Gas and electric price increases ?

the black fox

the black fox

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We are with Scottish power and over the last few years have resisted the calls to swap and change providers .. we are both aware that increases are inevitable this year to . However just checking the new advised tariff I note that it’s showing a £100 a month increase in our bill which equates to £1200 a year , when the general consensus is fuel bills will increase by approx £600 p.a .we have always been in credit on our bills as well never having to pay extra .

So my question is are the fuel companies profitteering from the current situation ,which based on there figures leads me to assume they are
 
Average is just that - average. Half of all bills will increase by more than average.

If you are coming off a fixed rate tariff (which is my case) your increase includes increases in fuel prices since the start of your fixed term plus the current massive increases.
 
Not a problem you will get a pension increase

facepalm.gif
 
Only thing you really need to understand is the rise Standing Charge and price per kWh really.

Everything else is a factor of that.

I try not to be in credit with these companies generally as it's my money, earns nothing with them.

But if you feel like you pay too much in every month (energy company wants to add £100/month to your direct debit for example) and your rate/usage doesn't change, then they're effectively banking that money on your behalf.

As everyone should know, the rates are going up soon. Energy companies may be preparing for this and increasing monthly direct debits to cover any shortfall (they prefer you to be in credit as they have more in their bank rather that you owing them money - for energy they've had to pay for in advance usually).
 
Not really trusting banks or utility companies, I pay all the bills quarterly (well, Mrs Nod does and I pay her back by cheque) on receipt of a meter read bill. Costs me an extra quid or 2 per quarter but that's cheap peace of mind for me.
 
https://www.ofgem.gov.uk/sites/default/files/docs/2020/07/ofg1102_price_caps_explained_easyread.pdf might be useful..by Ogem.


Martin Lewis:Consumer Protection Guru.

www.thesun.co.uk

Martin Lewis reveals whether you need to fix your energy bill now

MARTIN Lewis has revealed whether consumers should fix their energy deal now ahead of a record £693 rise in April. The MoneySavingExpert founder said there are no cheaper fixed deals currently on t…
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The cap will jump by 54% from April 1 and the best fixed tariff available at the moment will still be more expensive than the new, higher level.

That means most consumers should stay on their supplier's standard variable tarriff, which is protected by the price cap.

Your prices will not be protected by the caps if you have chosen to be on a fixed-term energy tariff.

Goodness knows what these price increases will do for family incomes in relation to buying food and paying rents etc. and also inflation which will cause the bank's to put up interest rates..variable mortgages. I've heard of some frightening situations outlined on Five Live phone call-ins for people already struggling with the cost of living rises we have at present.
 
Nod said:
Not really trusting banks or utility companies, I pay all the bills quarterly (well, Mrs Nod does and I pay her back by cheque) on receipt of a meter read bill. Costs me an extra quid or 2 per quarter but that's cheap peace of mind for me.
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If I owe my wife any money I just do a bank transfer. She's one of two recipients I have logged in my account. The other being my credit card with the same bank.
 
I don't do internet banking.
 
martin lewis just says stick with your leccy companies standard tariff
i'me with EON Next and pay about £110 a month i'm expecting at least £200 a month when the big rise kicks in.
 
Mr Bump said:
martin lewis just says stick with your leccy companies standard tariff
i'me with EON Next and pay about £110 a month i'm expecting at least £200 a month when the big rise kicks in.
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And that’s exactly what’s happened , if yours is the same size house 3 bed semi .. it’s gone from £110p.m to £201 pm .. you physic
 
the black fox said:
We are with Scottish power and over the last few years have resisted the calls to swap and change providers .. we are both aware that increases are inevitable this year to . However just checking the new advised tariff I note that it’s showing a £100 a month increase in our bill which equates to £1200 a year , when the general consensus is fuel bills will increase by approx £600 p.a .we have always been in credit on our bills as well never having to pay extra .

So my question is are the fuel companies profitteering from the current situation ,which based on there figures leads me to assume they are
Click to expand...
All the companies are trying to get people to sign up to new fixed price tariffs. We have been told that this is the best thing to do and to never let yourself be put on the standard price cap tariff as this is expensive unfortunately for most the standard price cap is now the cheapest tariff around, you can't blame the companies for trying to get the best for them, it's up to you to get the best for yourself.
The average new charge will be around. Electric unit rate 32p daily standing charge 46p, Gas Unit rate 8p daily standing charge 27p this is just the average as believe it or not each region of the UK is different.
And just a little more pain it's probably going up again in October and I could have missed out the probably.

