Energy Prices (Strictly NO referrals!)

HungryHippos said:
Wonder why higher price fixes will only be reduced by 17p/kwh and not down to cap?

Surely most people on longer term fixes, paying (in your example 51p/kwh after reduction) wouldn't simply switch to SVR tariff on same supplier.

Boom! 34p/kwh instead of 51p/kwh.
Click to expand...
Thats my thought too. I updated my post to include the following:

Based on the above and current info. If you are fixed and you fall into scenario 3 it would be beneficial to exit your fixed price if you have low or no exit fees and go onto the Gov cap. However considering how quickly the info is changing i would wait to see what your supplier communicates to you first.


I think someone on here said they had £150 exit fees per energy so for them it would be a question of doing the math and seeing if its worth eating the exit fees to save in the long run, which i imagine it would be. Im fairly sure most if not all Eonnext tarrifs have no exit fees
 
Zenduri said:
I dont think the gov have published anything about heating oil. They did say they would cap it for the same period but not a clue on what the figures will be as i dont think even the gov know at the moment
Click to expand...

In a way we (I mean those on heating oil) escaped a little, yes oil prices have gone up but nothing like gas.

Plus because you can store it if you are a bit savvy on timing it you can save a bit.

We brimmed ours at the start of the year just as the Ukraine thing kicked off and pieces rocketed after that, but they have dropped down a fair bit although still historically pretty high.

I guess it was usually around 50ppl pre COVID (dropped significantly over COVID) but I'd say about 50ppl "usually" it's about 90ppl now.
 
Zenduri said:
Thats my thought too. I updated my post to include the following:

Based on the above and current info. If you are fixed and you fall into scenario 3 it would be beneficial to exit your fixed price if you have low or no exit fees and go onto the Gov cap. However considering how quickly the info is changing i would wait to see what your supplier communicates to you first.


I think someone on here said they had £150 exit fees per energy so for them it would be a question of doing the math and seeing if its worth eating the exit fees to save in the long run, which i imagine it would be. Im fairly sure most if not all Eonnext tarrifs have no exit fees
Click to expand...

In general, it seems you can (mostly if not always) swap to variable tariff on same supplier without exit fee though. I'm sure @Surveyor will come and tell me off soon for saying it :)
 
Zenduri said:
Not a clue im afraid. I work for one of the big energy suppliers and we dont dabble in heating oil
Click to expand...

Any info for the peeps on the economy 7 tariffs, lot of 70's bungalows in rural areas with no gas option, still on storage heaters. (Mostly OAP's)

Two years ago, it was not uncommon for them to have a 3k electric annual bill, hate to think how they will manage now.
 
Troop said:
Any info for the peeps on the economy 7 tariffs, lot of 70's bungalows in rural areas with no gas option, still on storage heaters. (Mostly OAP's)

Two years ago, it was not uncommon for them to have a 3k electric annual bill, hate to think how they will manage now.
Click to expand...

As per my post :D
There is no info from any supplier that i know of at the moment or the Gov as to whats going to happen for E7 electric customers.
Click to expand...

I'm on E7, but im a low E7 user since I refuse to burn money on the storage radiators unless i really have to. As soon as I hear anything I will post it but i imagine its not going to be as "good" as the single rate Gov cap for elec
 
Money Saving Expert have given their point of view of what will happen for fixed rates.
5. On a FIXED deal? What many pay will be reduced - no one's will increase.

Technically the price guarantee for standard tariffs is done as a reduction to the planned October unit rates. The Government has said from 1 Oct the same 4p/kWh gas, and 17p/kWh electricity reduction will apply to many (not all) fixed rates too. That's very roughly in the ballpark of a 30% decrease.

My latest reading (the rules aren't finalised) is the reduction will only apply to fixes that will be more expensive than the price guarantee. Energy providers also tell us that their understanding of the Govt's rules (so far) is that higher fixed rates should at most only reduce to the level of the new guarantee. To help though, my BEST GUESS is it means...
Click to expand...
At the moment this suggests the reduction will be applied to fixed rates up to 17p. It won’t be reduced below 34p.
 
I don't see why it won't work out, they are quite simple really. I imagine the bigger the unit the more bang for your buck (in terms of cost per kWh) so I suspect the 1st ones will be big and serve community heating systems for blocks of flats and city areas etc.

there are already stone batteries which do similar which you can buy residentially if that floats your boat.

