Energy Prices (Strictly NO referrals!)

Yup and all the contracts for winter 2022/2023 being agreed now for wholesale Gas in the UK and Europe have some pretty grim prices

Hovering around 250p per therm currently, which is 3X or 4X the 5 year average
 
Alex_6n2 said:
Yup and all the contracts for winter 2022/2023 being agreed now for wholesale Gas in the UK and Europe have some pretty grim prices

Hovering around 250p per therm currently, which is 3X or 4X the 5 year average
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and some......

KiSgtRK.png
 
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Zenduri said:
You are aware there is basically no profit in residential gas and electric supply and most of the profit comes from business and industry gas and electric. When Npower bit the dust, no-one wanted the residential side of Npower because it wasnt profitable but the business side was very profitable. Part of the condition of Npowers takeover was if you want the business you HAVE to take the unprofitable residential customers. The profit for a residential customer for a whole year varies from about £10 to £40 and if that customer calls in once about any reason that wipes the profit out due to cost to serve. Yes energy suppliers are profiting but more out of sheer volume of low profit customers but mainly from business' and large industry but they arent making hundreds or thousands off residential customers. If you want to direct your anger direct it at the energy companies that supply/generate the electic or gas... hence the multi billion pound profit increases they have seen the last year,
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Either way there’s obscene profits being made and it should be regulated.
The daily charge to serve is the biggest pi** take. The infrastructure is already in place so the cost to serve shouldn’t require such a hike but it has.
 
BeatMaster said:
Looking into this but apart from that post from the Octopus rep I’ve not seen anything else which confirms the units being fixed for 12 months. Have you confirmed it with Octopus or seen any other T&Cs?
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Well on the account page it now shows a fixed term ending date, so thats confirmation its a year deal.

Code: 
Agile Octopus
Agile Octopus February 2018

Fixed term ends 01/07/2023

Dynamic unit rate

21p/day(All rates inc. VAT)

and

Code: 
Your unit rate calculation

The unit rate charge (in pence per kilowatt-hour) for a given half-hour period is:
min(2.0 x W + P, 33.33)

where:

    2.0 is a coefficient that includes our distribution costs
    W is the wholesale cost of electricity for that period (in pence per kilowatt-hour)
    P has value 14.00 between 4pm and 7pm but is zero otherwise.
    33.33 is chosen to ensure the price is capped at 35p/kWh once VAT is added.
 
MadMossy said:
riots for sure, and none of the pushing over statues rubbish it will be absolute carnage.
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will make the poll tax riots look like a playground fight. If inflation goes over 11% by the year end and people are getting hammered on their mortgages due to interest rate hikes, plus having to shell out north of 3K for energy, petrol/diesel being well over £2/l then parts of this country are literally going to burn. Hopefully Guy Fawkes has got some relatives still kicking around, they might need to take a crack at what their ancestor failed at.
 
Andrew Moore said:
Either way there’s obscene profits being made and it should be regulated.
The daily charge to serve is the biggest pi** take. The infrastructure is already in place so the cost to serve shouldn’t require such a hike but it has.
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You do know that a lot of the standing charge increase is to pay for the nationalised supplier BULB. As we saw, 30-ish suppliers flew too close to the sun, taking too large risks and when a big supplier like Bulb goes under and the Gov has to run it, they then realise it will cost twice the amount they planned because no-one wants to buy them and then you are paying for BULB's failure through the standing charge.

Nationalise energy suppliers though but oh wait no-one wants to pay for it :D Your paying 17p extra per day on SC to pay for that!

Also our infrastructure is horribly out of date, straining and needs more investment but still no-one is prepared to pay for it
 
chrcoluk said:
Well on the account page it now shows a fixed term ending date, so thats confirmation its a year deal.

