Energy Prices (Strictly NO referrals!)

[SDK^]

New ATH for Winter contracts it seems, it did peak at 530 this morning but now 507, I think the 65% increase being toted for October will see a revision and be more like 75% if these prices hold or get worse over the next few weeks

What is this system or data source you are using ?

 

[dave1983]

So you get £160 cashback and the £200 purchase only costs £40?

The costs of £40 is the first payment you then can flex the rest 18 /12 / 24 months, its similar to buy now pay later the difference is that you need the funds before you can flex it.

 

[danlightbulb]

I just don't know what the government can do?

The VAT cut and green levy removal will barely touch the sides.

They are going to have to cap the rate lower and defer the difference to well out into the future. Or increase the £400 bill credit we're all getting in October to at least double that probably even triple.

 

[413x]

The VAT cut and green levy removal will barely touch the sides.

They are going to have to cap the rate lower and defer the difference to well out into the future. Or increase the £400 bill credit we're all getting in October to at least double that probably even triple.

I mean there is no other option.
But it's further kicking the can down the road.

I wonder how our ballooning debt is going to come back to get us.

 

[tlrBeta]

I'm baffled how the markets are not in free fall.
Does it show how detached serious investors are from day to day life?

Even if the elite are OK. When even average income people are seriously struggling how can there be as much neutral views as there are?

Because of the huge queues for Dover and airports disagree.

My sister has just paid for a summer holiday, her and 2 kids - c£2k. She works part time as a teacher (by choice), gets some help from the government, clearly she isn't worried. Or maybe people are just foolish?

 

[Zenduri]

What is this system or data source you are using ?

UK NBP Natural Gas Futures Pricing

Contracts are for physical delivery through the transfer of rights in respect of Natural Gas at the National Balancing Point (NBP) Virtual Trading Point, operated by National Grid. Delivery is made equally each day throughout the delivery period.<br>

www.theice.com

For the chart i posted

UK Natural Gas Prices and UK Natural Gas Futures Prices - Barchart.com

Today's UK Natural Gas prices with latest UK Natural Gas charts, news and UK Natural Gas futures quotes.

www.barchart.com

Gives a bit more of a granular breakdown i guess

Real time analytics for the GB energy market

LCP Enact is a data integration, analytics and forecasting platform for the GB energy market. Enact helps traders, analysts and managers navigate an increasingly competitive market with ease, make better decisions, and monitor performance

enact.lcp.energy

Shows a current breakdown of generation and shortfalls

 

[chrcoluk]

Martin Lewis did mention that we are on a financial timebomb i can see why.

I just don't know what the government can do? i can see Energy companies passing the debt to collection agencies. The debt collection then halving it by 50% because no one is going to care about their credit score come october.

I can see that things like store credit /credit cards being so strict as people look for additional sources to pay off debt then entering a DMP to pay off the outstanding amount.

Shell offered us Stepchange for the outstanding amount for the debt for the existing supplier who went into administration. it took me 5 years of hard work to get my credit record clean no way am i doing DMP again.

The government can do more but they will be fighting their ideology. I cant see an end game that doesnt involve increased state ownership of infrastructure, but they will take the long road there.

 

[413x]

Because of the huge queues for Dover and airports disagree.

My sister has just paid for a summer holiday, her and 2 kids - c£2k. She works part time as a teacher (by choice), gets some help from the government, clearly she isn't worried. Or maybe people are just foolish?

I expect this is the sort of person who is going to not be doing this anymore after this year.

 

[Haggisman]

The costs of £40 is the first payment you then can flex the rest 18 /12 / 24 months, its similar to buy now pay later the difference is that you need the funds before you can flex it.

Ah, ok, but that doesn't make it more affordable, in fact quite the opposite, because an energy bill isn't a one-off cost. So you buy-now-pay-later this month's £200 bill and only pay £50. Next month you have another £200 bill to pay, plus the next £50 instalment from the first month.

Fuel hasn't even dropped around me tbh. It is 189.9 for petrol and 199.9 for diesel! Meaning what it was at £1.36 (October/November 2021) it was costing me £300 a month in fuel is now costing me £440. That is just mental.

