Energy Prices (Strictly NO referrals!)

[HungryHippos]

It's a bit of a flip of a coin, I suspect that fix will be around the price of the currently scheduled October rise.

If prices don't go down then the fix will be good, if they drop then yeah it's a little high.

Interesting video from Tom Scott, there are some cool green energy things going on even a while ago, just need to sort it out across the country.

 

[danlightbulb]

If it was me I wouldn't be going on to a fix now. That tariff is nearly 50% higher than current cap. Ok prices will rise in October again but if there is a mass UK non payment protest then being on variable tariff I think is a better position overall.

 

[_Jimlad_]

So energy doubling in price a few months ago then will double again in October, possibly a 40% increase in January and then every 3 months or so isn't really something to worry about.....?

I'm sure they will put their prices down at some point right.....

they will come down, just lots of fear talk going around at the moment.

 

[Andrew Moore]

It's because we have no storage not that we can't use it

I had read that was the case actually. Still, it means we aren’t as geared up to use it as we could be which would in turn allow for stock piling of other materials that doesn’t need an engineering solution to store.

 

[413x]

It’s a months worth of fees though so if the drop does happen and it can be recouped in a period that’s shorter than the difference in total cost over say a 6-9 month period on a new deal then what’s the problem?

With those exit fees it's a big gamble. But I get your point. The exit fees are just a month of your usage.

Youd think the rises are done. But that's been said many times.

 

[Zenduri]

If it was me I wouldn't be going on to a fix now. That tariff is nearly 50% higher than current cap. Ok prices will rise in October again but if there is a mass UK non payment protest then being on variable tariff I think is a better position overall.

If you rack up a debt it doesnt just disappear if you refuse to pay...... if the prices do come down from mass non payment protest (which it wont) then you will stay need to pay what you used

 

[danlightbulb]

If you rack up a debt it doesnt just disappear if you refuse to pay...... if the prices do come down from mass non payment protest (which it wont) then you will stay need to pay what you used

I know, but if there is a nation wide refuse to pay protest that gathers serious momentum, I'll join in.

 

[Zatoichi.uK]

If you rack up a debt it doesnt just disappear if you refuse to pay...... if the prices do come down from mass non payment protest (which it wont) then you will stay need to pay what you used

And you'll get cut off I expect. Probably not a good strategy come winter.

 

[chrcoluk]

That fixed is higher than the predicted October cap for electric and Gas, but of course we do have another rise to come in December and then again in April.

There is a potential court case coming against Ofgem, how long that takes and if will be any appeals who knows, if Ofgem lose there is likely two options, either remove the cap (that might well comply with court ruling) or keep the cap much lower and then government has to step in with direct subsidies.

Ofgem energy cap increase could break the law, legal experts say

morningstaronline.co.uk

https://www.telegraph.co.uk/money/consumer-affairs/energy-price-cap-rise-will-breach-human-rights1/ (paywall)

 

[413x]

If you rack up a debt it doesnt just disappear if you refuse to pay...... if the prices do come down from mass non payment protest (which it wont) then you will stay need to pay what you used

Some people have nothing to lose. Literally nothing. It's one thif you need credit or mortgage etc. But if you're on benefits.. Are they really going to stop your benefits?

Concerning time coming. Mass non payment of bills/debts.. If it gets momentum could be incredibly damaging.

 

[danlightbulb]

And you'll get cut off I expect. Probably not a good strategy come winter.

Not if millions are doing it in protest they won't.

 

[Zatoichi.uK]

Not if millions are doing it in protest they won't.

Perhaps. Wasn't the last count more like 5000? And that's just people that joined a group not necessarily people that will cancel.

If it pressures the government to step in again then maybe its a good thing. Not exactly a lot of spare cash for things of this nature currently though!

 

[chrcoluk]

If you rack up a debt it doesnt just disappear if you refuse to pay...... if the prices do come down from mass non payment protest (which it wont) then you will stay need to pay what you used

What I think will happen is there will be a fund setup to help those in energy debt, and the worst debts will get help, in effect we going to see something that rewards non payment, kind of like how discretionary house payments work where many councils have a condition you have to be in rent arrears to even ask for help.

If you got two people saying they struggling to pay, but one of them is actually managing to pay, whilst the second one isnt (even if its by choice), the second one will likely be seen as the one in higher priority of financial assistance with a debt write off.

My elder sister throughout her adult life never seems to respect the responsibility of paying bills, during covid she rang the council to inform them her council house rent will be late, they proceeded to give her help from a council covid support fund which they setup specifically just for council house tenants which paid off her outstanding water bill, outstanding electric bill, outstanding rent and 100s in food vouchers, she told me it was the best part of a grand. If she wasnt in debt on any of those she probably would have got nothing, maybe some food vouchers at the most. She also has told me of how she skips paying loans etc. It doesnt bother her at all.

 

[200sols]

Hoping prices fall because of some mass non payment seems like a fools game to me.

 

[XeNoN89]

Hoping prices fall because of some mass non payment seems like a fools game to me.

Yeah I wouldn't be relying on this actually happening in significant enough numbers to cause any issues

 

[chrcoluk]

Hoping prices fall because of some mass non payment seems like a fools game to me.

Yeah thats not going to happen, they only going down if forced by the government or if a unlikely miracle happens on the market.
I think a debt write off fund is more likely.

 

[413x]

Yeah I wouldn't be relying on this actually happening in significant enough numbers to cause any issues

I think its possible. Possible though. Not likely.

If it's only a few thousand it won't come to anything. But if people on the edge start seeing others get away with it you never know.

The conditions (discontent, big proportion of population struggling, terrible government, social media mobilisation) are there.

 

[Hawk Tuah]

I don't think we have huge stocks of gas.

We don't need huge stockpiles. We produce our own gas domestically.

 

[Goodie]

We don't need huge stockpiles. We produce our own gas domestically.

Nowhere near enough to cover demand though is it? (Genuine question, just recalling what was linked in this thread previously)

 

[Zenduri]

I know, but if there is a nation wide refuse to pay protest that gathers serious momentum, I'll join in.

Why yes i also shall trash my credit file because protest yo. If you can afford to pay your energy bills then pay them. Not paying is one of the fiscally stupidist things you can do. There will be enough people protesting who cant afford their bills without your token gesture. Not to forget that for every person who fiddles their supply or refuses to pay impacts everyone else through increase tarrifs which in turn drives more people to fuel poverty