Energy Prices (Strictly NO referrals!)

b0rn2sk8 said:
@MissChief, £213 credit isn't a a lot all for a ~£100/month direct debit payment (assuming that is in the right ball park), if anything I'd say it's below where it needed to be going into winter. Remember, its still autumn the 3 coldest months are yet to come.
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So what? Why should we be in advance credit with them, holding MY money and earning interest on it (or hedge betting on futures contracts like they do).

To use an analogy its like buying a RTX4080 from OCUK for £1500 for delivery tomorrow and Gibbo says you can't buy one until your account is £750 in credit a month in advance !
 
rumple9 said:
So what? Why should we be in advance credit with them, holding MY money and earning interest on it (or hedge betting on futures contracts like they do).

To use an analogy its like buying a RTX4080 from OCUK for £1500 for delivery tomorrow and Gibbo says you can't buy one until your account is £750 in credit a month in advance !
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It's swings and roundabouts.

I prefer it having built up a credit over warmer months to absorb some of the cost of the colder months. It would be a nightmare to manage to pay by useage

I'm about £1000 in credit at the moment with a monthly DD of £306 (minus £66 gov grant so £240) but months like December, Jan and Feb alone would cost me around £1500 in actual usage going by my estimates from octopus, so come april/may it will just about be breaking even again with £0 credit
 
rumple9 said:
So what? Why should we be in advance credit with them, holding MY money and earning interest on it (or hedge betting on futures contracts like they do).

To use an analogy its like buying a RTX4080 from OCUK for £1500 for delivery tomorrow and Gibbo says you can't buy one until your account is £750 in credit a month in advance !
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Chill out !
Interest on £213 over a couple of months is pennies.

Your analogy also doesn’t work - the supplier isn’t saying you can’t have energy if you’re not in credit
 
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rumple9 said:
So what? Why should we be in advance credit with them, holding MY money and earning interest on it (or hedge betting on futures contracts like they do).

To use an analogy its like buying a RTX4080 from OCUK for £1500 for delivery tomorrow and Gibbo says you can't buy one until your account is £750 in credit a month in advance !
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If you think about it for 3 seconds and you’ll have your answer. If you want a fixed payment when your usage isn’t consistent month to month the answer is you build credit in the low months and use it in the high months.

If you don’t want a fixed direct debit and are happy for a potential £70 bill in August and a £400 bill in January then that’s also fine.

It’s your choice, both are perfectly valid and there isn’t any need to go all keyboard warrior on the internet about it.

The other obvious counter point is that you probably want your supplier to be using all their available capital to hedge the energy market to secure lower prices for their customer so they can be more competitive and win even more customers.
 
SDK^ said:
Chill out !
Interest on £213 over a couple of months is pennies.

Your analogy also doesn’t work - the supplier isn’t saying you can’t have energy if you’re not in credit
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Interest only on £213 is pennies yes. Octopus has over three million customers in the UK. If every customer is conservatively £200 in credit with them that’s £600,000,000! The interest on that sure isn’t pennies!
 
MissChief said:
Interest only on £213 is pennies yes. Octopus has over three million customers in the UK. If every customer is conservatively £200 in credit with them that’s £600,000,000! The interest on that sure isn’t pennies!
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Yeah I get that - my quote was in response to an individual person, not a whole company worth of customers.
It’s like he’s going to miss Mortgage payments because Octopus are making a couple pence off his £200 :cry:
 
Latest on saving sessions, Octopus, almost 1 week after the session "still calculating".

No communication from them.

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Good news is the business secretary has told ofgem they been too soft on direct debits been set too high and he expects quicker responsiveness when energy use changes instead of just annual direct debit reviews.
 
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SDK^ said:
Yeah I get that - my quote was in response to an individual person, not a whole company worth of customers.
It’s like he’s going to miss Mortgage payments because Octopus are making a couple pence off his £200 :cry:
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Ofgem are been muppets, nothing wrong with expecting credit balances to be ringfenced, its totally not ok to just make everyone pay back lost credit balances via standing charges.

We know Octopus want to use the money for other things with their public objection to the original plan, I wonder who the other suppliers are, ofgem also announced they going to have discussions with suppliers for future changes, it shouldnt be working with them but rather policing them. Seems its all gone a bit too cosy between the regulator and the suppliers.
 
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SDK^ said:
The comms is calculating - what more do you want to know?
Are you in rush to use your points?
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I like proper communication, if you consider that adequate communication when the system says it will be done within a few days then you have very low standards.

Dont need the points, just want communication.
 
200sols said:
Nightmare customer.
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I guess I am, sucks to have standards.

Welcome to 2022 where standards have dropped and if you dont think its good enough your name is Karen.

For what its worth, what I say on a forum doesnt mean I am going to ring up and moan, I am actually typically very polite and patient when i talk to companies. I wont be ringing them or emailing them about this. It was just my comment on this forum.
 
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Octopus are getting a minimum £3/kwh from national power, so it would be fairest if their calculation/algorithm is 'flexible' to pass all of that through to customers (minus admin costs for scheme)
unlike eon who seem to be handing back derisive monies
 
jpaul said:
Octopus are getting a minimum £3/kwh from national power, so it would be fairest if their calculation/algorithm is 'flexible' to pass all of that through to customers (minus admin costs for scheme)
unlike eon who seem to be handing back derisive monies
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Have Eon calculated theirs yet and how much are they paying out compared to Octopus?
 
www.gov.uk

Government joins with households to help millions reduce their energy bills

New measures set to help hundreds of thousands better insulate their homes and reduce consumption while saving families hundreds of pounds each year.
www.gov.uk www.gov.uk


Of the £1 billion funding available through the new ECO+ scheme, around 80% of the funding will be made available for those households who are in some of the least energy-efficient homes in the country – that is, those with an EPC rating of D or below – and in the lower Council Tax bands.
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Bit of a kick if you've spent money insulating and you'd be eligible for this expanded scheme.
 
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