In terms of rates now for energy, the attached is Octopus current offer for 12 month fixed. Peoples thoughts?

Those gas rates are terrifying. I managed to fix my electric for a year at 35.5p which isn't too bad, but that gas unit price is double the current cap!

 

[tlrBeta]

I expect this is the sort of person who is going to not be doing this anymore after this year.

I'm sure people will find a way, like they always do. Maybe she is spending the full energy payment she just got

 

[danlightbulb]

I mean there is no other option.
But it's further kicking the can down the road.

I wonder how our ballooning debt is going to come back to get us.

They have to cut spending on non-essential things in the country. We have to go back to a more minimalist approach. Essentials only funded by taxpayers, everything else discretionary.

The state is far too big currently.

 

[Curlyriff]

Oooof, I fixed my dads energy the other week at 44 elec and 11.2 gas and that made my eyes water.

I would advise doing the math, work out the ofgem current tarrif +65% projected increase and i would do a speculative increase of +75% too and see how that compares to those prices you are offered. Then factor in another increase in Jan and most likely April too and make a judgement call. Fixed prices are going to start to rocket the closer we get to October too.

Well looking at the variable rate current with a 65% increase would be same as the fixed offered (but paying from now rather than October), my variable price hasn't changed since April as already at the cap is my understanding.

At 75% that takes current variable rate to about 3p per kWh more if I stayed variable.

However gas would need to increase by 100% in October to reach that unit rate. That all seems like the variable would still be best as I would need to see October increase by at least 70% (electric) and 110% (gas) to make up the extra I would pay now till October rise then.
My variable at moment is:
27.85p for Electric
7.3p for gas

Agile for Electric and Tracker for gas is better.

Tracker is 11p gas unit, Agile is 35p unit electric, and they will be fixed for year, they may also give you cheaper off peak (especially tracker). Finally agile is also only 21p day SC.

If I do that then surely with them tracking I am just paying more than I am variable general then as it will just keep tracking higher than I am currently paying?

 

[CaptainRAVE]

Oooof, I fixed my dads energy the other week at 44 elec and 11.2 gas and that made my eyes water.

I would advise doing the math, work out the ofgem current tarrif +65% projected increase and i would do a speculative increase of +75% too and see how that compares to those prices you are offered. Then factor in another increase in Jan and most likely April too and make a judgement call. Fixed prices are going to start to rocket the closer we get to October too.

We did the same for two years. It was painful, but probably cheaper in the long run.

I’m going to buy some spare rechargeable lamps. There’s a good chance we’ll have power outages this winter.

 

[Curlyriff]

Ah, ok, but that doesn't make it more affordable, in fact quite the opposite, because an energy bill isn't a one-off cost. So you buy-now-pay-later this month's £200 bill and only pay £50. Next month you have another £200 bill to pay, plus the next £50 instalment from the first month.



Those gas rates are terrifying. I managed to fix my electric for a year at 35.5p which isn't too bad, but that gas unit price is double the current cap!

This is the thing, from my current variable of 7.3p for gas to lock in at that I would need to see gas rise by 110% approx to start seeing the benefit of fixing from what I can tell? Electric needs to increase by around 70%

 

[chrcoluk]

Well looking at the variable rate current with a 65% increase would be same as the fixed offered (but paying from now rather than October), my variable price hasn't changed since April as already at the cap is my understanding.

At 75% that takes current variable rate to about 3p per kWh more if I stayed variable.

However gas would need to increase by 100% in October to reach that unit rate. That all seems like the variable would still be best as I would need to see October increase by at least 70% (electric) and 110% (gas) to make up the extra I would pay now till October rise then.
My variable at moment is:
27.85p for Electric
7.3p for gas



If I do that then surely with them tracking I am just paying more than I am variable general then as it will just keep tracking higher than I am currently paying?

The tracking is capped, I quoted you the capped prices.

They are higher than the current SVR, but will be lower than the SVR in October onwards, the cap is fixed for a year. They are considerably better value than the fixed deal you got offered.

