Energy Prices (Strictly NO referrals!)

[Azza]

According to the Head Butler as a family of 14 we spend about £5k a month on food.

That's excluding staff costs, but they're mere pennies. Slop and gruel for them.

 

[robgmun]

Just going to sit here quietly appreciating my 5 year mortgage fix (well 4 years to go)

We inadvertently managed to lower our rate from 2% to 1.75% and fixed for another 5 years this April. To say that was lucky was an understatement. Coupled with a 2.5% pay rise this July. But the energy rises has completely wiped out those savings and then some by a couple of thousand pounds a year

 

[tlrBeta]

Been thinking of cutting down anyway. I have been drinking a lot of red wine lately so that would save me a fair bit

Red wine is lovely with bolognase though

 

[Uther]

******* hell.
Sky news:
Energy bills could hit more than £100-a-week, experts have said, in the latest in a series of increasingly-grim price cap predictions.
Gas prices spiked again on Monday and unless they drop in the coming months, average households could be facing an annual energy bill of £4,650 from January and £5,456 from April.
It is the worst warning yet from Auxilione, an energy consultancy, and adds nearly £200 to the previous forecast for April.
The price of buying gas for the fourth quarter of this year is now around 100p higher per therm than it was just two weeks ago, while electricity prices have risen by around £100 per megawatt hour.
The new forecast predicts that bills will start falling from July, initially to £4,811 and then to £4,446. But this is still thousands of pounds more than families are paying at the moment.
On Monday, The Guardian reported that four major energy suppliers – ScottishPower, E.on, Octopus Energy and British Gas-owner Centrica – are in favour of a fund that could freeze bills for two years.

https://news.sky.com/story/cost-of-...t-worse-12615118?postid=4308315#liveblog-body

 

[MadMossy]

Freeze them at what though, at the current rate it's already bad enough for many people. Then of course all those who got fixed deals recently would be tied into paying more than the frozen bills.

 

[XeNoNF50]

Freeze them at what though, at the current rate it's already bad enough for many people. Then of course all those who got fixed deals recently would be tied into paying more than the frozen bills.

Think they said fix it at what it currently is.

I got my fix for a year starting in April when the price cap started at only a couple pennies above price cap. Seems like a sensible move in hindsight.

 

[LabR@t]

Thank you for being​

with us​

Here's your past year in review​

Your current plan:
Simpler Energy
Plan type and length:
Variable
It ends on:
N/A
Electricity you used:
5786 kWh
Gas you used:
11945 kWh
How much it cost:
£1481
Great news! You used 12% less electricity and 28% less gas compared to the year before

WTF ! £7908 per year!

2 Year Fixed​

(2 Year Fixed)

Estimated energy cost​

£659
a month

Renew now
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Hide energy plan details

• Plan features​

  • £60 exit fee per fuel

• Plan rates​

  Electricity​

  Unit rate:
  78.00p/kWh
  Standing charge:
  46.54p/day
  

  Gas​

  Unit rate:
  22.05p/kWh
  Standing charge:
  27.52p/day

 

[Haggisman]

******* hell.
Sky news:
Energy bills could hit more than £100-a-week, experts have said, in the latest in a series of increasingly-grim price cap predictions.
Gas prices spiked again on Monday and unless they drop in the coming months, average households could be facing an annual energy bill of £4,650 from January and £5,456 from April.
It is the worst warning yet from Auxilione, an energy consultancy, and adds nearly £200 to the previous forecast for April.
The price of buying gas for the fourth quarter of this year is now around 100p higher per therm than it was just two weeks ago, while electricity prices have risen by around £100 per megawatt hour.
The new forecast predicts that bills will start falling from July, initially to £4,811 and then to £4,446. But this is still thousands of pounds more than families are paying at the moment.
On Monday, The Guardian reported that four major energy suppliers – ScottishPower, E.on, Octopus Energy and British Gas-owner Centrica – are in favour of a fund that could freeze bills for two years.

https://news.sky.com/story/cost-of-...t-worse-12615118?postid=4308315#liveblog-body

That Octopus Gas Tracker capped at 16p is getting more tempting by the day. £5.5k is ~20p/unit for gas!

Thankfully that's over summer so the heating won't be on, but the really frightening part is considering what happens on that trajectory in the following July & October?!

 

[Brutal biff]

All these ideas thrown at the numpty tories and all they can come up with is lower taxes

If anyone votes tories next election I seriously hope you catch crabs

 

[Monkeynut]

Yeah mines coming out at about £550 a month on Octopus Crystal Ball. No heating this winter I suppose.

 

[LabR@t]

I think we are going to society collapse this winter

 

[Puzzled]

Will be cheaper to invade another country and take their gas resources soon.

I'm looking at you Norway


That government backed loan seems to be gaining support from suppliers. We still end up paying the higher prices but over a longer period and takes away the big shock prices this winter. Should have some restrictions on bonus and shareholder pay-outs though, the energy suppliers know that they are going to have issues with people paying over the next year so its still in their interest.

