Energy Prices (Strictly NO referrals!)

Zenduri said:
Define submit a reading? As the IHD has nothing to do with submitting readings so im a bit confused
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Honestly, so am I. My Eon account said the last update was on the 14th May via smart. By the 19th June I had no further update. I turned off my ihd, turned it back on and within about 15 minutes my meter readings on Eon updated again. Weird.
 
413x said:
BoE is so screwed.
Even as a home owner I feel they need to increase rates. Right now the weakness of the pound is probably doing similar damage in terms of raising household costs as an increased rate rise.

Obviously this isn't the case for FTBers where mortgage values are through the roof. But as time goes on you'd hope people are fixing long term so future rate hikes will hurt fewer and fewer people.
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Forgive me if I have the wrong end of the stick here but... Considering energy prices are projected to keep increasing, does fixing long term really make any difference? Surely if energy prices are going to continue to increase (as projected) and cost of living continues to increase year on year, they are not saving themselves from anything, they are just deferring the "hurt" until a few years down the line when they suddenly are faced with a truly gargantuan increase in rates as they play "catch up" to the market?

Seems just like kicking the can down the road, so to speak.

*Edit* I can see how it may help protect people from "unforeseen" spikes in costs like has happened recently, in part sparked off by the Ukraine situation - but presuming we're not going to have countries invading other countries on a regular basis, hence fixing rates in the hope of avoiding "the hurt" from ever increasing costs seems futile?
 
SpeedFreak said:
Honestly, so am I. My Eon account said the last update was on the 14th May via smart. By the 19th June I had no further update. I turned off my ihd, turned it back on and within about 15 minutes my meter readings on Eon updated again. Weird.
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I work for eonnext and work relatively closely with the smart teams. DM me if you want me to get someone to look into you smart meters
 
Devilman said:
Forgive me if I have the wrong end of the stick here but... Considering energy prices are projected to keep increasing, does fixing long term really make any difference? Surely if energy prices are going to continue to increase (as projected) and cost of living continues to increase year on year, they are not saving themselves from anything, they are just deferring the "hurt" until a few years down the line when they suddenly are faced with a truly gargantuan increase in rates as they play "catch up" to the market?

Seems just like kicking the can down the road, so to speak.

*Edit* I can see how it may help protect people from "unforeseen" spikes in costs like has happened recently, in part sparked off by the Ukraine situation - but presuming we're not going to have countries invading other countries on a regular basis, hence fixing rates in the hope of avoiding "the hurt" from ever increasing costs seems futile?
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If you think energy prices and interest rates are going to increase YoY its absolutely worth fixing.

Fixing on a unit price of 22p for 3 years means you save for 3 years. You would end up on the new standard 3 years from now regardless of fixing. But the years you were fixed you'd be saving considerably
 
413x said:
If you think energy prices and interest rates are going to increase YoY its absolutely worth fixing.

Fixing on a unit price of 22p for 3 years means you save for 3 years. You would end up on the new standard 3 years from now regardless of fixing. But the years you were fixed you'd be saving considerably
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Fixing now though its unlikely to be worth it, the fixes are too high for most.
 
Zenduri said:
Russia only supplies 3% of our Gas, stop fear mongering. Prices would rise yes but we wouldnt "not have any gas and need to ration"
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The UK imports roughly 50% of our gas used and as such that 50% is directly able to go elsewhere should countries that currently source from Russia look elsewhere, ie we have to compete and pay market price for it.
I am not sure how much capacity the UK has to export our domestically produced gas but that also would in effect be at risk of going to a different country
 
200sols said:
Fixing now though its unlikely to be worth it, the fixes are too high for most.
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I’ve been trying to look into this as well for our usage. Currently a fix with EDF is around 37% higher than the current cap.

  • 58% increase on electricity unit (26.7p > 42.3p)
  • 5% increase on electricity standing charge (40.2p > 42.2p)
  • 80% increase on gas unit rate (7p > 12.6p)
  • 5% increase on gas standing charge (25.9p > 27.2p)
Whereas the prior cap change was
  • 39% increase on electricity unit (19.2p > 26.7p)
  • 73% increase on electricity standing charge (23.2p > 40.2p)
  • 82% increase on gas unit rate (3.9p > 7p)
  • 4% increase on gas standing charge (24.9p > 25.9p)
 
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