Code: 
Agile Octopus
Agile Octopus February 2018

Fixed term ends 01/07/2023

Dynamic unit rate

21p/day(All rates inc. VAT)

and

Code: 
Your unit rate calculation

The unit rate charge (in pence per kilowatt-hour) for a given half-hour period is:
min(2.0 x W + P, 33.33)

where:

    2.0 is a coefficient that includes our distribution costs
    W is the wholesale cost of electricity for that period (in pence per kilowatt-hour)
    P has value 14.00 between 4pm and 7pm but is zero otherwise.
    33.33 is chosen to ensure the price is capped at 35p/kWh once VAT is added.
Click to expand...

Thanks for confirming - definitely going to switch as that’s a bargain come October. Have you considered Tracker for Gas?
 
wildman said:
will make the poll tax riots look like a playground fight. If inflation goes over 11% by the year end and people are getting hammered on their mortgages due to interest rate hikes, plus having to shell out north of 3K for energy, petrol/diesel being well over £2/l then parts of this country are literally going to burn. Hopefully Guy Fawkes has got some relatives still kicking around, they might need to take a crack at what their ancestor failed at.
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I don't think much of the country will burn though. What will happen is just like what has happened in previous years whereby anyone who can't pay their mortgage gets their home repossessed.

Believe it or not, many people are well off in this country and can easily ride out high interest rates and high energy, food and fuel costs. Like always, it's those who are seriously in debt who are the most affected, but that is partly due to their own poor decision making.
 
purplesky said:
I don't think much of the country will burn though. What will happen is just like what has happened in previous years whereby anyone who can't pay their mortgage gets their home repossessed.

Believe it or not, many people are well off in this country and can easily ride out high interest rates and high energy, food and fuel costs. Like always, it's those who are seriously in debt who are the most affected, but that is partly due to their own poor decision making.
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Rishi is that you?
 
Grim5 said:
5% is way too low inflation is 10%
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At the moment, yeah i'd agree. However, inflation won't persist at such high levels for ever, so eventually the base rate and inflation will match.

I suspect the Bank of England will raise rates above 5% though. Cunliffe isn't particularly known for his hawkish stance, so if even he's saying 5%, the real figure is probably 8%. According to the article posted, the BofE believe rates would need to reach up to 8% on the corporate side to push distress and a default, and that "the picture is not that dissimilar on the mortgage side".
 
Trifid said:
5% in isolation or in addition to all the other cost pressures?
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The thought is that a 5% base rate will bring inflation down to match. This lowers cost pressures. Like always, it's those who over-extended themselves by buying houses with ultra cheap mortgages who are most at risk once the cycle changes.
 
purplesky said:
The thought is that a 5% base rate will bring inflation down to match. This lowers cost pressures. Like always, it's those who over-extended themselves by buying houses with ultra cheap mortgages who are most at risk once the cycle changes.
Click to expand...

It's not even going to scratch the surface of energy prices though.
 
purplesky said:
I don't think much of the country will burn though. What will happen is just like what has happened in previous years whereby anyone who can't pay their mortgage gets their home repossessed.

Believe it or not, many people are well off in this country and can easily ride out high interest rates and high energy, food and fuel costs. Like always, it's those who are seriously in debt who are the most affected, but that is partly due to their own poor decision making.
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Are you joking? Me and my family are not in debt and we absolutely cannot afford what we are being told we will have to pay.
We even went the route through Eon Energy Fund using step change and due to them messing up, it got rejected.

We supplied the relevant documents which we got a confirmation were received however a month later received a letter saying due to the step change documentation not being received it was rejected. A main criteria for receiving help from this service is that you consult with step change and provide the documentation which we did.

The number on the letter was out of service and the email is now discontinued and returns to sender. They have taken the maximum number of people on now and are no longer processing new people. We have no one to hold to account for messing this up as all lines of contact to that service are unavailable.

We have to contact Eon on Monday to see what they can do however, this fund is seen as separate and they will likely tell us they cannot do anything about that.

Apologies for my poor grammar, been working all night. Its absolutely despicable and there are people far worse off than me and my mother.
 
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