How are we not being ripped off?
Also, you make it sound like they’ve been operating at a loss for years, twice in the last 15+. Yeah, my heart bled.
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Energy Prices (Strictly NO referrals!)
- Thread starter DXP55
- Start date
How are we not being ripped off?
Also, you make it sound like they’ve been operating at a loss for years, twice in the last 15+. Yeah, my heart bled.
Caporegime
- Joined
- 11 Mar 2005
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- 32,221
- Location
- Leafy Cheshire
British Gas supplies in excess of 10 million homes, the profit per home doesn't seem too shocking.
If people are unhappy with the amount of profit being made then no-one is forcing them to stay.
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Soldato
- Joined
- 29 Dec 2004
- Posts
- 17,071
- Location
- Shepley
Ah yeah, I’ll just sign up with our not for profit state energy company. No, wait, sitting in the dark it is.
Caporegime
- Joined
- 11 Mar 2005
- Posts
- 32,221
- Location
- Leafy Cheshire
Sign up with someone who offers a better tariff than BG.
Why are you surprised on this news?
British Gas costs haven’t/didn’t go up- they just happened to benefit from the higher energy commodity cost, which they, Ofgem and the UK Government have no control over.
Is it right - no
The solution
- Build up more renewables and nuclear to remove reliance on global traded gas.
- Split gas and other energy charges for customer billing.
Octopus Energy make little profit & invest heavily back into energy infrastructure.
Economy 7 user:
Current tariff: Flexible Octopus
Standing charge: Electricity: 48.76p per day
Electricity (day): 36.80p per kWh
Electricity (night): 16.40p per kWh
Standing charge: Gas: 27.47p per day
Gas: 7.38p per kWh
-------------------
Available: Loyal Octopus 12M Fixed
Electricity:
Daily standing charge 48.76p /day
Unit rate (day) 34.34p /kWh
Unit rate (night) 15.31p /kWh
Early exit fee (For changing tariff or supplier) £75
Gas
Daily standing charge 27.47p /day
Unit rate 6.92p /kWh
Early exit fee (For changing tariff or supplier) £75
-------------
Is this worth going for in your opinion? It seems i can save approx £45 per month if i fix for 12 months or wait as prices are expected to lower further in Oct..............
Current tariff: Flexible Octopus
Standing charge: Electricity: 48.76p per day
Electricity (day): 36.80p per kWh
Electricity (night): 16.40p per kWh
Standing charge: Gas: 27.47p per day
Gas: 7.38p per kWh
-------------------
Available: Loyal Octopus 12M Fixed
Electricity:
Daily standing charge 48.76p /day
Unit rate (day) 34.34p /kWh
Unit rate (night) 15.31p /kWh
Early exit fee (For changing tariff or supplier) £75
Gas
Daily standing charge 27.47p /day
Unit rate 6.92p /kWh
Early exit fee (For changing tariff or supplier) £75
-------------
Is this worth going for in your opinion? It seems i can save approx £45 per month if i fix for 12 months or wait as prices are expected to lower further in Oct..............
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I fixed today on the same tarrif ( no Gas ) also on ECO 7! . Yes they may lower but they might also go up again before then. If it drops a lot, I'll pay the EXIT fee. But I don't see that happening. £45 per month is a good saving. Even more so now as the day and night rates are even lower
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Ofgem sadly made a decision on the SC, and looks like government has no incentive to change it, so we on that path now. Its just a question of how long now until electric is £1 a day just to be connected. Combined SC charges already very close.
Ofgem quoting annual average costs also help mask whats going on.
So you pay Netflix a fixed fee and then pay again to watch the content? I am confused.
A better analogy would be, people pay £30 for broadband a month and then £11 for netflix.
Do you need full eco7? If you have a smart meter you can get Octopus Go which reduces your day rate and your night rate substantially, just for fewer hours (4 instead of 7).
No smart meter.
Ah..get one? Gas tracker is 3.78p today
Currently paying £296.043 per month, Octopus says the new tariff is £251.36 per month, so i minused the old and new estimate to give me the £45 saving - but after sleeping on it, that doesn't look right!
My current annual estimate is £3,208.66 with the new tariff being £3,016.29, so an annual saving of £192.37 or a £16.03 monthly saving, not £45.
No idea where i went wrong
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Usage fluctuates so just focus on per kWh saving.
Soldato
- Joined
- 29 Dec 2004
- Posts
- 17,071
- Location
- Shepley
Octopus are a well run company on the face of it but nothing like a public company. I give them a lot of credit for launching the tracker tariff (which I’m on) because beyond that consumers basically have the illusion of choice at the moment. Which is what inevitably happens when you privatise an essential service and poorly regulate it.
BG made either £20 or £90 profit per customer last FY, I don't call that ripped off. Octopus and other suppliers made similar or losses.
People can't surely complain about "OTT" profits, yet also ignore losses, also see Shell, BP etc....
So ~2 units of leccy? Call that pretty cheap tbh, given the stability of service (here anyway) where the power is generated from and distance travelled, the quantity of cabling, repairs, maintenance, distribution etc...
Bear in mind the energy suppliers don't keep the S.C.
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Soldato
- Joined
- 14 Oct 2007
- Posts
- 9,255
- Location
- newcastle
Spot the guy that works for British Gas