Energy Prices (Strictly NO referrals!)

[danlightbulb]

Although to be fair I didn't think prices would go this mental so wasn't in a rush at the time.

Same here, Avro originally. The thing to consider is whilst people here who have locked in to long deals are quids in now, I was paying 13p a unit when they were paying 18-20p for however long before things went wrong.

No-one thought things would go crazy like this. At the time, without the benefit of hindsight, the right choice was always to get as cheap a deal as you can.

 

[silversurfer]

My first full month on the agile tariff on Octopus has saved me £11 interestingly. I wasnt expecting it to save me money until October.

The average was low then, what was the worst case if its capped. Interested how many could benefit or requires use mostly off peak or something.

 

[theone8181]

I must say that all of this jovial talk and back patting about taking fixed deals doesn't make me jealous or bitter at all!

If it cheers you up my fixed ends next month (imagine a biting nails emoji here). I'm expect anyway from 2-2.5 times increase. I've done a "quote" for octopus go, but I couldn't see an option to take them up on it (I have an ev so it's a bit cheaper this way), they did send me a nice fixed offer of £600 a month ,needless to say I won't be fixing at that price. My rough guess is about 250 a month as I use about 8Mwh for leccy and about 11Mwh for gas, but there's noway to reduce that as I'm not fortunate enough to save a fortune by being allowed to wfh.

 

[LabR@t]

2 Year Fixed​

(2 Year Fixed)

Estimated energy cost​

£535
a month

Renew now
By renewing your plan you agree to our new


Jesus wept

Estimated Yearly Use:
6192 kWh 12721 kWh
Estimated Yearly Cost:
£4055.87 £2369.76

 

[200sols]

That fix is ridiculous. I put that at about 65p per unit of electricity? Yeah even in the context of these rises that is a rip off.

 

[Freakbro]

That fix is ridiculous. I put that at about 65p per unit of electricity? Yeah even in the context of these rises that is a rip off.

Looks like the end figures include the standing chg?

 

[Doobedoo]

That’s like taking out a second mortgage just to pay for energy. No wonder Martin predicts mass non payment protests.

 

[crazyDAJT]

That fix is ridiculous. I put that at about 65p per unit of electricity? Yeah even in the context of these rises that is a rip off.

More like 60p if you factor in standing charge.

Currently cap is around 29p
70% increase in October = 49p
10% increase is February = 54p

So not entirely outrageous. These fixed deals are given you a preview of what is coming.

 

[PikeyPriest]

More like 60p if you factor in standing charge.

Currently cap is around 29p
70% increase in October = 49p
10% increase is February = 54p

So not entirely outrageous. These fixed deals are given you a preview of what is coming.

Still you need rises next October and February to be big to give an average of 60p over the 2 years. Even if we think of an October start for the deal doesn’t that mean it you need to be over 66p October 23 (22% rise) and 71p (further 8%) in February 24 to make the deal good value? If you include the pre-October (at 29p) time it would need to be even greater surely?

 

[Kill_Phil]

More like 60p if you factor in standing charge.

Currently cap is around 29p
70% increase in October = 49p
10% increase is February = 54p

So not entirely outrageous. These fixed deals are given you a preview of what is coming.

Indeed. Energy really is going to cost more than the mortgage/rent for a lot of people. Rishi can shove his 5% cut promise, its going to do nothing for the most in need people

 

[dave1983]

We are basically heading for Civil Unrest, unless the Government do something we are talking millions of people protesting to paying their bills. Ontop of this people who are at the end of the Mortgage fixed rate they will get affordability checks and because of the rise in Energy some will fail them meaning they will be on a higher rate oddly (work that out!).

People including ourselves are on the breadline i worry how we are going to pay for our energy.

 

[Surveyor]

People including ourselves are on the breadline i worry how we are going to pay for our energy.

Postpone buying £20k cars?

I was going to mention the Hyundai i30 Performance N given that the prices are around 20k with 300bhp, this is something I am looking at next year.

 

[jpaul]

Con. candidates could still propose update to standing charge calculation so that that is reduced for low users, so that net rate per unit is same as high users,

but on the car front , with more use of the bicycle and wfh , the annual (standing charge) road tax on older car has become significant, can they reduce that,
I should probably reduce the annual mileage on the insurance too.

