Rite Rate, should I renew?

Jan 25th, 2010 10:36 pm

#1

stratusnine: Jr. Member; Aug 5, 2006; 146 posts; 1 upvote

Jan 25th, 2010 10:36 pm

Has anyone followed up with gas rates?

My contract is about to expire with Riterate and I'm not sure if I should renew.

I have heard the gas rates are on a downwards trend but for how long. Would it be better to lock in for 5 years?

Any help appreciated.

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Jan 25th, 2010 11:49 pm

#2

gman: Deal Expert; Jun 14, 2003; 23140 posts; 177 upvotes

Jan 25th, 2010 11:49 pm

stratusnine wrote: ↑
Jan 26th, 2010 3:36 am
Has anyone followed up with gas rates?

My contract is about to expire with Riterate and I'm not sure if I should renew.

I have heard the gas rates are on a downwards trend but for how long. Would it be better to lock in for 5 years?

Any help appreciated.

IMO, the short answer is no especially if they don't actually give you a better rate for renew than its posted rate.

Their current 5 year fixed is 28.6 while the current market rate is 12.92. That is more than double.

Too many people spend money they haven't earned to buy things they don't want, to impress people they don't like. -- Will Smith
Growing older is mandatory. Growing up is optional.
Stay hungry, stay foolish.

Jan 26th, 2010 1:47 am

#3

any007: Member; May 31, 2005; 479 posts; 27 upvotes

Jan 26th, 2010 1:47 am

I'm not sure where you got that number.
In Ontario, Enbridge is showing 19.9690 ¢/m³

https://portal-plumprod.cgc.enbridge.co ... ached=true

Jan 26th, 2010 7:01 am

#4

Jungle: Deal Addict; May 31, 2007; 3036 posts; 195 upvotes

Jan 26th, 2010 7:01 am

I have never heard anything positive come from locking in at a higher rate and speculating that prices will soar to the moon. At least that's the pitch those pesky door sales people use.

Jan 26th, 2010 10:01 am

#5

joee911: Newbie; Apr 18, 2008; 4 posts; Mississauga

Jan 26th, 2010 10:01 am

Check out http://www.energyshop.com/es/prices/ON/ ... ?ldc_id=2&
you can see who has the lowest rates... looks like www.myrateenergy.ca has the lowest rate at the moment.

Feb 5th, 2010 7:49 am

#6

taxmasta: Newbie; Sep 22, 2007; 14 posts

Feb 5th, 2010 7:49 am

the actual rate being billed rite now by enbridge is 19.8615c minus 6.9075c
making the total effective gas supply rate 12.9540c/m3

Feb 5th, 2010 8:50 am

#7

EugW: Deal Guru; Mar 23, 2009; 11657 posts; 1470 upvotes; Toronto

Feb 5th, 2010 8:50 am

Does rite rate charge extra monthly fees like Enbridge does, or is it all factored into that 28 cent charge?

Feb 5th, 2010 8:23 pm

#8

Halifax55: Sr. Member; Aug 31, 2008; 512 posts; 180 upvotes; Barrie

Feb 5th, 2010 8:23 pm

stratusnine wrote: ↑
Jan 26th, 2010 3:36 am
Has anyone followed up with gas rates?

My contract is about to expire with Riterate and I'm not sure if I should renew.

I have heard the gas rates are on a downwards trend but for how long. Would it be better to lock in for 5 years?

Any help appreciated.

DONT DO IT!
I am with them now, locked in for another 3.5 years at 39.9...how crazy was I? It is the only time I have done something this stupid...but I live with it. Never again. Pay what the market costs are, you will always be ahead. Don't do what I did and buy into the scare tactics that gas prices would only go up, up, up which was part of their sales pitch. Me stupid, you smart...ok?

