Energy Prices (Strictly NO referrals!)

[Shoza]

A freedom of information request by The Telegraph has shown energy companies have managed to sit on, and profit from the interest on, 9 billion pounds worth of our money, by getting people to meekly go into credit with them, which is frankly outrageous. I pride myself they have never had a penny of my cash before it was due, and even then at the last minute This rip off needs sorting, and pronto.

You can’t make up how shady it all is. Prices kept artificially high because all generation is pegged at gas prices. They’re very high in the UK compared to a lot of our neighbours despite often peaking 50+ percent wind generation which should be cheap.

I’ve lost my war with OVO after 5 months of fighting them they put my DD up to from £125 to £245 a month despite never owing a penny to them. I went over my £125 DF in December by quite a bit but expected it (due to numerous reasons) and made a manual payment immediately.

First month on new DD and I am £97 in credit after the DD. This is to continue all spring and summer so I’m around £650 in credit by September. They say this is now necessary as I must build in a buffer for winter.

I tried changing to whole amount DD and they said that was fine but my rates would go up 30% so that’s quite a barrier to paying your whole usage in full each month.

So I’m stuck on the tracker/standard tariff with a high DD so they can take whatever they want from me. I confirmed on dozens of calls and emails that I did not agree to the DD increase but that doesn’t stop them changing it and taking money from my bank account to sit in theirs.

The whole system is broken.

 

[413x]

They should be forced to hold credit in a separate account where they cannot generate interest. They are allowed to draw down your exact bill amount.
You have a buffer for the cold months. They get what they are owed.

Any interest generated would be the customers. Really. I can't see it being difficult to do.

To be fair to Scottish Power. My DD is spot on. I'm in arrears right now. But paying more than my summer bill.

 

[Allnamestaken]

You can’t make up how shady it all is. Prices kept artificially high because all generation is pegged at gas prices. They’re very high in the UK compared to a lot of our neighbours despite often peaking 50+ percent wind generation which should be cheap.

I’ve lost my war with OVO after 5 months of fighting them they put my DD up to from £125 to £245 a month despite never owing a penny to them. I went over my £125 DF in December by quite a bit but expected it (due to numerous reasons) and made a manual payment immediately.

First month on new DD and I am £97 in credit after the DD. This is to continue all spring and summer so I’m around £650 in credit by September. They say this is now necessary as I must build in a buffer for winter.

I tried changing to whole amount DD and they said that was fine but my rates would go up 30% so that’s quite a barrier to paying your whole usage in full each month.

So I’m stuck on the tracker/standard tariff with a high DD so they can take whatever they want from me. I confirmed on dozens of calls and emails that I did not agree to the DD increase but that doesn’t stop them changing it and taking money from my bank account to sit in theirs.

The whole system is broken.

Its ******* insane and they make money off all those funds too so making it difficult for you works in their favour.

******* corrupt ass country.

 

[Tephnos]

So when are we getting this free oil the government promised back in october

 

[bigmike20vt]

You can’t make up how shady it all is. Prices kept artificially high because all generation is pegged at gas prices. They’re very high in the UK compared to a lot of our neighbours despite often peaking 50+ percent wind generation which should be cheap.

I’ve lost my war with OVO after 5 months of fighting them they put my DD up to from £125 to £245 a month despite never owing a penny to them. I went over my £125 DF in December by quite a bit but expected it (due to numerous reasons) and made a manual payment immediately.

First month on new DD and I am £97 in credit after the DD. This is to continue all spring and summer so I’m around £650 in credit by September. They say this is now necessary as I must build in a buffer for winter.

I tried changing to whole amount DD and they said that was fine but my rates would go up 30% so that’s quite a barrier to paying your whole usage in full each month.

So I’m stuck on the tracker/standard tariff with a high DD so they can take whatever they want from me. I confirmed on dozens of calls and emails that I did not agree to the DD increase but that doesn’t stop them changing it and taking money from my bank account to sit in theirs.

The whole system is broken.

time to find a new supplier. octopus have always been fair with me and I have lowered my DD multiple times (not tried just paying what I use to be fair.)
my current direct debit is just over £3 (I will have to up it once the government grant stops )

that didn't cover December but it did November and it should be close January. (I have solar and battery with off peak pricing and a 2 year gas fix from November 2021 so luckier than most)

 

[adam cool dude]

Surely once everyone twigs on with this Octopus thing that everyone else will follow suit as they will be losing customers? I guess this is the beginning of things going down a little?

