Energy Suppliers, Suppliers of Energy. Gas / Electric

I've jumped on the Octobus, come and join me!

https://share.octopus.energy/happy-foal-359

Is there a risk that everyone jumping off the Bulb ship precipitates its demise, or is it a pretty dead cert regardless?

My tariff is fixed to Feb 22, things should have calmed down by then?

I’m wondering the same. Mine is fixed until April 2022. I watched a Martin Lewis video and I think he said the price gets set based on the previous 6month average but I could have misunderstood as I am a bit of a dunce. I’m prepared for a hefty hike in spring of next year.

I’m also with octopus, so if anyone wants a code, let me know.

The cap value will be reset in March based on the 6 months previous prices, but how short-term are the supply/demand issues driving the wholesale prices.

Annoyingly the house I bought was revealed to be on pay as you go on the day of completion. Still haven't managed to get the meters changed, so I'm already getting royally done over for energy, even without these rises.

Yeah but that's their problem frankly.

Green Network Energy went bust in January 2020 and I couldn't access my EDF account for electricity until 17 April. In the meantime I'd moved house, and my Gas at the new place was with British Gas who I had to call to get set up with and submit a meter reading - which took an hour.

This is why I'm saying if you're with Bulb switch now to your choice of supplier if you don't want to take the risk of them not securing funding - which doesn't seem like an attractive investment option to me.

Maybe but if you're on a fixed tariff and your supplier isn't likely to go bust just stay put.

Is there a risk that everyone jumping off the Bulb ship precipitates its demise

Yes - you go bankrupt slowly. Then very, very quickly.

Is there any evidence that Octopus can survive? I'm on them, I have a £200 balance, I'd be pissed if I lost that. Already lost £150 a couple of years back. Small beer but it really irks me for some reason.

I suppose it will all get lost in the noise of £300 a month gas bills. Ho hum.

The founder of Octopus said they had already bought their gas for the winter so should be fine. Not sure if they can then deal with a run on new customers with £50 referral credit?

Octopus had been smashing the spend on Google Ads for months... but now they seem to have paused everything. Probably getting more than enough signups from referrals.

Concerningly that link doesn't work anymore

I've just switched using that code.

If anyone wants to pay it forward and give me and yourself £50 off!

https://share.octopus.energy/green-marsh-785

The founder of Octopus said they had already bought their gas for the winter so should be fine

Sounds like the kind of thing a founder who hasn't bought their gas for winter would say...

Nice one!

Everyone’s pulled back I think. Why acquire more customers when they make you a loss at SVT, and any other option is priced far higher than customers are paying already?

thanks!
also: share.octopus.energy/hill-frog-191

My tariff is fixed to Feb 22, things should have calmed down by then?

Depends - if you're with one of the very largest companies (i.e. the ones that are predicted to survive) then you're in clover. If you're with one of the smaller providers then possibly less so.

Seeing as we are all doing it. If anyone would like to sign up via my octopus code, it would be greatly appreciated.

share.octopus.energy/lemon-foal-456

I've been with them for about 6 months now, and all good so far.

.

I don't mean to be rude about the supplier that everyone seems to be a big fan of, but the general concern is that only these suppliers are going to be left soon:

British Gas.
Scottish Power.
Npower.
E. ON.
EDF Energy.
SSE - Swalec, Scottish Hydro, Southern Electric and Atlantic.

Moving to Octopus may well result in your contract being moved to one of the above if the more pessimistic forecasts reflect the future.

Yeah but that's their problem frankly.

Well it depends how much truth there is in the rumour that they're going bust. If that was maliciously started (or just ill-informed) then propagating it may well be the thing that drives them under through no fault of their own.

To be honest I've no idea how close they are to going under, and I suspect many of those who confidently state they are don't either. I've seen suggestions that they are pretty close to securing new funding and that it would be enough of a pain to try and redistribute all of their customers that they will get some government support but I wouldn't like to suggest either way.

It would be very 2021 for all the smaller companies to receive government loans, immediately pay these out as dividends to major shareholders and then go bust.