If you look hear you can check the price for your region.

www.ofgem.gov.uk/publications/default-tariff-cap-level-1-april-2022-30-september-2022
 
john.margetts said:
Average is just that - average. Half of all bills will increase by more than average.

If you are coming off a fixed rate tariff (which is my case) your increase includes increases in fuel prices since the start of your fixed term plus the current massive increases.
Click to expand...
To give you an idea of how much they have risen in April 2021 I was paying £87 a month for gas and electric in April this year I hope it's under £250 a month and I'm still in the same house and I actually use slightly less energy than I did back in 2021.
 
i think its is also important to take on board the utility companies have been making a massive loss on selling gas/leccy because of the price cap.
the gov introduced the price cap a few years ago and it was slagged as unnecessary and now look how it has seriously helper out people
we have friends in greece near where our house is that have seen bills tripple as they have no price cap or protection.
my greek house bills have gone up by 20% and thats just with the lights on timers and the increase in standing charge, the fridge freezer isnt even plugged in.
 
it will be going up even more now putin is making his chess move
 
I voluntarily raised my direct debits by 20 quid a month a couple of months back.
It used to build up over the summer and the extra funds paid for the dearer winter bills.
That was fine until daft people kept on about how the energy companies had all their money. It was designed to work like that, now they automatically refund any credit over fifty quid.
Do hope those people are raking the interest in at the fantastic high savings rates.
If they didn't want to use the direct debit monthly budgeting system they could have just paid the quarterly bill.
 
tijuana taxi said:
That was fine until daft people kept on about how the energy companies had all their money. It was designed to work like that, now they automatically refund any credit over fifty quid.
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Mine, EON next doesn't, last month I was £150 in credit and I only pay £52 a month on DD
If I want it refunded it can be I just have to ask them
 
Gremlin said:
Mine, EON next doesn't, last month I was £150 in credit and I only pay £52 a month on DD
If I want it refunded it can be I just have to ask them
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BG told me they had to because of a government ruling, wish they wouldn't
 
We accepted the new DD yesterday , the old tariff is valid till April .. the son has the app on his phone to compare price now as opposed to new price I.e yesterday we used £3.84 on old tariff from April that would be £10+ it’s getting crazy
 
my UK house estimates just come through

£1061.30 a year for electricity
£1120.90 a year for gas

so yeah pretty much up from £113 to £200 a month ish
 
Just had an email from Shell

Your electricity rates will change from 20.680p to 28.455p per kWh and your standing charge per day will change from 24.11p to 43.39p.​
Your gas rates will change from 4.169p to 7.479p per kWh and your standing charge per day will change from 26.11p to 27.22p.​

Up £875 to an estimate of £2436 and they don’t offer any fixed tarif
 
I don't get how the standing charge can increase so much. Delivering 1kWh of electricity doesn't cost more because the electricity itself cost more. Fixed costs for network don't nearly double unless there's blatant profiteering going on.

I don't pay more to park a Rolls-Royce than I do to park a Dacia.
 
I was on a fixed rate plan with OVO until the end of December then went on to a variable plan. I have a smart meter. I have been very careful with my consumption since my change in plan. My electricity consumption for January was almost 10% less than in 2021, and my gas consumption almost 24% less than 2021. My total bill for Jan 2022 was 10% more than 2021. I am expecting my total bill for 2022 will be at least £2100, more than twice that of 2021.
 
My EDF tarrif is due to end in April,
I've had nothing of a guesstimate so far.

I would have been with them 3 years this April.
And so far its gone from £80 / month to the current £96 / month for a dual fuel contract.

 
Cobra said:
My EDF tarrif is due to end in April,
I've had nothing of a guesstimate so far.

I would have been with them 3 years this April.
And so far its gone from £80 / month to the current £96 / month for a dual fuel contract.
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Expect that to double at least ? And as we found out this week there’s no such thing as price comparisons now there all advising you to stay with current company
 
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Ukraine crisis: Warning UK energy bills could top £3,000 a year​


It expects the energy price cap, which limits what suppliers can charge, to hit £3,238 a year for the average home when it's next adjusted in October.
 