So agile will be capped 35p all the way until 27 July 2023 if you ordered today, and likewise 11p for gas tracker.

If they bump the cap, it will be released as a new version of the tariff and wouldnt affect you until the deal expires. As an example the current gas tracker is v3. They still have older customers on v1.

Agile is especially good as it also has the less than half SC.
The important thing here is its not fully tracked, the cap is the upper limit.

 

[Surveyor]

The tracking is capped, I quoted you the capped prices.

They are higher than the current SVR, but will be lower than the SVR in October onwards, the cap is fixed for a year. They are considerably better value than the fixed deal you got offered.

So agile will be capped 35p all the way until 27 July 2023 if you ordered today, and likewise 11p for gas tracker.

If they bump the cap, it will be released as a new version of the tariff and wouldnt affect you until the deal expires. As an example the current gas tracker is v3. They still have older customers on v1.

Agile is especially good as it also has the less than half SC.
The important thing here is its not fully tracked, the cap is the upper limit.

Agile Octopus | Half-hourly UK Wholesale Price Tracker | Octopus Energy

Track your electricity costs with rates that change every 30 minutes, tied to UK energy wholesale prices. Agile puts you in full control.

octopus.energy

Price Cap Protect keeps you safe from surge prices

When more electricity is being used than generated, wholesale prices rise. While price spikes are short-lived, typically lasting 30 minutes to an hour, they do happen. Agile Octopus includes Price Cap Protect, which ensures you'll never pay more than 55p / kWh for your electricity, guaranteed.

A 45.07p daily subscription covers costs including metering, distribution, and other fixed costs.

 

[Haggisman]

The tracking is capped, I quoted you the capped prices.

They are higher than the current SVR, but will be lower than the SVR in October onwards, the cap is fixed for a year. They are considerably better value than the fixed deal you got offered.

So agile will be capped 35p all the way until 27 July 2023 if you ordered today, and likewise 11p for gas tracker.

If they bump the cap, it will be released as a new version of the tariff and wouldnt affect you until the deal expires. As an example the current gas tracker is v3. They still have older customers on v1.

Agile is especially good as it also has the less than half SC. Tracker v3 was going down to circa 40-60% many days up until very recently as well although sadly been pegged at cap last 4 days in row so something in wholesale market suddenly changed for gas.

Looking at the FAQ, the gas cap is now 16p!

 

[SDK^]

My Grid energy use this week is up by 9883%
--> It's been more cloudy this week compared to last, so my solar gen has been lower, and I've done more EV miles so need to use more grid power to charge. Still, 60 kWh at 7.5p is only £4.50

 

[chrcoluk]

Looking at the FAQ, the gas cap is now 16p!

Well that might mean he is too late for v3, thats probably a v4 just been launched, but agile is still available.

It was only a matter of time before Octopus blocked the signups as a flood of people have been switching to Agile and Tracker recently. He will need to move fast for agile I expect if they have bumped tracker to v4, the 35p deal wont be around for long.

Can see here v3 is still 11p, and also can view v1 and v2 on the page.

Octopus Energy latest Tracker prices for Southern England

See the latest prices and graphs for Octopus Tracker.

mysmartenergy.uk

--

He is too late, MSE has confirmed Agile has also gone up as well, so my advice is void now. It was only a matter of time, so many people were switching in the last few weeks, also confirmed those who have moved prior to 24 July keep the rates for a year.

 

[Surveyor]

Well that might mean he is too late for v3, thats probably a v4 just been launched, but agile is still available.

It was only a matter of time before Octopus blocked the signups as a flood of people have been switching to Agile and Tracker recently. He will need to move fast for agile I expect if they have bumped tracker to v4, the 35p deal wont be around for long.

Can see here v3 is still 11p, and also can view v1 and v2 on the page.

Octopus Energy latest Tracker prices for Southern England

See the latest prices and graphs for Octopus Tracker.

mysmartenergy.uk

See reply #7,357. Agile is now capped at 55p/kWh and there's a 45.07p daily standing charge.