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Energy Bills
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I was going to wait until October to fix but if Cornwall Insight are correct I wonder if the fixed deals that are offered in October with the prospect of “substantial “ increases in January and int 2024 are going to be less generous than what’s available now. What does everyone think ? The fall in cap in October is not predicted to be big at all.0
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Put it this way, would you be more gutted if you;ShootersHillGuru said:I was going to wait until October to fix but if Cornwall Insight are correct I wonder if the fixed deals that are offered in October with the prospect of “substantial “ increases in January and int 2024 are going to be less generous than what’s available now. What does everyone think ? The fall in cap in October is not predicted to be big at all.
a) locked yourself into a deal now and the price went down significantly, or
b) didn't lock yourself in now and the price went up significantly.
Ultimately it's all about what you can afford, now and in the short to mid-term future. Yeah, one way or the other might save you a few quid with hindsight, but nobody's ever wrong with hindsight!
And remember, you don't HAVE to find another deal right now, just because your current one is coming to an end. You could just decide to sit tight and let it ride for a while, but DON'T do that if you're someone who prefers the certainty of paying a set amount for something - even if that turns out to be slightly more than you needed to pay. Peace of mind has a high value.3 -
Forgive my ignorance, but how does what's happening in Australia affect us?ShootersHillGuru said:Just to complicate matters. Fix now ?
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A reduced supply anywhere in the world causes a price increase.2
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Yeah I get that, but isn't the uncertainty over a possible strike? The Cornwall Insight snippet just looks like a worst case scenario rather than a prediction. Unless that's what it's meant to be?Covered End said:A reduced supply anywhere in the world causes a price increase.0 -
Every quarter the cap is revised. The next official cap announcement will be made by Ofgem on 25 August and comes into effect on 1 October.
However, from 1 January next year Cornwall forecasts the price cap will rise to £1,979 for the average household bill.Higher prices than current levels are expected to remain from April 2024 when average bills are anticipated to be £1,915 and from July bills are forecast to be £1,867 a year.
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Which is why the Government's reason for granting new oil and gas licences is so crazy. It will do nothing for energy security in the UK, as it will still be sold on the open market, for the benefit of the fossil fuel producers.Covered End said:A reduced supply anywhere in the world causes a price increase.4 -
The daily variable price I'm paying has gone up @20% in the last week or two.Croydon said:
Yeah I get that, but isn't the uncertainty over a possible strike? The Cornwall Insight snippet just looks like a worst case scenario rather than a prediction. Unless that's what it's meant to be?Covered End said:A reduced supply anywhere in the world causes a price increase.0 -
For the same reason that more North sea oil doesn't actually benefit us. Everything is sold on the global market.Croydon said:
Forgive my ignorance, but how does what's happening in Australia affect us?ShootersHillGuru said:Just to complicate matters. Fix now ?
Edit: seen ME14 has already covered this!3 -
The cost of getting out of a cap isn’t typically too high.If risk averse that’s the key figure I think assuming the cap is not currently a million miles off the variable tariff.1
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Showmetheway2gohome said:Just noticed my last 2 eon bills I’ve paid 27.87p per unit electricity and 52.95 standing charge
7.085 p per unit of gas and 27.72 standing charge.
Yet my tariffs on eon next flex state I should be paying
29.26p per unit for electric and 55.6p standing charge7.44p per unit gas and 29.11p standing charge.There now offering fixed and flexible deals but non are charger than my actual rate I’m paying which is different to what I should be paying anyone else got different prices on bill to tariff.
Looks like one shows the price with, and one without domestic energy VAT rate applied (5%)
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I prefer the graph that @LouisMend creates & shares!
Though not sure either offer any great grounds for optimism currently
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You don’t want to see my graph now, trust me 😅valleynick66 said:I prefer the graph that @LouisMend creates & shares!
Though not sure either offer any great grounds for optimism currently2 -
Energy bills to fall from October
Energy bills will fall to £1,923 a year for the typical household from October, under the new price cap announced by the regulator Ofgem.
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Shell Energy U.K. & Germany to be bought by Octopus Energy.0
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Annual energy bills for a typical household are expected to rise by £73 in January, a forecast suggests.
Consultancy firm Cornwall Insight predicts bills could increase to £1,996 under the official price cap set by the UK's energy regulator Ofgem.