I guess Octopus are using this to get as many customers on board to balance the book by getting in first.

 

[Zatoichi.uK]

You can’t make up how shady it all is. Prices kept artificially high because all generation is pegged at gas prices. They’re very high in the UK compared to a lot of our neighbours despite often peaking 50+ percent wind generation which should be cheap.

I’ve lost my war with OVO after 5 months of fighting them they put my DD up to from £125 to £245 a month despite never owing a penny to them. I went over my £125 DF in December by quite a bit but expected it (due to numerous reasons) and made a manual payment immediately.

First month on new DD and I am £97 in credit after the DD. This is to continue all spring and summer so I’m around £650 in credit by September. They say this is now necessary as I must build in a buffer for winter.

I tried changing to whole amount DD and they said that was fine but my rates would go up 30% so that’s quite a barrier to paying your whole usage in full each month.

So I’m stuck on the tracker/standard tariff with a high DD so they can take whatever they want from me. I confirmed on dozens of calls and emails that I did not agree to the DD increase but that doesn’t stop them changing it and taking money from my bank account to sit in theirs.

The whole system is broken.

You can apply for a refund with Ovo but noticed they changed from 2 months credit in buffer to 3 months. I'm £500+ in credit with them and never went over my DD in actual payments. I expect I'll be £1k in credit at some point this year. Ridiculous...

 

[Mercenary Keyboard Warrior]

They should be forced to hold credit in a separate account where they cannot generate interest. They are allowed to draw down your exact bill amount.
You have a buffer for the cold months. They get what they are owed.

Any interest generated would be the customers. Really. I can't see it being difficult to do.

To be fair to Scottish Power. My DD is spot on. I'm in arrears right now. But paying more than my summer bill.

What about the debit balances?

The debits and credits balance off to some extent

Your plan would see higher prices as they seek to recover the costs of financing all these people paying in arrears

 

[bigmike20vt]

Surely once everyone twigs on with this Octopus thing that everyone else will follow suit as they will be losing customers? I guess this is the beginning of things going down a little?

I guess Octopus are using this to get as many customers on board to balance the book by getting in first.

octopus may be in a better position than many because afaik they actively invest in renewable power themselves... if they are generating their own power it is easier for them to profit than others (and wind is v profitable at the moment)

 

[Shoza]

You can apply for a refund with Ovo but noticed they changed from 2 months credit in buffer to 3 months. I'm £500+ in credit with them and never went over my DD in actual payments. I expect I'll be £1k in credit at some point this year. Ridiculous...

One of the complaint replies to me I’m currently taking up with Ofgem is on this. They say any credit can be refunded promptly if I am overpaying. Only condition is to submit a meter reading but I pointed this out and they didn’t reply further. Nothing from them about holding a buffer.

It’s all a big lie to get your money in their account. I would totally understand it if I was in debit but I’ve never owed them a penny after 9 years of being a customer. If and when I go over my DD I make a manual payment from the app which is quick and easy.

 

[HungryHippos]

You can’t make up how shady it all is. Prices kept artificially high because all generation is pegged at gas prices. They’re very high in the UK compared to a lot of our neighbours despite often peaking 50+ percent wind generation which should be cheap.

I’ve lost my war with OVO after 5 months of fighting them they put my DD up to from £125 to £245 a month despite never owing a penny to them. I went over my £125 DF in December by quite a bit but expected it (due to numerous reasons) and made a manual payment immediately.

First month on new DD and I am £97 in credit after the DD. This is to continue all spring and summer so I’m around £650 in credit by September. They say this is now necessary as I must build in a buffer for winter.

I tried changing to whole amount DD and they said that was fine but my rates would go up 30% so that’s quite a barrier to paying your whole usage in full each month.

So I’m stuck on the tracker/standard tariff with a high DD so they can take whatever they want from me. I confirmed on dozens of calls and emails that I did not agree to the DD increase but that doesn’t stop them changing it and taking money from my bank account to sit in theirs.

The whole system is broken.

Just switch to a good supplier like Octopus.

If you're on a standard cap pricing tariff there is nothing to lose, why do you stay with OVO when they cause you hassle?

I pay variable bill with Octopus and there isn't any 30% change in prices, the units cost the same.