Bulb have just almost doubled the electricity standing charge.
Screenshot_20220225-222024_Email.jpg
 
Just had my estimate from BG

Current annual amount £1530, new estimate £2316

Is what it is.
 
Mine from Bulb is going up from £110 to £156 a month.
 
It looks like being another, lets greatly over estimate scenarios, tell the people its going to double or even treble,
and when we tell them the real "inflation" is only 50% they will be so grateful, they won't complain ...
 
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tijuana taxi said:
I voluntarily raised my direct debits by 20 quid a month a couple of months back.
It used to build up over the summer and the extra funds paid for the dearer winter bills.
That was fine until daft people kept on about how the energy companies had all their money. It was designed to work like that, now they automatically refund any credit over fifty quid.
Do hope those people are raking the interest in at the fantastic high savings rates.
If they didn't want to use the direct debit monthly budgeting system they could have just paid the quarterly bill.
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I pay monthly but only pay for what I use. My account always shows £0. Why would I need to build up credit.
 
robj20 said:
I pay monthly but only pay for what I use. My account always shows £0. Why would I need to build up credit.
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You don't need to and i'm not saying you should, but why can't I if that is what I wish to do?

My dual fuel bills are quarterly and I was quite happy spreading my payments over a year.
Yes I could pay a quarterly bill by BT or cheque, but than I lose the discount for paying by DD.
 
tijuana taxi said:
It used to build up over the summer and the extra funds paid for the dearer winter bills.
Click to expand...
I get, well, used to, get a review of my account every August, going on the previous 12 months usage, and the monthly payments worked out from that.
I always broke even at the end of the year.

tijuana taxi said:
Yes I could pay a quarterly bill by BT or cheque, but than I lose the discount for paying by DD.
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Is that still a thing?
I know it was big a few years ago, well many years ago now, but I've never heard it mentioned for a very long time
 
Cobra said:
I get, well, used to, get a review of my account every August, going on the previous 12 months usage, and the monthly payments worked out from that.
I always broke even at the end of the year.


Is that still a thing?
I know it was big a few years ago, well many years ago now, but I've never heard it mentioned for a very long time
Click to expand...

It used to be fine when the built up credit evened itself out over the year, we usually roughly broke even too.
Then they started refunds over 50 quid credit and consequently put the DD up if it was after the winter or down following summer.
Completely messed the whole thing up, you can make additional payments or up the DD, but it used to work well.

Still shows a discount on my account for paying by DD and having dual fuel.
 
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tijuana taxi said:
Still shows a discount on my account for paying by DD and having dual fuel
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I don't think mine shows that.
And I've not seen it mentioned with any new "sign-ups" for years.

tijuana taxi said:
Then they started refunds over 50 quid credit and consequently put the DD up if it was after the winter or down following summer.
Click to expand...
That's crazy :( I'm often in credit, and sometimes in debt too, but I've never had a refund, or been asked for extra money...
 
The cost of oil surged on Wednesday, as traders snapped up non-Russian oil, increasing the chance of further price rises at UK forecourts.
Brent crude - the global benchmark for oil prices - passed $113 a barrel, its highest level since June 2014.
Traders are struggling to sell Russian oil, even at a discount, because of the new difficulties in shipping and payments amid its invasion of Ukraine.
Gas prices also doubled, which could feed through to energy bills.
 
I'm with Octopus and had the email yesterday, not 100% sure they have the right info in it.
MY fixed rate runs out in April, if I want a new fixed rate it will double in price, but the quote for going on their standard flexible tariff my bill will only rise 4%

Flexible rates


Electricity
Daily charge24.38 p/day
Unit rate19.95 p/kWh
Gas
Daily charge26.11 p/day
Unit rate4.00 p/kWh
 
The combined result of our fixed plan ending and the April caprise means our monthly bill has risen from £127 to £254 per month!
 
whiteflyer said:
I'm with Octopus and had the email yesterday, not 100% sure they have the right info in it.
MY fixed rate runs out in April, if I want a new fixed rate it will double in price, but the quote for going on their standard flexible tariff my bill will only rise 4%

Flexible rates


Electricity
Daily charge24.38 p/day
Unit rate19.95 p/kWh
Gas
Daily charge26.11 p/day
Unit rate4.00 p/kWh
Click to expand...
That daily charge for Electricity seems low. Most suppliers variable rate is 45-50p (not that the daily charge is that significant verses usage rates)
 
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