Energy Prices (Strictly NO referrals!)

chrcoluk said:
I think its the same reason as why Ofgem backed down on isolating customer credit balances, I think the companies have made threats, Ofgem **** their pants so turned the other way.

For accounting purposes I am not sure payments paid in advance count as profit on the balance sheet, remember this issue is not been billed higher but rather taking payments higher than bills and letting it get to extreme levels.
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They probably don’t need to do this, surprised there hasn’t been more kicking off about it further.

This 22nd has come from publics pockets. Energy companies shouldn’t be allowed estimate bills IMO.
 
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I am sure plenty of people have been overpaying but do those people actually sit down and work out their energy costs and then adjust their direct debits to suit? You can actually do that. I am sure the energy companies keep a decent size buffer incase the proverbial hits the fan. 2 billion might sound like a lot but it really isn't. The 400 quid truss fund is going to cost the tax payer several more billion than that.
 
adam cool dude said:
I am sure plenty of people have been overpaying but do those people actually sit down and work out their energy costs and then adjust their direct debits to suit? You can actually do that. I am sure the energy companies keep a decent size buffer incase the proverbial hits the fan. 2 billion might sound like a lot but it really isn't. The 400 quid truss fund is going to cost the tax payer several more billion than that.
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Who want's to do maths or read just pay more it's easier :eek:
 
GaryTheSnail said:
Everyone needs to lower what they are paying and then link to the article where possible so they know they been watched, in fact they probably know what they are doing they just trying it on. These energy companies need putting down a peg or two pronto.
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Or you just adjust billing to pay for usage instead of estimates.
 
I suppose you could argue that prices go up again in April and government support is being removed so that buffer may well be needed. Just not as much as they're taking now.

I'm still nearly £600 in credit with Ovo and can't reduce my DD without calling them. Not too fussed just yet though.
 
Zatoichi.uK said:
I suppose you could argue that prices go up again in April and government support is being removed so that buffer may well be needed. Just not as much as they're taking now.

I'm still nearly £600 in credit with Ovo and can't reduce my DD without calling them. Not too fussed just yet though.
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600 in credit is a lot buffer IMO. Unless you spending that a month or 3 ofc.
 
GaryTheSnail said:
600 in credit is a lot buffer IMO. Unless you spending that a month or 3 ofc.
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DD of £230 and my highest bill was around that without the £67 top up so I'm definitely paying more than I should. I have reduced use though so Ovo should be reducing my payment. Once the cold spat is over I'll assess and either get a refund or call them to reduce the DD.
 
GaryTheSnail said:
If there’s 2bn sitting in the pot energy companies can now reduce prices now right? and let people pay less buffer.
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They not going to reduce prices for that, they effectively owe everyone on a credit balance. At best those with the large balances might get a reduced direct debit or with some pushing a refund to their bank. Some wont care about the balance.

I think its a combination of them wanting to use it as working capital (probably true as Ofgem backed down on isolating the money) and the suppliers been paranoid about higher bills down the line so are keeping credit balances as high as they can get them.
 
Eon wouldn’t even let us reduce our DD, despite overpaying significantly. Glad we got our money back and are now paying for what we use. I can save in my own account thanks. It’s a weird system we’ve become accustomed to, either people can’t save for the winter or are too stupid to do so, I’m not sure which.
 
CaptainRAVE said:
Eon wouldn’t even let us reduce our DD, despite overpaying significantly. Glad we got our money back and are now paying for what we use. I can save in my own account thanks. It’s a weird system we’ve become accustomed to, either people can’t save for the winter or are too stupid to do so, I’m not sure which.
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I don’t see why they won’t. Shouldn’t be allowed to tell the customers what to do.

We need to get rid of estimates then there wouldn’t be a reason to over pay or underpay.

Most people can’t save that’s the problem.
 
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Given there are 20 million households and well over half will be paying via fixed direct debit(56% was the stat I last saw), £2 billion in balances doesn’t seem outrageous by any stretch of the imagination. It’s less than £200 each or less than a months worth of average usage.

Given 2/3 your energy bill comes in a 4 month period which we are a part way though, dare I say it but under £200 seems almost reasonable.

Sure some will have way more, others will have nothing or be negative but let’s not let that get in the way of a good story.
 
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