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[OP]
Jr. Member
Jan 15, 2013
107 posts
138 upvotes
Kamloops

Locking in gas price

Is it smart to sign up for a guaranteed gas rate with a firm called east energy to guarantee gas price for next 5 years?

Current rate is $5.50 and their offering $6.5 guarantee for 5 years.
5 replies
Deal Addict
Oct 24, 2010
2162 posts
1974 upvotes
Ottawa
They obviously think they'll make money by guaranteeing that rate, so...

It's a gamble, but just like mortgages it's generally better to take the floating (variable) rate in the long term.
Member
Dec 5, 2017
248 posts
218 upvotes
All the contracts I ever read for natural gas contracts had a clause indicating they can cancel the contract at any time.

They are in the business to make money. One of those companies signed me up illegally, so I am biased and think they are all the scum of the world. Had to get the ombudsman involved to "void" the contract.
Deal Addict
Jul 21, 2004
1192 posts
127 upvotes
Didn’t CBC marketplace did an episode along time ago when they were rampant and aggressive trying to lock in rate with these 3rd party redistributors.

Long story shorts. You ended up paying more as it is impossible to cancel and they have tiny fine print allowing them to cancel. Avoid at all cost.

Ultimately, you are paying another middle man to delivery your Nat Gas from Enbridge or whomever.
Deal Addict
May 16, 2017
2164 posts
2819 upvotes
Presumably the OP is currently with Fortis in Kamloops, BC?

Regardless, check out their advice.

https://www.fortisbc.com/services/natur ... -your-door

When BC was first de-regulated there was rampant misrepresentation by these 3rd-party sellers. They came around door-to-door and one pair of guys had "BC Gas" stickers on their clipboards (hint: they did NOT work for BC Gas, that was a visual attempt to mislead). Be VERY careful.

For those in other places, historically in BC one of the major natural gas distributors was BC Gas (part of Inland Natural Gas), which took over the Lower Mainland/Greater Vancouver gas business from BC Hydro amongst other smaller players, then renamed to Terasen and then ... > division of Kinder Morgan > Fortis purchased Terasen > Fortis renamed Terasen to FortisBC Energy.
[OP]
Jr. Member
Jan 15, 2013
107 posts
138 upvotes
Kamloops
Thanks for the advice everyone, not going to sign up with the idea that they can cancel at anytime.

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