Energy Prices (Strictly NO referrals!)

[a1ex2001]

What's confusing is that I thought a few months ago they stated the price of oil/Gas had reduced and was on a decline, yet the rates we are offered have not improved.
Another eyebrow raise is some of the profits the Energy companies post (boast). So despite the cry of fuel price hikes for when they purchase it, they still seem to be doing very well out of it, and that's just what they admit to making...

and companies like British Gas hide the profits in Centrica because they load it that side so they can cry about the pitiful margins for end customer supply, the whole market is broken and should be nationalised.

 

[MatsyLR]

I'm the same as you, swapped all the time but been with EDF for 3 years now (2 on a fix and 1 on their SVR). I watched the latest Martin Lewis show this morning and he said it's not really worth fixing just yet (for most people) so it looks like I'll be staying with EDF for the forseeable future. My current rates are:

Elec - Unit Rate (UR) 28.78p and Standing Charge (SC) 49.96p
Gas - UR 7.52p SC 29.59p

It seems to me that the companies are now just ripping us off by hiking the SC more and more.

Still cheaper on octopus tracker even with the increase.

 

[Firestar_3x]

Shame Octopus are doing this for existing customers:

• In December 2023, we updated Tracker's daily price formula and standing charge for new customers. We held this change off for existing customers, keeping your prices lower for longer, but from 15th February, we'll need to update your prices too.

 

[Kelt]

Cool non-energy rated story, bro!

 

[Richie]

Shower niche arrived. Seems alright for 60 quid off of eBay. Even came with a roll of tape.

And this mighty beast. Instant transformation; super pleased:

Oi, dafty - OVER HERE for that nonsense

 

[dlockers]

Cool non-energy rated story, bro!

Err did you not see the PIR I glued to that wall?

Oi, dafty - OVER HERE for that nonsense

I CAN'T HEAR YOU OVER THE BASS

 

[Welshman]

Octopus email earlier stating they are changing the tracker calculation…due to ofgem raising prices. Yet the cap is reducing in april, so will have to check if its still the best tariff…

 

[200sols]

If the standing charges fall in April this will look like a pure profit grab. Fixing people just before that.

 

[Minato]

Looking to change soon hopefully from British Gas and EDF for electricity. Octopus still the best going around at the minute? Got 2 EVs in the house and 1 charger, no solar panels

 

[Uther]

My current cheap deal runs out on 1st April, going to have to look around a bit more now to see if Octopus are still the cheapest / taking the **** slightly less than the others.

 

[OldKitMan]

Pro-tip btw, but at least with Octopus, I can "top-up" my account with one off payments from my Amex cashback credit card, so I can get cashback on adding balance to my energy account.

Whilst DD is cool and all and works well, I don't get cashback on that, so if it's near my usual billing date and I have a balance to clear, I can add some capital and get instant cashback.

I get 0.75% on all purchases, so it's superior on an annualised basis vs savings at say a 5% rate even.

I didn't know about this, is there any sort of limit and how does getting a refund of credit balance work, does it get refunded to your bank account where the direct debit comes from? Thinking I could generate a considerable amount of Membership Reward points if it works this way.

 

[jaybee]

I got an email today from Octopus saying in February they are moving me onto their "new" tracker automatically which will mean new prices. Hmm. I assume this means more expensive? Why are they doing this?

 

[OldKitMan]

I got an email today from Octopus saying in February they are moving me onto their "new" tracker automatically which will mean new prices. Hmm. I assume this means more expensive? Why are they doing this?

to make more money.

 

[HungryHippos]

I didn't know about this, is there any sort of limit and how does getting a refund of credit balance work, does it get refunded to your bank account where the direct debit comes from? Thinking I could generate a considerable amount of Membership Reward points if it works this way.

I don't know how credit refunds work or if there is a limit tbh, but my bills are quite low anyway so I was only adding some. Try it out!

 

[MatsyLR]

I got an email today from Octopus saying in February they are moving me onto their "new" tracker automatically which will mean new prices. Hmm. I assume this means more expensive? Why are they doing this?

The excuse I see being thrown around is massive customer debt across the entire industry being loaded onto the standing charge

 

[Beans on toast Dave]

to make more money.

Yes as simple as that. They've noticed the can bull the customer saying it's down to offcom raising prices even when they are actually going down shortly.
It was a great deal. Now just a good deal

 

[pastymuncher]

Also got the email about the revised Tracker charges now. The elec sc was already a rip off at 49.434p per day but is now going up to 57.730p per day while gas is only marginally increasing from 26.838p per day to 27.468p per day. They also reckon that elec will be going up by 2.3p per kWh and gas by 0.38p per kWh and these rates will be fixed for a year so it looks like any reduction in the cap will not affect us which could end up leaving us paying a much higher SC than everyone else. Summer bills are going to be 65% SC at this rate.

To set the Tracker unit price each day, the formula takes the UK's daily wholesale price and adds a set cost to cover our cost to supply energy to you, excluding wholesale costs - things like transmission, distribution and meter rental.

This is confusing though as I thought the SC covered transmission, distribution costs etc. If this is covered by the unit costs why are we being ripped off with higher and higher SC's making it look like nothing more than a cash grab? What's this meter rental bs as well? Why are we being charged rental on a meter that is only there for the supplying companies benefit? This whole energy supply setup stinks of money making!!

 

[danlightbulb]

The full email says that Octopus have been absorbing some of the increased costs as a result of changes to the wholesale markets that their formula doesn't reflect.

Disappointing though especially to see it go onto the standing charge.

 

[Mercenary Keyboard Warrior]

Also got the email about the revised Tracker charges now. The elec sc was already a rip off at 49.434p per day but is now going up to 57.730p per day while gas is only marginally increasing from 26.838p per day to 27.468p per day. They also reckon that elec will be going up by 2.3p per kWh and gas by 0.38p per kWh and these rates will be fixed for a year so it looks like any reduction in the cap will not affect us which could end up leaving us paying a much higher SC than everyone else. Summer bills are going to be 65% SC at this rate.



This is confusing though as I thought the SC covered transmission, distribution costs etc. If this is covered by the unit costs why are we being ripped off with higher and higher SC's making it look like nothing more than a cash grab? What's this meter rental bs as well? Why are we being charged rental on a meter that is only there for the supplying companies benefit? This whole energy supply setup stinks of money making!!

The pricing formula is being fixed not the price so if cap drops then likely this is dropping, although they are not directly linked as looking at costs of purchase over differing periods

SC is the same at the same point in time as anyone fixing

There isnt an exit fee still...

 

[Kelt]

My current cheap deal runs out on 1st April, going to have to look around a bit more now to see if Octopus are still the cheapest / taking the **** slightly less than the others.

Guarantee you won't find better than Tracker.