If they don't want to do that then have a frozen price tariff through Bulb instead and watch customers abandon the other suppliers.

 

[Curlyriff]

But 49.7% of all mortgage debts are either single earner at over 4x income or joint earners borrowing over 3x their income so room for manoeuvre for many across all relatively significant debt values wouldn't be particularly high.

I am single income a smidge under £50k and my mortgage is only 2x Gross salary and if I hadn't been able to lock in March and looking to lock now I wouldn't be able to afford my mortgage payments.

My disposable income after mortgage, bills and childcare is £18 a month now as it stands. I have only Netflix at £15.99 and Mobile at £10.50 as luxuries to cut. I have car on finance but I travel to and from work 100 miles a day and my monthly on the car is £188 so not astronomical amount.

My food bill for the month is already at £100 only. Where am I meant to cut it or have any room to manoeuvre.

 

[Curlyriff]

Will be cheaper to invade another country and take their gas resources soon.

I'm looking at you Norway


That government backed loan seems to be gaining support from suppliers. We still end up paying the higher prices but over a longer period and takes away the big shock prices this winter. Should have some restrictions on bonus and shareholder pay-outs though, the energy suppliers know that they are going to have issues with people paying over the next year so its still in their interest.

If they don't want to do that then have a frozen price tariff through Bulb instead and watch customers abandon the other suppliers.

If it was locked at that price for 10yr as example but prices dropped in 3yr then it would give them 7yr of the current prices to recover the initial expense. Hopefully in that 10yr time then having built more sustainable and green resources we will be as a country possibly in better place with the likes of Octopus and such having made some strong improvements there.

It seems more sensible than anything else suggested to date tbh.

 

[brightside229]

I am single income a smidge under £50k and my mortgage is only 2x Gross salary and if I hadn't been able to lock in March and looking to lock now I wouldn't be able to afford my mortgage payments.

My disposable income after mortgage, bills and childcare is £18 a month now as it stands. I have only Netflix at £15.99 and Mobile at £10.50 as luxuries to cut. I have car on finance but I travel to and from work 100 miles a day and my monthly on the car is £188 so not astronomical amount.

My food bill for the month is already at £100 only. Where am I meant to cut it or have any room to manoeuvre.

Im a single guy on minimum wage working full time, how you cannot afford to live off £50k a year i really have no idea.

I got £30k left on my mortgage so Just under double my annual wage.

I guess the childcare must kill you?

Or maybe you are paying £300+ a month rental on a fancy car?

 

[LabR@t]

We are totally screwed as a country, there is no more long grass we have ran out of road.

 

[Zatoichi.uK]

Child care alone is £1000pm+. That crippled me for 3 years.

 

[Curlyriff]

Im a single guy on minimum wage working full time, how you cannot afford to live off £50k a year i really have no idea.

I got £30k left on my mortgage so Just under double my annual wage.

I guess the childcare must kill you?

• Childcare is minimum 18% of Gross wage, not your net for whatever reason so that takes almost £1k out of takehome alone.
• Mortgage and help to buy is another £600 a month
• Gas & Electric £200
• Council Tax £200
• Car Fuel £450
• Food & Clothes £100
• House insurance £20
• Car Insurance £35
• Car Finance £188
• Internet (will reduce when can but on a 24 month contract that only started January and is used for work) £55
• Mobile £10.50
• Netflix £16

So that gets you to about £2874.50 leaving me £18 out of my take home.

 

[Allnamestaken]

May I ask the ages? £1k seems pretty high. I can make dinner for 4 adults for about £5 if needed (probably slightly more now). My family, me, wife, 2 boys (4 and 7) average monthly spend c£450 - Sainsburys as well (could save say c10-15% if I switched up to Aldi all the time)


Side note, I did find the BBC Inflation calculator amusing, similar household monthly spend figures:

Eating and drinking out: £285?!
Clothes - £181 -> Who actually spends this much on clothes each month?
Holidays - £128
Childcare - £45 (the most amusing one)

I think most lower income earners probably spend nothing on clothes each month lol. I know I don't spend anything unless I REALLY need it lately.

 

[413x]

Will be cheaper to invade another country and take their gas resources soon.

I'm looking at you Norway


That government backed loan seems to be gaining support from suppliers. We still end up paying the higher prices but over a longer period and takes away the big shock prices this winter. Should have some restrictions on bonus and shareholder pay-outs though, the energy suppliers know that they are going to have issues with people paying over the next year so its still in their interest.

If they don't want to do that then have a frozen price tariff through Bulb instead and watch customers abandon the other suppliers.

Of course.
Suppliers can probably see bankruptcy otherwise.


People won't be able to pay. The suppliers will rack up huge debt and go under.


These prices are economy breaking.