Energy Costs - Ouch!

Al1944

Al1944

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Our fixed energy plan is ending in December and we have just had a letter from the supplier (OVO) with choices for our next plan
Currently paying £120 per month. Choices are:

3 year fixed price plan - £230
2 year fixed plan - £262
Variable: £161

Fortunately we are able to meet any of these costs, but our regular savings will obviously be reduced accordingly. Scary times ahead I fear.
 
Our gas supplier went bust and we were transferred to another. I haven't bothered looking at comparison sites as I've looked many times and never found any cheaper deals. I'll look again once the cap changes.

My usual outgoings on everything seem to be currently £1k a month, I suppose that'll only rise.
 
cambsno said:
Go with the variable surely?
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But for the 'fact' that there is much talk of energy prices increasing significantly in April 2022.........and very unlikely to fall again any time soon!

It is a challenging period for the energy element of household bills :(
 
Mine went from £105 TO £180.
We will be moving onto the standard tarrif which is capped.
My supplier showed my cost at the standard tarrif it was £115, they now longer show this on their website.
If you look on uswitch their advice was not to fix but go on the standard tarrif
 
It's scary at the moment I've seen my bill almost double in less than a year and what's coming in April won't help.
I feel sorry for people that were struggling before all this, winter is going to be very uncomfortable for a lot of people.

This explains it better than I could.

View: https://youtu.be/tbvdvc3OXEc
 
I’ve just moved to a 24 month fixed rate someway under the capped prices.

I got an email with a link to the offer giving me 28 days to sign up to it. Less than 6 hours after the email came in I read the email an, trusting it to be from my energy supplier, clicked the link only to be presented with a 404 page not found error. I phoned and was told that they couldn’t offer me that deal over the phone and try the link again later.

Took 7 days, numerous phone calls and a bit of a battle, but I finally got moved to it. Monthly DD has only gone up 23% which I am happy about.

Looking at moving to variable, or changing supplier, the monthly DD would have doubled staying where I am or quadrupled changing supplier!
 
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Box Brownie said:
But for the 'fact' that there is much talk of energy prices increasing significantly in April 2022.........and very unlikely to fall again any time soon!

It is a challenging period for the energy element of household bills :(
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April's price cap will almost certainly will be less than the fixes that are currently available.
Best advice now is to stay on the variable.
 
If anyone is changing suppliers and fancies as a incentive £50 credit when they sign up send my your email address and I will forward details , NO it's not a scam , I am with this provider as is my daughter and we both had the £50 credit :)
 
The government's way out of the energy crisis has just been unveiled...

Windmill Hill Swindon.jpg
 
With energy prices about to rise significantly from April and probably again in October, can anyone explain why there are different rates depending on where in the country you live as this can add hundreds of pounds to your bill.
e.g. For electricity in the cheapest region it comes to £506.40 and in the most expensive it's £651.70 for the Ofgem 3100 kWh Yearly Average Consumption.
 
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tarric said:
With energy prices about to rise significantly from April and probably again in October, can anyone explain why there are different rates depending on where in the country you live as this can add hundreds of pounds to your bill.
e.g. For electricity in the cheapest region it comes to £506.40 and in the most expensive it's £651.70 for the Ofgem 3100 kWh Yearly Average Consumption.
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Asked this before and was told it came down to individual companies rates, not all are available nationwide so some cheaper/dearer are localised.
 
54% increase in April. About what was expected, wonder what October will bring.

I'm going to push ahead this year getting a multifuel burner installed for almost free heating.
 
robj20 said:
54% increase in April. About what was expected, wonder what October will bring.

I'm going to push ahead this year getting a multifuel burner installed for almost free heating.
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Unfortunately they are going on the banned list in a few years Much like Gas will.

Fuel prices are just going one way, They are unlikely to fall any time soon unless fusion power becomes a reality.

I fixed my prices before Christmas, for two years. at prices well below what they are quoting now.
 
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Apparently Rishi Sunak is on TV at 5pm to inform 'us' of what is happening !
 
