Energy Suppliers
- Thread starter craig_t
- Start date
Probably been subsidised by fixed price contracts, and cash in the bank, the cap will go up in April, and I expect also by April the market will have settled down a bit. These wholesale prices seem like the stock exchange, one little thing goes wrong and a massive reaction. I dont think the cap is going to be removed or hiked out of planned schedule.
I seen on MSE and reddit there is some people very risk averse and frit to death on variable, they will pay more just for the peace of mind of no uncertainty for a year. Although on reddit most did agree with me and tried to get on variable until Octopus pulled it.
If all you worried about is the DD, then fixed doesnt stop it going up, during my time on Octopus they kept increasing my DD twice a year even on fixed deals, I have nearly £800 credit with them. These companies seem to have a business plan of building up cashflow by using customer's credit balances. A few days ago I gave them a reading which should give me a bill of around £600, so I could get as many units paid as I can on my last year plan which ends on Octo 5th. After Oct 5th I am on the SVR plan protected by ofgem cap.
Of course all these credit balances are placed into bank accounts earning interest. If a company like British gas with millions of customers even has £200 of credit on average per customer and has 5 million customers that's £1 billion sitting in various accounts. Even if they get 1% interest that's still £10 million just for sitting on the money!
Have they pulled their variable? Wonder what happens to me, fixed ends end of September. So 1st October should be going on variable.
They can't pull the variable, they just don't have to offer it to new customers.
If you don't agree a new fixed contact with them, they MUST put you on the standard viable rate which is subject to the cap. If you are coming out of a contract right now for any supplier you want them to put you on the SVR because its the cheapest (they are selling it to you at a loss). If you move supplier they will not offer your the SVR because they don't have to.
Therefore the advice is to stay with your current supplier and go onto the SVR is you are coming out of a contract right now. It will be the cheapest rate to get you through the immediate future.
For those asking abour Avro and Green, they literly went bust a few days ago. You have to give Ofgem time to find a new supplier (PS none want your custom right now because they any contact they put you on will be subject to the cap and thus loss making). This is going to take some time because of the current market conditions.
If you don't agree a new fixed contact with them, they MUST put you on the standard viable rate which is subject to the cap. If you are coming out of a contract right now for any supplier you want them to put you on the SVR because its the cheapest (they are selling it to you at a loss). If you move supplier they will not offer your the SVR because they don't have to.
Therefore the advice is to stay with your current supplier and go onto the SVR is you are coming out of a contract right now. It will be the cheapest rate to get you through the immediate future.
For those asking abour Avro and Green, they literly went bust a few days ago. You have to give Ofgem time to find a new supplier (PS none want your custom right now because they any contact they put you on will be subject to the cap and thus loss making). This is going to take some time because of the current market conditions.
Thanks.
Aye thanks.
EDF are currently training up 60 MP Gas engineers its not just a question of training though as the Licence the company needs is totally different. As a company we should see MP Gas being available for smart install by Xmas of this year.
Not sure of other companies as I believe EDF are the first to venture that way as the cost increase between Low and MP gas training and licencing is HUGE!
Deleted User 298457
Deleted User 298457
What is this?
Medium pressure gas is the second level of gas pressure used in transportation of natural gas. Some properties are supplied directly from the Medium pressure lines and not via a regulation platform as per most UK house holds.
Gas pressure is set in three groups
1. Intermediate pressure mains operating between 2 and 7 bar and constructed from either steel or polyethylene pipe.
2.Medium pressure mains operating between 75mbar and 2bar and constructed from either steel. polyethylene, cast iron or ductile iron pipe.
3.Low pressure mains operating at approximately 30mbar and up to pressures of 75mbar and constructed of polyethylene, cast iron or ductile iron pipe
If you are supplied via Medium pressure you will have a two stage OpsoUpso regulator and the meter will HAVE to be outside as it constantly bleeds pressure off to atmosphere via a clear bleed pipe.
Gas pressure is set in three groups
1. Intermediate pressure mains operating between 2 and 7 bar and constructed from either steel or polyethylene pipe.
2.Medium pressure mains operating between 75mbar and 2bar and constructed from either steel. polyethylene, cast iron or ductile iron pipe.
3.Low pressure mains operating at approximately 30mbar and up to pressures of 75mbar and constructed of polyethylene, cast iron or ductile iron pipe
If you are supplied via Medium pressure you will have a two stage OpsoUpso regulator and the meter will HAVE to be outside as it constantly bleeds pressure off to atmosphere via a clear bleed pipe.
Soldato
- Joined
- 23 Mar 2011
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- 11,132
I think for now I'll just let my fixed term end and roll into octopus variable for a bit, doesn't seem like too much benefit in shopping around or fixing right this moment
Soldato
- Joined
- 23 Mar 2011
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- 11,132
My email from octopus around a month ago did mention the variable.
However on their site when switching tariffs it isn't an option so I can see prices for it now based on what's changed in that short time
Email
(Fixed price has gone up to about £1300 a year since the email )
Site today
These say estimates, does the price change when you go through and put more details in? I assumed this would be accurate based on what they know about is from the last year
However on their site when switching tariffs it isn't an option so I can see prices for it now based on what's changed in that short time
(Fixed price has gone up to about £1300 a year since the email )
Site today
These say estimates, does the price change when you go through and put more details in? I assumed this would be accurate based on what they know about is from the last year
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I don’t mean to be rude but searching the internet using the term ‘energy price cap’ or similar will get you the information you need.
The cap is set by ofgem who are the regulator and is reviewed every 6 months based on wholesale prices over the last 6 months. No one knows what the cap will be in April but it’s fairly easy to speculate it will go up if the current trends continue for any length of time. The wholesale cost of energy has already shot up past what the cap is moving to on 1st October which was only decided a few weeks ago.
If you want some ongoing advice on what to do, follow Martin Lewis or some other consumer affairs guru. He did a huge slot on his prime time ITV television program the other day, it’s probably on catch up.
My email from octopus around a month ago did mention the variable.
However on their site when switching tariffs it isn't an option so I can see prices for it now based on what's changed in that short time
(Fixed price has gone up to about £1300 a year since the email )
Site today
These say estates, does the price change when you go through and put more details in? I assumed this would be accurate based on what they know about is from the last year
Thats good news for everyone waiting then, its odd that Octopus' always renewed my fixed in past automatically though. This time I manually switched to SVR to make sure I am on it.
Also my fixed options were only 12months.
Soldato
- Joined
- 23 Mar 2011
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- 11,132
Manually switched on their site as it it used to be an option?
I don't want it to roll into fixed especially as the email states it will roll in to flexible if left.. but that was before the current issues so not sure
*update
Just dm'd on twitter and they confirmed it will roll into variable, we shall see! I've asked how that rate stands at the moment
They came back and said it should be about £85pm estimate. Apparently the direct debit will stay at what I'm paying now but they then review it and adjust.
I'll increase it myself once it switches over just so it doesn't feel like I'm falling behind
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Exactly what I am doing with Octopus.
Isn't actually that much of a change from my previous rates. My gas bill for the last 6 months has dropped from £14 to £8 a month just gone
. If I hadn't put my hot tub on for the whole of Jan and Feb I would be about £350 in credit right now.