Energy Prices (Strictly NO referrals!)

Martin Lewis said in a Q&A yesterday that they expect the prices to drop around April next year, the thing is it only projected to be a 5% drop, which when you factor in the 10% increase, 50% increase and the expected 65% and 4% increases in October/January. That 5% is basically meaningless.

Worst of all though is because the price cap is only calculated every 3 months, if there is a sudden significant drop either because Russia calls quits on the Ukraine or Ukraine pushes the Russians out etc the price drop may not be reflected in the price cap change for several months.
 
200sols said:
The £400 energy bill help has already been more than wiped out by the predicted increase in the price cap.
Click to expand...
Yes - welcome to old news :p
Did you read my post - there will be MORE support coming.

Also - if you're just receiving the £400 then that suggests you are not in the category of people requiring the most financial support.
 
The initial £200 loan/not a loan was inadequate so it was increased to £400 without the need to pay it back, but that was calculated before the full price cap increase was known for October and with inflation now hitting 9.4%, nearly double of what it was back in Feb/March when the current price cap was announced.
 
MadMossy said:
Martin Lewis said in a Q&A yesterday that they expect the prices to drop around April next year, the thing is it only projected to be a 5% drop, which when you factor in the 10% increase, 50% increase and the expected 65% and 4% increases in October/January. That 5% is basically meaningless.

Worst of all though is because the price cap is only calculated every 3 months, if there is a sudden significant drop either because Russia calls quits on the Ukraine or Ukraine pushes the Russians out etc the price drop may not be reflected in the price cap change for several months.
Click to expand...

Its worse that that since the majority of the energy is bought well in advance. Its why we see the delays in the price going up.
You can't switch supplier either since they changed the switching compensation (what old supplier pays new) which will make it hard to offer decent savings even if energy goes down in price.

The energy companies arent making great profits (the consumer side) its the extraction and generation side where the money is being made.
There should probably be a permanent windfall tax legislated for that targets this and means that its no shock. It MUST however only target the unexpected market impact and not the compaines planned investments and efficiencies etc.
(IE it removes unplanned market profitability, and there should likely also be a payment back if exceptionals happen the other way else you would gut these companies potentially)
 
413x said:
They can't give it all "now".

Best play is to drip feed it. If they gave 800 4 months ago people would be wanting more have already spent it on hookers and coke.
Click to expand...

Fixed!

I joke of course (although I'm sure there are some who are irresponsible enough to see a £400 credit in their energy account and withdraw it without considering the fact their usage will go up significantly in winter).
 
413x said:
It should not be cash payment. Its to help with energy. It should only appear as non refundable energy credit.

But I guess some will cancel their DD.
Click to expand...
If people are struggling now, they'll spend it now. If someone is struggling to keep a roof over their head or put food on the table then that will be todays priority. Some people, whether it's their own fault or not are living day to day.
 
Uther said:
If people are struggling now, they'll spend it now. If someone is struggling to keep a roof over their head or put food on the table then that will be todays priority. Some people, whether it's their own fault or not are living day to day.
Click to expand...

That's pretty much everyone on a low income that gets universal credit as a top up. Around 3 million people or so.
 
MadMossy said:
Ofgem could force energy suppliers to offer those on low incomes/benefits a social tarrif with significantly reduced rates I suppose.
Click to expand...
Ofgem will do nothing of the sort. They’re partly responsible for this mess in the first place despite being repeatedly warned over the years that they were creating an unstable energy market in the UK.
 
We are into the area of hoping winter won't be a cold one.
Seems praying is on the cards as likely tory party line.

So many people will be choosing heat vs eat this winter.
I don't blame people swapping their meters for ones what under report in this situation
 
Uther said:
Yes, it's not a small number, and as the prices go up, that number will only get bigger.
Click to expand...

Is the country running out of cash? After all, this money is all being funneled to the BPs of the world and their share holders.

The windfall tax simply takes a bit of that and gives it back.


UK is going to run out of cash at this rate. There will be no one left to tax!
 
413x said:
Is the country running out of cash? After all, this money is all being funneled to the BPs of the world and their share holders.

The windfall tax simply takes a bit of that and gives it back.


UK is going to run out of cash at this rate. There will be no one left to tax!
Click to expand...
They can always find more money when they have to. They'll have to keep things just under rioting in the streets level.
 
You must log in or register to reply here.
Back
Top Bottom