Energy Suppliers

[b0rn2sk8]

That’s why I caveatted and said if they don’t have a wider strategic or economic importance. Losing the likes of bulb or a few of the other smaller companies isn’t really the end of the world, Eon, EDF etc would be another story altogether.

Edit: just has an email from green asking me to sign a political petition against the business secretary for not supporting smaller energy companies.

 

[chrcoluk]

Phone lines at work are blowing up this morning due to all the stories over the weekend even though we arent a supplier which is in the news or at risk. Seems people have really twitchy bums.

Part of the problem with the price cap at the moment is it's too low to cover costs for suppliers and since the price cap is locked until April it has the potential to force a lot of suppliers to go under this winter

Do you think they might do an emergency hike on the price cap? I did think of this possibility but assumed they would just bailout instead.

Potentially it will calm down a bit when the first stage of repairs are done in October.

 

[SixTwoSix]

Seems to be a lot of negative comments about Avro refusing to refund credit for customers that have left (keep delaying) and not answering the phones. Hope they don't go under, I switched to them before prices went crazy (still a lot higher but better than now) and if I get stuck on one of the big suppliers variable tariffs then this winter will be very expensive.

I'm close to £200 in credit with them, overpay through the year in preparation for winter months when Gas consumption goes up, tempted to cancel DD on 25th and just put the DD payment money aside and see what happens.

Also, if your supplier goes under and you get taken on by someone else, are you just put onto whatever tariff they choose for you or is there any sort of protection to get a similar deal to what you were on with the previous supplier?

 

[Uther]

Do you think they might do an emergency hike on the price cap? I did think of this possibility but assumed they would just bailout instead.

Potentially it will calm down a bit when the first stage of repairs are done in October.

Kwarteng has basically said the price cap is staying, and they won't be bailing anyone out. Sink or swim time for suppliers.

 

[ik9000]

Kwarteng has basically said the price cap is staying, and they won't be bailing anyone out. Sink or swim time for suppliers.

The problem is it's the competitive eco-ethical companies who are struggling most. The big boys have enough reserves to take a profit margin dividend hit. The little ones go bust and get fed to the big 6 who for all their protestation are delighted at the removal of the more competitive players who make them look bad. And those transfered customers get dumped on awful tarrifs - basically the price cap because that's all the big 6 can get away with. It's moving things back towards a monopoly/cartel structure that ofwatt or whoever it is were supposedly trying to prevent. Not that the Tories were ever accused of liking that kind of thing...

 

[chrcoluk]

I posted advice for Octopus customers to stay on variable on reddit, and someone has just reported Octopus has removed the variable tariff for switching options O_o, not sure if true though as only one guy reported it.

I pulled the trigger on variable earlier so I got in there in time.

 

[Semple]

I'm close to £200 in credit with them, overpay through the year in preparation for winter months when Gas consumption goes up, tempted to cancel DD on 25th and just put the DD payment money aside and see what happens.

Also, if your supplier goes under and you get taken on by someone else, are you just put onto whatever tariff they choose for you or is there any sort of protection to get a similar deal to what you were on with the previous supplier?

I think whomever picks you up has to stick you on a standard tariff and then it's upto you to stick or switch. They don't have to honour your previous deal - i.e. if you had a 5 year fix at 10p/kWh then you'd be in for a bit of a shock.

It won't work out massively expensive providing you switch to a cheaper alternative relatively quickly.

 

[PiKe]

Yep there's no variable option now, only octopus tracker which is £lol

 

[Semple]

Do you have to get a 'free' smart meter ?

Green.energy guy was on radio4 today saying they may not last the winter.

I jumped from Green energy a few days ago. I was on their variable Oak tariff which was pretty good, but their new rates are shockingly high. I'm more of an advocate for the little companies, but i'm not going to pay through the nose for a supplier, just because they didn't prepare for a price hike.

I had seen a few other emails recently from Green, one about them offering boiler servicing (presumably out-sourced), and also looked like they were branching into broadband - so i wonder if that department flops if the whole company goes belly up.

Edit:
Does anyone know what happens if a current supplier goes bust before your transition to a new supplier? I suspect i might fall into this trap, my swap to Sainsburys/Eon doesn't take effect until 3rd October - this has all been confirmed. But if Green flop in the meantime, i'm not sure whether i'll get bounced to another provider and my switch gets cancelled.

 

[PiKe]

An in progress switch should complete.

 

[MissChief]

I posted advice for Octopus customers to stay on variable on reddit, and someone has just reported Octopus has removed the variable tariff for switching options O_o, not sure if true though as only one guy reported it.

I pulled the trigger on variable earlier so I got in there in time.

Just checked and I'm on flexible which apparently tracks the wholesale cost. Lets hope not too quickly otherwise my bills could be going up and up!

 

[Troop]

Just checked and I'm on flexible which apparently tracks the wholesale cost. Lets hope not too quickly otherwise my bills could be going up and up!

I am the same since the 13th, waiting the switch to the "GO" tariff, the Flexible tariff has a price increase from the 15th October.

 

[chrcoluk]

Just checked and I'm on flexible which apparently tracks the wholesale cost. Lets hope not too quickly otherwise my bills could be going up and up!

It tracks but you are protected by the price cap which variable is "just below".

Fixed price has no price cap, hence them been priced much higher.

So circa 25-50% below fixed until April 2022 depending on gas/electric usage balance, the price cap increase in April would have to be huge to cancel that out.

This is why Octopus pulled it for switching options, its going to lose them lots of money.

 

[chrcoluk]

Someone found the published TCR Ofgem cap.

From 1 October the equivalent per unit level of the price cap to the nearest pence for a typical customer paying by direct debit will be 21p per kWh for electricity customers and 4p per kWh for gas customers.

https://www.ofgem.gov.uk/publicatio...er-support-and-switch-better-deal-if-possible

So absolutely 100% do not go on Octopus fixed. Variable is much better (but now pulled).

 

[SixTwoSix]

I think whomever picks you up has to stick you on a standard tariff and then it's upto you to stick or switch. They don't have to honour your previous deal - i.e. if you had a 5 year fix at 10p/kWh then you'd be in for a bit of a shock.

It won't work out massively expensive providing you switch to a cheaper alternative relatively quickly.

Thanks, bit of a grey area for me.

I'd just renewed with avro and went from 108 to 152 a month so already prepared for a rise.

 

[Semple]

An in progress switch should complete.

Thanks, hopefully that'll be the case.

 

[chrcoluk]

I renewed but switched to variable on Octopus, their fixed offering is significantly above the ofgem price cap.

eon and Sainsbury's have a fixed deal just below the cap, so considered it, but requires a smart meter so backed off. If I was ok with a smart meter and switching that probably would have been the way to go.

 

[Rainmaker]

I renewed but switched to variable on Octopus, their fixed offering is significantly above the ofgem price cap.

eon and Sainsbury's have a fixed deal just below the cap, so considered it, but requires a smart meter so backed off. If I was ok with a smart meter and switching that probably would have been the way to go.

That's what I've just done. What do you have against smart meters? We've had one for a couple of years now, no drama and useful.

 

[Zenduri]

Do you think they might do an emergency hike on the price cap? I did think of this possibility but assumed they would just bailout instead.

Potentially it will calm down a bit when the first stage of repairs are done in October.

No chance, the backlash from consumer and consumer groups would be too much. It's going to be a gladiator tournament this winter for energy suppliers and i think there will be many who fall.

 

[chrcoluk]

That's what I've just done. What do you have against smart meters? We've had one for a couple of years now, no drama and useful.

They ok, but its just a hassle to get one fitted at the moment, I like the off peak rates they offer.