Terrywoodenpic said:
Unfortunately they are going on the banned list in a few years Much like Gas will.

Fuel prices are just going one way, They are unlikely to fall any time soon unless fusion power becomes a reality.

I fixed my prices before Christmas, for two years. at prices well below what they are quoting now.
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I've seen nothing to suggest they're are being banned.
 
Terrywoodenpic said:
unless fusion power becomes a reality.
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I wouldn't bank on that for the next 40 years or more. Currently not one of the research facilities can generate a fusion reaction where there is a nett gain in energy.
ITER the test facility in France is currently behind schedule and even when it's commissioned there is uncertainty that it will work, by work I mean sustain a fusion reaction and produce a surplus of energy, there are some doubts around that it can. In the event that it is successful then the next phase will be to develop a commercial reactor and gain proof of concept for that design. After that come the regulatory assessment ... going by the current nuclear programme that takes around 10 years and then you've to build and commission it.
Ohh I haven't mentioned the fuel deuterium & tritium, one is easy to manufacture the other not so, the difficult one can be made as a product of the fusion reaction ... if it works
 
Sky said:
Don't panic - it's only some things. Here's a little on it from the BBC: https://www.bbc.co.uk/news/uk-51581817
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I wasn't panicking I'm aware of the fuels that are being banned, im in a smokeless zone anyway so most were banned already.
That's not what the post suggested though, it made it sound like stoves were being banned.
 
Terrywoodenpic said:
Unfortunately they are going on the banned list in a few years Much like Gas will.

Fuel prices are just going one way, They are unlikely to fall any time soon unless fusion power becomes a reality.

I fixed my prices before Christmas, for two years. at prices well below what they are quoting now.
Click to expand...
I thought I had fixed my energy contract too last September, until the supplier went bust.
 
robj20 said:
That's not what the post suggested though, it made it sound like stoves were being banned.
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I think that's only a matter of time though I expect. :(

I'm glad I don't have a log burner any more - I was glad to see the back of it. What a PITA they are; especially for your neighbours . . .
 
Sky said:
I think that's only a matter of time though I expect. :(

I'm glad I don't have a log burner any more - I was glad to see the back of it. What a PITA they are; especially for your neighbours . . .
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Why for the neighbors? With the park we live next to, basically an unlimited supply of free logs from when they chop trees down.
 
mj4456 said:
Asked this before and was told it came down to individual companies rates, not all are available nationwide so some cheaper/dearer are localised.
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I'm not so sure I used to be with one of the national companies and they had different tariffs depending on your location and I just checked with another of the big6 and they quote different tariffs for different locations to.
The other thing that has always annoyed me is why is it the poorest in our society (people on pre-paid meters) that have to pay the highest price for energy.
 
Does anyone know if there is anyway of opting out of this £200 loan thing
I don't need, don't want it
It's not going to go far, how many are they going to force on people and then demand back
 
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Al1944 said:
LIstening to Sunak talking to Martin Lewis the other day - no. It won't cost anybody anything so no real problem.

www.moneysavingexpert.com

Martin Lewis: How the new flat-rate £200 energy bill loan really works – a 2 minute video explainer

The initiative was announced this week in a bid to help households with the rising cost of living, following confirmation that typical energy bills will rise by £700 a year from 1 April.
www.moneysavingexpert.com www.moneysavingexpert.com
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It's a loan so it will have to be paid back at some stage and it seems it's on the property not the individual so some will lose out

"There is no personal loan to an individual. This isn't about, you borrowed money, you pay it back. So if you're living at home with parents and you move out in two years' time, even though you didn't get the £200, your bill will still be £40 higher - every household will be charged £40 more. You'll simply get your energy bill and it will be higher because of this levy and the one this October will be lower.
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Will it really help people struggling now when prices are set to continue to rise
 
As I understand it, it will help with the extra cost in winter and will be paid back in the warmer months as higher than normal summer bills. I don't want it either but it doesn't bother me personally.
 