 

[dave1983]

Postpone buying £20k cars?

So referring to a post i mentioned some time back good one!, just because someone likes something doesn't mean they are going to do it. Secondly i didn't say i was buying it straight away it was depending how our financial circumstances are next year as my current car finance finishes next year. Now if i had said i just brought a 20k car and struggling then that would be totally different.

a lot depends on how the financial crisis is come October as to what people can or cannot afford, the second car market is rubbish due to supply and demand therefore cars are 50% more expensive so at the moment my plan is to keep the car we have and save the extra cash.

 

[413x]

We are basically heading for Civil Unrest, unless the Government do something we are talking millions of people protesting to paying their bills. Ontop of this people who are at the end of the Mortgage fixed rate they will get affordability checks and because of the rise in Energy some will fail them meaning they will be on a higher rate oddly (work that out!).

People including ourselves are on the breadline i worry how we are going to pay for our energy.

I think so too. Probably around Christmas.
Bills will be being chased. People will struggle to buy presents (yeah I know..unnecessary consumerism).

Christmas spending will be through the floor. It may even take some of the unnecessary social pressure to buy gifts.
More people might just agree not to buy presents for each other. It may become normal.

What's the average "no lifestyle changes" cost vs a year ago?

3* cost energy (150-200ppm)
Typical mortgage fix now (150-200ppm)
I assume rent follows
Food (50ppm?)

400 extra a month? On average ish?

 

[Zatoichi.uK]

Retail is going to get wiped thats for sure.

 

[413x]

Retail is going to get wiped thats for sure.

And probably hospitality.

My last luxury to go would be foreign holiday. Stuff goes first

You can't take 100s a month from people without massive repercussions

 

[dave1983]

I think so too. Probably around Christmas.
Bills will be being chased. People will struggle to buy presents (yeah I know..unnecessary consumerism).

Christmas spending will be through the floor. It may even take some of the unnecessary social pressure to buy gifts.
More people might just agree not to buy presents for each other. It may become normal.

For sure, we have already discussed limiting the amount of money we spend on the family. Also wearing warm clothes over winter.

Luxury holidays are gone we've accepted we just cannot afford it, the last time we went away was 2019 pre-covid. for a family of 4 it costs around 4k now.

The issue with Hospitality they inflate prices ! Chinese Takeaways are becoming more expensive a Large coffee from Costa is over £4 when it was £3.75 and they all chime the same song "inflation"

 

[413x]

For sure, we have already discussed limiting the amount of money we spend on the family. Also wearing warm clothes over winter.

Luxury holidays are gone we've accepted we just cannot afford it, the last time we went away was 2019 pre-covid. for a family of 4 it costs around 4k now.

The issue with Hospitality they inflate prices ! Chinese Takeaways are becoming more expensive a Large coffee from Costa is over £4 when it was £3.75 and they all chime the same song "inflation"

My bills are fixed and even I'm cutting back. Because when my fixes end It could still be terrible. I feel I need to build a significant buffer.

I personally know of people holding off on kids Due to cost. Understandable.


I was shocked when I got my last (and my last it will be) Chinese. It was ridiculous.
Last pizza takeaway too. Noticeable drop in quality.

I question "do I need this" much much more than I use to.


I don't think the markets have really priced in how bad things are going to get.

 

[Curlyriff]

For sure, we have already discussed limiting the amount of money we spend on the family. Also wearing warm clothes over winter.

Luxury holidays are gone we've accepted we just cannot afford it, the last time we went away was 2019 pre-covid. for a family of 4 it costs around 4k now.

The issue with Hospitality they inflate prices ! Chinese Takeaways are becoming more expensive a Large coffee from Costa is over £4 when it was £3.75 and they all chime the same song "inflation"

Well for things like take away and Costa, they do have inflation. 10% isn't a small amount to just absorb for a lot of them. They need to pass that cost on to some extent. So the £3.75 for a coffee is now £4.13. That is just a base increase with assumption of their energy costs gone up, the cost of product, ingredients etc averaged. What you expect them to do?