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Ask for it back. I was nearly a grand in credit with British Gas, got them to refund me £700 quid.Off_it said:1 -
I've had refunds from my energy suppliers just about every year for as long as I can remember.LargeAddick said:
Ask for it back. I was nearly a grand in credit with British Gas, got them to refund me £700 quid.Off_it said:
But why should I have to keep asking them for MY money back? It's not a savings plan.
They know how much energy I will use per year on average. They know the prices they charge. So why do they constantly take more than I owe so that I have to ask for it back?
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Covered End said:If anyone wants to switch to Octopus (only company recommended by Which), I can send you an introduction link by e mail, WhatsApp, X or Facebook, which gives both parties £50 off their bill.
I switched in February to their Octopus Tracker November 2022 v1 and have been paying roughly half the capped price. I would have told everyone on CL, but Octopus withdrew the Tracker the same week I signed up & you had to join a 6 month waiting list, so there was no point in me telling everyone.
They still offer a tracker.
It was a no brainer because I'm still paying around a third below the cap and am allowed to exit the tracker on the same day without notice, when and if the price climbs too high.
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Just change your direct debitOff_it said:
I've had refunds from my energy suppliers just about every year for as long as I can remember.LargeAddick said:
Ask for it back. I was nearly a grand in credit with British Gas, got them to refund me £700 quid.Off_it said:
But why should I have to keep asking them for MY money back? It's not a savings plan.
They know how much energy I will use per year on average. They know the prices they charge. So why do they constantly take more than I owe so that I have to ask for it back?
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I quite like being a few hundred in credit.
It helps offset any price increase for starters5 -
I switched to Igloo because they paid interest on credit balances.blackpool72 said:I quite like being a few hundred in credit.
It helps offset any price increase for starters
Then they went bust! 🙄1 -
We're with EDF and use the budget scheme with a review twice a year.
Our payments were reviewed in August and as we were £300 in credit, they automatically refunded the money to us. I was under the impression that you build up a credit balance during the summer, to cover the higher expenditure in winter.
We were on a fixed rate deal until the end of June 23 paying £159 per month. At the review they put up our monthly payments to £225 from 1st October. I would have preferred for them to keep the £300 and adjust the monthly payments accordingly.
The best option would be for the companies to not automatically refund any credit, but to ask the customer what they want to do.1 -
I'm with Shell Energy and they allow me to build up credit.ME14addick said:We're with EDF and use the budget scheme with a review twice a year.
Our payments were reviewed in August and as we were £300 in credit, they automatically refunded the money to us. I was under the impression that you build up a credit balance during the summer, to cover the higher expenditure in winter.
We were on a fixed rate deal until the end of June 23 paying £159 per month. At the review they put up our monthly payments to £225 from 1st October. I would have preferred for them to keep the £300 and adjust the monthly payments accordingly.
The best option would be for the companies to not automatically refund any credit, but to ask the customer what they want to do.
They don't refund your money unless you request it.
Like you I prefer to have a couple of hundred in credit what with the winter months just around the corner.1 -
Strangely EDF refunded the £67 from the Government every month last winter, again I would have preferred to have the option whether to have it refunded or keep it in the account.blackpool72 said:
I'm with Shell Energy and they allow me to build up credit.ME14addick said:We're with EDF and use the budget scheme with a review twice a year.
Our payments were reviewed in August and as we were £300 in credit, they automatically refunded the money to us. I was under the impression that you build up a credit balance during the summer, to cover the higher expenditure in winter.
We were on a fixed rate deal until the end of June 23 paying £159 per month. At the review they put up our monthly payments to £225 from 1st October. I would have preferred for them to keep the £300 and adjust the monthly payments accordingly.
The best option would be for the companies to not automatically refund any credit, but to ask the customer what they want to do.
They don't refund your money unless you request it.
Like you I prefer to have a couple of hundred in credit what with the winter months just around the corner.0 -
Household energy prices will rise in January.
Energy regulator Ofgem said the typical annual household bill would go up from £1,834 to £1,928, a rise of £94 or 5%.
Analysts have predicted that prices will fall back in March.
https://www.bbc.co.uk/news/business-67484090
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Well that's yesterday's NI tax cut and increase to the minimum wage wiped out then.0