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Terrywoodenpic said:
I fixed my prices before Christmas, for two years. at prices well below what they are quoting now.
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The fact that you are paying many hundreds of £'s under the market price, causing financial hardship for your energy firm and 'burning' cheap energy when many poorer people cannot afford to keep warm is probably going to trouble you and even keep you awake at night ?
I'm betting that your conscience will lead you to cancelling your fixed price and joining the majority paying the 'market price'. . . . I'm correct aren't I :rolleyes:
 
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badlywornroy said:
The fact that you are paying many hundreds of £'s under the market price, causing financial hardship for your energy firm and 'burning' cheap energy when many poorer people cannot afford to keep warm is probably going to trouble you and even keep you awake at night ?
I'm betting that your conscience will lead you to cancelling your fixed price and joining the majority paying the 'market price'. . . . I'm correct aren't I :rolleyes:
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What, like Centrica who made over 250m profit in the first 6 months of 2020? So probably a 500m profit for the year?
 
Al1944 said:
As I understand it, it will help with the extra cost in winter and will be paid back in the warmer months as higher than normal summer bills. I don't want it either but it doesn't bother me personally.
Click to expand...

Let's try again, from your link it's a one off £200 credit on the bill, this will be then be paid back at £40 a year for the next 5 years:-

"What will happen is this - in October, on every single electricity bill in England, Scotland and Wales, you will either have your bill reduced by £200, or you'll be given a bill credit. If you're on prepay, they'll pay it through your smart meter or they'll give you a voucher or a cheque.

"This is going to happen. There is no choice about it. It is not optional and it is going to happen automatically on every single bill. Then from the following April, and for five years after that, you will then have your bill automatically - without choice - increased by £40 a year. That is how it will work.
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Many people, myself included, pay a fixed monthly direct debit that spreads the cost over 12 months so summer or winter makes no difference, we build up credit for the winter months

What worries me is if someone decides that they feel we need to have more credit, who knows how much would have to be added to annual bills
 
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badlywornroy said:
The fact that you are paying many hundreds of £'s under the market price, causing financial hardship for your energy firm and 'burning' cheap energy when many poorer people cannot afford to keep warm is probably going to trouble you and even keep you awake at night ?
I'm betting that your conscience will lead you to cancelling your fixed price and joining the majority paying the 'market price'. . . . I'm correct aren't I :rolleyes:
Click to expand...

My supplier contacted me mid sept last year to offer me a better deal, fixed 2 years
I doubt whether Terry, like myself, realised how bad things were going to
 
If £200 gets added to my bill it just means I won't pay anything for 1 month then almost back to normal the month after. What's the point in that, I'd rather just pay my bills. Stupid idea.
 
So if you are a couple living in separate households you will get £200 credit on each of your separate bills in October, if you then move in together you get £40 added to your single bill each year for 5 years. £400 total credit, £200 total payback.
Of course if you are a couple with two children you will get £200 credit in October, if the 2 children move out into their own places they will also have £40 added to their bills each year for 5 years. £200 total credit, £600 total payback.
 
Suvv said:
So if you are a couple living in separate households you will get £200 credit on each of your separate bills in October, if you then move in together you get £40 added to your single bill each year for 5 years. £400 total credit, £200 total payback.
Of course if you are a couple with two children you will get £200 credit in October, if the 2 children move out into their own places they will also have £40 added to their bills each year for 5 years. £200 total credit, £600 total payback.
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Similar to the silly child benefit rules. Couple with one working on 60k and the other not get 0, while another couple on 49k each get the full whack!!
 
Suvv said:
So if you are a couple living in separate households you will get £200 credit on each of your separate bills in October, if you then move in together you get £40 added to your single bill each year for 5 years. £400 total credit, £200 total payback.
Of course if you are a couple with two children you will get £200 credit in October, if the 2 children move out into their own places they will also have £40 added to their bills each year for 5 years. £200 total credit, £600 total payback.
Click to expand...
It's almost as if they've done the maths and it's in their interest. I bet if the numbers were looked at they'll make profit from this.
 
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