Feb 6th, 2010 2:08 pm

#9

BCarlie: Newbie; Jan 24, 2010; 12 posts; Calgary

Feb 6th, 2010 2:08 pm

Halifax55 wrote: ↑
Feb 6th, 2010 1:23 am
DONT DO IT!
I am with them now, locked in for another 3.5 years at 39.9...how crazy was I? It is the only time I have done something this stupid...but I live with it. Never again. Pay what the market costs are, you will always be ahead. Don't do what I did and buy into the scare tactics that gas prices would only go up, up, up which was part of their sales pitch. Me stupid, you smart...ok?

Aww, I feel bad for you but I can't help but laugh after reading your message. It's just so funny. :lol:

Feb 6th, 2010 2:27 pm

#10

Webhead: Deal Addict; Sep 7, 2004; 2831 posts; 312 upvotes; GTEH!

Feb 6th, 2010 2:27 pm

taxmasta wrote: ↑
Feb 5th, 2010 12:49 pm
the actual rate being billed rite now by enbridge is 19.8615c minus 6.9075c
making the total effective gas supply rate 12.9540c/m3

+1.

IMO, don't lock yourself into a 5 year contract, unless you have $$$ to burn.

Feb 23rd, 2010 6:21 pm

#11

joee911: Newbie; Apr 18, 2008; 4 posts; Mississauga

Feb 23rd, 2010 6:21 pm

Also just doing some price comparison it looks like the price listed on rite rate website http://www.riterate.ca is higher than the one listed on energyshop. http://www.energyshop.com

Apr 12th, 2010 11:07 pm

#12

KIngMufasa: Sr. Member; Jun 3, 2005; 524 posts; 30 upvotes; Toronto

Apr 12th, 2010 11:07 pm

well enbridge just raised their rate to 21.1 bringing it very close to the 23.3 posted by myrate...

Surely you must realize that gas prices have been depressed due to the econmic downturn and that with an increase in manufaturing again over the next few years, that prices are likely to start going back up?

23.3 is lower than the actual price has been for most of the last 10 years.

am considering locking in as i think the rebound of the economy will help spur gas prices back up somewhat? Also this big jump up in price may soon show in on the gas retailers raising their prices?

just some thoughts...

Ethical Directory

Apr 13th, 2010 10:56 am

#13

DealMakerLoverBreaker: Member; Dec 10, 2006; 271 posts; 1 upvote

Apr 13th, 2010 10:56 am

Yes enbridge may have raised their rates a bit because natural gas did jump from under $3 in the fall to $6 in Feb, but the price is back around $4 again so next price adjustment will likely be lower again. There is tons of natual gas around and with the warm winter we just experienced inventories are going to be at record highs this summer so the price is only going to go lower in the next few months. Thats my predication anyways and only that... time will tell.

http://www.theglobeandmail.com/globe-in ... y/?q=NG-FT

KIngMufasa wrote: ↑
Apr 13th, 2010 3:07 am
well enbridge just raised their rate to 21.1 bringing it very close to the 23.3 posted by myrate...

Surely you must realize that gas prices have been depressed due to the econmic downturn and that with an increase in manufaturing again over the next few years, that prices are likely to start going back up?

23.3 is lower than the actual price has been for most of the last 10 years.

am considering locking in as i think the rebound of the economy will help spur gas prices back up somewhat? Also this big jump up in price may soon show in on the gas retailers raising their prices?

just some thoughts...

Apr 13th, 2010 11:39 am

#14

KIngMufasa: Sr. Member; Jun 3, 2005; 524 posts; 30 upvotes; Toronto

Apr 13th, 2010 11:39 am

hmm those are some good points, is enbridge really that delayed in making the price adjustments? wow...

found the link for inventory levels http://ir.eia.doe.gov/ngs/ngs.html

cheers

km

Ethical Directory

Apr 13th, 2010 12:36 pm

#15

elty: Deal Fanatic; Dec 11, 2003; 7709 posts; 243 upvotes

Apr 13th, 2010 12:36 pm

Just read that MyRate charge 6.2 cents for delivery - compared to 4.66 from Enbridge.

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