 

[b0rn2sk8]

One of the complaint replies to me I’m currently taking up with Ofgem is on this. They say any credit can be refunded promptly if I am overpaying. Only condition is to submit a meter reading but I pointed this out and they didn’t reply further. Nothing from them about holding a buffer.

It’s all a big lie to get your money in their account. I would totally understand it if I was in debit but I’ve never owed them a penny after 9 years of being a customer. If and when I go over my DD I make a manual payment from the app which is quick and easy.

Stop making the overpayments and you’ll probably not be building up the excess credit.

 

[Zatoichi.uK]

Can you switch from An Ovo SVR tarrif to an SVR (or better?) With Octopus?

I thought the issue was transferring providers meant you lose the price cap of the SVR?

 

[Freefaller]

I've still got close to £800 in credit with my previous supplier. I moved 5+ months ago and they're still not able to send me the money because they're not able to workout the switch over meter readings!

I was in £500 credit with octopus, dropped them an email, 3 days later all sorted. Shame my previous supplier is so painful to deal with.

 

[HungryHippos]

Can you switch from An Ovo SVR tarrif to an SVR (or better?) With Octopus?

I thought the issue was transferring providers meant you lose the price cap of the SVR?

Yes you can switch to the SVR with Octopus, it's the default tariff you'll get and it's priced the same as OVO or any other SVR option.

You can also then switch to one of their trackers for gas and/or electric which is currently cheaper than the SVR by around 30%, but tracks wholesale costs.

If you switch to Octopus get a referral code off a friend or family member, £50 bill credit each if you know someone using Octopus.

 

[Zatoichi.uK]

Yes you can switch to the SVR with Octopus, it's the default tariff you'll get and it's priced the same as OVO or any other SVR option.

You can also then switch to one of their trackers for gas and/or electric which is currently cheaper than the SVR by around 30%, but tracks wholesale costs.

If you switch to Octopus get a referral code off a friend or family member, £50 bill credit each if you know someone using Octopus.

Excellent I didn't know that thanks.

 

[Curlyriff]

You can’t make up how shady it all is. Prices kept artificially high because all generation is pegged at gas prices. They’re very high in the UK compared to a lot of our neighbours despite often peaking 50+ percent wind generation which should be cheap.

I’ve lost my war with OVO after 5 months of fighting them they put my DD up to from £125 to £245 a month despite never owing a penny to them. I went over my £125 DF in December by quite a bit but expected it (due to numerous reasons) and made a manual payment immediately.

First month on new DD and I am £97 in credit after the DD. This is to continue all spring and summer so I’m around £650 in credit by September. They say this is now necessary as I must build in a buffer for winter.

I tried changing to whole amount DD and they said that was fine but my rates would go up 30% so that’s quite a barrier to paying your whole usage in full each month.

So I’m stuck on the tracker/standard tariff with a high DD so they can take whatever they want from me. I confirmed on dozens of calls and emails that I did not agree to the DD increase but that doesn’t stop them changing it and taking money from my bank account to sit in theirs.

The whole system is broken.

Wow I don't see any reason to be charged more for whole amount direct debit and wasn't aware anyone charges for that.

I changed mine a few months back with Octopus. My rates are exactly the same as the standard tariff and could be on tracker but I haven't looked into that tbh in detail.

So I'd say you'd be better of moving from Ovo because that is absolutely awful policy.

 

[Curlyriff]

octopus may be in a better position than many because afaik they actively invest in renewable power themselves... if they are generating their own power it is easier for them to profit than others (and wind is v profitable at the moment)

N9t to mention they are actually an international company with huge 3rd party investment and software other energy companies utilise too.

 

[Tom_ed1987]

I thought with whole amount DD you pay exactly the same rates for energy as you do regular DD, you just don't average out over the year so high bills in winter, small in summer. Is there an actual rate difference?

I had no problem getting a credit refund from Shell Energy. I tginknthe only stipulation was a bill showing credit, based off actual meter readings, not estimated. Received money approx 2 week later.

 

[Freefaller]

I thought with whole amount DD you pay exactly the same rates for energy as you do regular DD, you just don't average out over the year so high bills in winter, small in summer. Is there an actual rate difference?

I had no problem getting a credit refund from Shell Energy. I tginknthe only stipulation was a bill showing credit, based off actual meter readings, not estimated. Received money approx 2 week later.

For some reason they've got issues with gas readings from when I switched last year. As I said octopus refunded the £500 I had within days.