I read somewhere that the term sand is quite loose and they may actually end up using ground up waste from building sites so a win win there as well
 
Was at a relatives yesterday and they were asking if I was looking for my bills going down to £2500....

Had to explain that's not exactly how it works. They were adamant everyone was capped at £2500 as it was on the news.

These are not dumb people either. Just shows my point a while ago in this thread how quite a lot are in for a suprise. Even more so next year.
 
Manbatius said:
Was at a relatives yesterday and they were asking if I was looking for my bills going down to £2500....

Had to explain that's not exactly how it works. They were adamant everyone was capped at £2500 as it was on the news.

These are not dumb people either. Just shows my point a while ago in this thread how quite a lot are in for a suprise. Even more so next year.
Click to expand...
I must admit the whole way the headline is pitched is rubbish , in general as well not just now.
I don't care what the "average" bill is. People should be encouraged to have a clue how much THEY use ..... but people really are stupid if they think someone on their own using a small amount of power will pay the same as someone in a 6 bed massive house with pool and hot tub using 100kwh a day because of the cap.
(no offense meant at your relatives , it is a big problem imo... my parents have no clue how much they use either and they don't care either.... yet.... but that will likely change when they get their new bills.)
 
Zatoichi.uK said:
I can't help but feel the 2.5k headlines are on purpose, so people actually continue consume the same amount of energy thinking they're safe from the "cap".
Click to expand...

That wouldn't make sense, the less people use, the less debt we end up incurring covering the costs. If every household in the UK uses just 1 less kWh, that's ~£4.5mil saved.

I think it's just the media trying to cater for stupid people, but underestimating quite how stupid they are.
 
Zatoichi.uK said:
I can't help but feel the 2.5k headlines are on purpose, so people actually continue consume the same amount of energy thinking they're safe from the "cap".
Click to expand...
I think it's more about trying to frame it in a way thats easy to talk about, the problem is its not as simple (?) as a unit cap, and even if it was they'd have to say something like "... introduced a £0.34 pence per unit cap on electricity, with a maximum standing charge of ... and a £0.xx cap on gas, with a maximum standing charge of xxx"

The £2,500 for an average usage thing is just shorthand for all the complexity thats hidden behind it - problem is people a) don't listen and b) hear what they want to hear half the time.
 
cap has obfuscated that gas price has increased disproportionately versus electricity


bigmike20vt said:
I don't care what the "average" bill is. People should be encouraged to have a clue how much THEY use .....
Click to expand...
people signed up for their smart meters (sucked in by it's green/saving the planet advertising monika) so they do have an idea (if the IHD works)

..
Using less Haven't researched whether average electricity usage has already declined as a result of current CAP, and, that that, played into the govt CAP decision & it's affordability
nonetheless it's our blank check. EU windfall tax on non-gas electricity will re-enforce UK being different.
 
jpaul said:
cap has obfuscated that gas price has increased disproportionately versus electricity



people signed up for their smart meters (sucked in by it's green/saving the planet advertising monika) so they do have an idea (if the IHD works)

..
Using less Haven't researched whether average electricity usage has already declined as a result of current CAP, and, that that, played into the govt CAP decision & it's affordability
nonetheless it's our blank check. EU windfall tax on non-gas electricity will re-enforce UK being different.
Click to expand...
The EU approach is a little strange. They are targeting energy producers with the tax but that is likely due to the 80%+ import of fuels as they can’t windfall that. They produce 30% less fuel than the UK does alone so I can see why going after the source where the profits are made is futile but then going after the energy producers is probably just as futile. We do already windfall tax in the UK. They are taxed 65% on profits (there is a 25% profits levy in there that was introduced in the middle of this year).
 
Haggisman said:
That wouldn't make sense, the less people use, the less debt we end up incurring covering the costs. If every household in the UK uses just 1 less kWh, that's ~£4.5mil saved.

I think it's just the media trying to cater for stupid people, but underestimating quite how stupid they are.
Click to expand...
Its also probably why we waiting so long for the suppliers to share the information.

I expect if they wanted they could put the technical parts up on a website, and people then know exactly whats going on with tariffs already, but they wont in the fear of "confusing people", instead everyone will get their hand held and told what tariff they will be moving to or to stay on what they got.
 
You must log in or register to reply here.
Back
Top Bottom