 27 months!

I calculated my breakeven gas price retroactive to the beginning of my fixed-rate contract, and it worked out to $5.32/GJ so far. that's the price at which it wouldn't have been worth being on a fixed contract.

(As an aside, being on a fixed electricity contract has saved me $466.46 v. the RRO since November 2021; together, electricity and gas, I've saved over $700, or about $26/mo.)

Where are you finding the actual variable rate values that eac would charge you.

[GKDarts]

Prompt gas is trading ~$1.40/GJ, Forward strip is sub $1.50/GJ through 3Q24. Expectation for summer is that it will further weaken.

So with Enmax's fee, you're paying almost double the market value of gas!

[timun]

Originally Posted by GGG

Where are you finding the actual variable rate values that eac would charge you.

Sorry GGG, I never answered this question from six weeks ago because this topic got bumped way down the page.

It's not easy to find anymore. It used to be published on their website in a PDF, but now a rough figure (only to one significant digit) is available at https://www1.enmax.com/electricity-a...al-gas/easymax

You also have to factor in that your floating rate quoted on the website is effective the first day of a given month through the last day. When your billing cycle isn't coincident, the actual floating rate applied to you as a residential consumer is calculated based on a weighted average of rate effective in one calendar month vs the rate in the next. It's super annoying.