Energy Suppliers
- Thread starter craig_t
- Start date
DON'T SWITCH. It'll just cause hassle and could take months to sort.
Don't worry about Octopus, they're a multinational company with lots of supplies in other countries. it would take a massive monumental shift to put them in danger.
Also, NEVER, EVER fix when prices are this high. Fixes aren't bound by the OFGEM cap and you could end up paying hundreds more a year, maybe even a hundred or more a month EXTRA. Most people don't expect these prices to remain this high into next year and prices will soften I'm sure. Fixing means you won't get that reduction. The Suppliers are pushing fixing in a big way because it's not linked to the cap and if prices lower, and the fact they're pushing fixing so hard means they also expect prices to lower, you won't be able to get the benefit of the drop in the wholesale price.
Don't worry about Octopus, they're a multinational company with lots of supplies in other countries. it would take a massive monumental shift to put them in danger.
Also, NEVER, EVER fix when prices are this high. Fixes aren't bound by the OFGEM cap and you could end up paying hundreds more a year, maybe even a hundred or more a month EXTRA. Most people don't expect these prices to remain this high into next year and prices will soften I'm sure. Fixing means you won't get that reduction. The Suppliers are pushing fixing in a big way because it's not linked to the cap and if prices lower, and the fact they're pushing fixing so hard means they also expect prices to lower, you won't be able to get the benefit of the drop in the wholesale price.
Soldato
- Joined
- 13 Jul 2004
- Posts
- 20,341
- Location
- Stanley Hotel, Colorado
pretty jammy there yea
would have cost you a cancel fee too rightI have an account but not much going on other than that
pretty jammy there yea
I forget details but I remember they gave me £50 credit to stay with them. Lady on phone said energy prices are going to go up and although at the time I thought it was just a sales pitch I took the bait and stayed.
Same. I got an email a couple of weeks ago asking to set up an account but haven't heard any thing since.
My monthly DD are still going out to Avro/Octopus.
Bulb get constant meter readings from the smart meter they installed.
It doesn't concern you that the Govt. is actively putting viable and well run companies out of business?
No. That's exactly what a capitalist society is - survival of the fittest.
These companies wouldn't be going out of business if they were "well run".
I for one don't want taxpayers money going to waste on keeping afloat companies that can't survive on their own.
I think you've missed the point, the government's cap is the reason these companies are going to the wall. Bulb were a perfectly viable before they were mandated by government to sell their product at a loss.
Except Bulb didn't hedge their energy supply costs very well at all, as the other smaller firms seem to have also not bothered to do this either. I am not saying they should have to do this, but you can tell the companies that were in it for the profit alone vs. the ones who want to make money and stay afloat, and maybe make a difference to how things are done.
But it's not a capitalist market. British Gas the former state run monopoly could have crushed the competition then put its prices up. The regulator has stepped in. I'm happy to pay the wholesale price plus a mark-up that is enough to allow the company a reasonable return.
How would you feel if the government mandated that you could only earn 90% of your basic living costs?
Easier said than done though on an internet forum. When you are competing against huge multinationals with 5-10x your customer base and the bigger you get, the less impact the churn of customers has on your ability to predict your future energy use. The big big suppliers have the advantage of their incumbent customer base and we know people just don't engage with the market which is why there are all of the measures in place within it. The cap has ultimately just backfired though, killing off all but one of the challenger companies as it was never designed with this reality in mind.
Bulb were not exactly making huge profits either, the margins are incredibly thin in the energy sector.
You'll probably just end up on the price cap rate with EDF, I wouldn't stress too much if you're not living paycheck to paycheck.Leave everything as it is. Don't change supplier and don't cancel your direct debit
Submit a meter reading to Bulb today and tomorrow and every week after that. Hopefully the new supplier will accept the readings and you won't have any surprise bills.
Also take screenshots of your Bulb account, in particular where your bills, balance, meter readings, meter serial numbers are shown. Keep them updated as and when they update, for example of your new meter readings or when a payment is being taken.
I have to admit, I've been sceptical about putting my heating on since my suppler, Utility Point, went down the pan. But I've been submitting regular readings and have been very cautious with my heating. I hope that this way I will minimise any massive bills, thanks to my new energy prices that EDF are yet to inform me about.
On the other hand, I'm meant to be moving in January and my tarrif ends next month so I assume I will also be going onto the price cap, just hope British Gas are happy for me to move my service across
Soldato
- Joined
- 10 Sep 2003
- Posts
- 5,017
- Location
- Midlands
Crazy for a company the size of Bulb to go under. The price cap is unsustainable and not fit for purpose under the current circumstances. It's protecting households today but ultimately it'll bump costs long term with reduced competition and overcautious pricing. Those on variable rates should be paying more (including me)
Can see more going to the wall at this rate
Can see more going to the wall at this rate
If they become insolvent so quick after a hurdle is reached they not well run.
I had the notification my account was moving to Octopus 26th Sept, a switch underway email 23rd October and the move completed 2 weeks ago. I submitted my first readings at the weekend and they'll be taking the first DD in a few days, mostly seemless.
Might be worth chasing up?