Energy Suppliers, Suppliers of Energy. Gas / Electric

https://www.moneysavingexpert.com/latesttip/#energy

If you're offered a fix that's no more than 40% costlier than your current price-capped tariff, it's worth considering - especially if you value budgeting certainty

54% increase on the price cap - I assume its time to start looking for 'any' fixed deals rights?

I'm almost at the end of my contract - cheapest 'exclusive' Octopus 12m fix still works out more expensive than the new price cap I think. So depends whether prices rise again October?

yeah I'm in the same boat as well octopus fixed is still expensive

Glad I held off TBH, BG's suggested new fix was a 140% rise.

Never had massive bills so no real prior knowledge or worry of 'the cap'

Does 'the cap' mean, no matter your household usage, they will not charge you more than this (sounds too good to be true), or, the probable actual scenario, 'the cap' is the estimate cost given to households based on national average multiplied by max cost per unit allowed by ofgem. Therefore either 1) I can piss gas away all day because they are never going to charge more than £2k a year for it 2) I have strong thoughts on what is considered average.

The cap is per unit. If the cost of one gas is 25p, you can piss away as much gas as you like but they'll charge you no more than 25p per gas.

the cap is on the standing charge and unit prices of gas & electricity

The latter. The cap is the max to be paid by a notional 'average' household, so unit pricing is set to ensure that's not exceeded.

You'll get that unit price, but total cost depends on your actual consumption.

This

Have plenty of folk who work in power generation who all have 'I told you so' plastered all over their faces since the 2009 directive to end big coal generation.

Instead of countries like ours putting on new nuclear (my former career, ended due to UK flip flopping around so many times on new nuclear), an actual useful amount of renewable, infrastructure investment to get that wind power to the peoples. We/they/the gov/the power companies/Rishi's secret investment portfolio, just bought thousands of small scale gas turbines in pre made units and plugged them in all over the country in places where there was a mains gas pipeline and a backbone to the grid nearby (used to live near two of these sites).

Technically 'cleaner' air coming out of them vs kwh generated vs old coal. But new coal was pretty good at the exhaust emissions, and a lot of this green wash has ignored the demolition of old stations, remedial work to make the land useful again (most will always be damaged) and then the absolute tonne of materials and labour required and cost (which has a carbon output obviously) to build new mini gas power stations all over the place. Yes a smaller green house emission at exhaust point, but that ignores the rest.

And the immediate cost to us all is gas power generation sucking up a lot more natural gas than it was ever designed for = supply and demand = rise in unit cost. Also other factors, but I'm just looking at the elephant and making sure everyone else see's it too?

We are making our new flat totally electric for heat and hot water. The option for gas WAS there, but we decided not to take it, gas price 1/4 to 1/5th that of electric kwH for kwH. So the running cost was always going to be higher. But basically ALL of the electricity for that town comes from wind turbines and we have spent a lot of money and time insulating the absolute crap out of the place. Only for the unit price of electric to sore so high, we are now looking to install a gas system AS WELL*

*sorry planet, we tried. But can't stomach £25 a day to heat a 2 bed flat.

Cool, this is my understanding. Think media often push's the cap like this giant impenetrable price that no one could possibly spent more than. Like how 'car crashs into pedestrians' instead of 'texting driver strikes pedestrians with domestic vehicle'.

Have family with an old farm house, they've done as much as they can short of knocking it down and starting again, they are on heating oil and have the latest gen boiler. If they spend more than £600 a month in winter on heating oil, thats a good month. Their annual heating bill (3 bed farm house + hot water for buildings) not including electric for heating cow barns and all 'farm costs' is routinely in the £4-5.5k bracket. And they aren't afraid of sitting around inside in full gear.

This loan thing of Sunak's. If I have this right eg current students in halls/someone living with parents won't get the £200 knocked off (as don't have a current bill) but will still have £40 added to bills for the next 5 years once they move into their own place. Oh well, I suppose on top of the student loan threshold freeze they're not going to be able to afford to move out anyway.
Tory cunts.

Just got an update from bulb...

From 1 April, our prices will be increasing

We're increasing our electricity unit rate from 20.860p to 29.239p per kWh and electricity standing charge from 24.007p to 37.918p per day.

We're increasing our gas unit rate from 4.055p to 7.344p per kWh and standing charge from 26.112p to 27.219p per day.

Similar letter from British Gas (copied formatting above for comparison):

We're increasing our electricity unit rate from 21.640p to 29.330p per kWh and electricity standing charge from 27.870p to 52.500p per day.

We're increasing our gas unit rate from 4.005p to 7.327p per kWh and standing charge from 35.143p to 37.275p per day.

I moved this month, so I've ended up on a deemed tariff with EDF, the provider which happened to be in place at my new address.

All the advice says not to get a new contract, but what do you do if on a deemed tariff?

Call them and ask if it's cheaper to go on their standard variable rate

Not quite April but...

E Unit rate: 40.20p SC 44.21p/day
G Unit rate: 11.39p/kWh 27.49p/day

Think I'll stay with the variable cap please.

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Octopus have offered me a fix of £188 p/m (currently £95) or go onto a variable tariff which is estimated to be £111 p/m (but variable, obvs). Petrol prices seem to be spiking already, are energy prices as volatile? I.e. should I take the fix or roll with a variable market rate?

I couldn’t imagine the variable / capped rate getting much worse. Right?

But then…fucking Russia

Those number are wild. Does that mean I should keep hold of our 2 year fix with octopus when we move next month?

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couldn’t imagine the variable / capped rate getting much worse. Right?

Yeah, that was my thinking. The standing charge is fixed till next sept/Oct (I think) but the price of gas can do whatever it wants, right?

Currently variable is still your best bet. Even come April it will likely be the cheapest in the market given what Russia have done and the impact of sanctions. But be aware that there may be further change afoot and the price cap (which currently is reviewed every six months) may change and be reviewed every 3 instead so it can keep up with rapid changes. This is still in discussion.

Also be aware (and has been reported elsewhere) that when the price cap goes up on October it will include the high wholesale prices we’re seeing now. Depending how long they go on for it may mean that the theoretical price cap hits north of £3k for a standard user. Politically, maybe less likely but who really knows.

For now, take variable, and look around for better deals as/when they come available.

If you can, yes! Some suppliers have not been allowing people to take their tariff with them, hopefully you’re with one of those that do.

If not, you’ll end up on variable as default I think, or you can request to be out on it. All suppliers must offer it as a condition of their license but they don’t have to make it easy…

Big increase is already forecast for October at the next price cap review

Just had a quick look and seems Octopus are happy for us to move them to the new place. I seem to remember Octopus letters on the mat while viewing it months ago anyway so may be a moot point.