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Re: Energy prices
Posted: Wed Jan 05, 2022 12:12 pm
by Long slender neck
I havent even looked, but I think the current fix rates available are higher than the variable deals as the variable is capped by ofgem. This cap will be reviewed in the spring, it will almost certainly increase by quite a bit, whether the new cap will be higher than current fix deals is anyones guess. Personally I'm going to get through this winter with the cap and hope that wholesale prices come down, possibly look to switch/fix then or in the summer.
Re: Energy prices
Posted: Wed Jan 05, 2022 12:57 pm
by Dunners
Apple Wumble wrote: ↑Wed Jan 05, 2022 12:06 pm
Prestige Worldwide wrote: ↑Wed Dec 22, 2021 1:16 pm
Apple Wumble wrote: ↑Wed Dec 22, 2021 12:36 pm
Just got my deals from octopus as my current one runs out in jan. paying about 79 atm and cheapest new offer is 150 a month. One of them is 250 a month!
Shocking. Just go on the variable rate (cap) for now seems to be the current advice.
Dont really understand how this works but if i get a variable rate in Jan and everything shoots up from april i will be worse off?
Everyone will be worse off in April. But the current fixed-rate deals are predicting that things will be so much worse that, for now, you're best off sticking with the variable rates as these are cheaper.
The best advice now is to wait and see what you're options are from April, but be prepared for the cost of living to rise a lot more than what it has so far. Just wait until energy by-products start getting factored into food retail pricing.
Re: Energy prices
Posted: Wed Jan 05, 2022 4:09 pm
by Long slender neck
Email from Martin Lewis reckons:
"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"
Confused? Most should still DO NOTHING and stick on the price cap. I know this is complex. So to summarise, it looks like most people should do nothing (no certainty, I don't have a crystal ball), it looks like only a few edge cases should be looking at fixing right now. So if in doubt, just stick on today's cheapest price - which is the cap.
Re: Energy prices
Posted: Wed Jan 05, 2022 4:27 pm
by Currywurst and Chips
Time to scrap taxes and levies on energy and give hard working families of the UK some relief
Re: Energy prices
Posted: Thu Jan 06, 2022 6:41 pm
by Rich Tea Wellin
Dunners wrote: ↑Wed Jan 05, 2022 12:57 pm
Apple Wumble wrote: ↑Wed Jan 05, 2022 12:06 pm
Prestige Worldwide wrote: ↑Wed Dec 22, 2021 1:16 pm
Shocking. Just go on the variable rate (cap) for now seems to be the current advice.
Dont really understand how this works but if i get a variable rate in Jan and everything shoots up from april i will be worse off?
Everyone will be worse off in April. But the current fixed-rate deals are predicting that things will be so much worse that, for now, you're best off sticking with the variable rates as these are cheaper.
The best advice now is to wait and see what you're options are from April, but be prepared for the cost of living to rise a lot more than what it has so far. Just wait until energy by-products start getting factored into food retail pricing.
Cheers for that!
Whats the expected rise likely to be % wise that energy companies are working towards?
Re: Energy prices
Posted: Thu Jan 06, 2022 6:43 pm
by Long slender neck
The cap is being reviewed in February, sooner than I thought. I've heard a rise of 50% mentioned, kicking in around April.
Re: Energy prices
Posted: Thu Jan 06, 2022 7:40 pm
by Dunners
It will depend on to what extent government adjusts the cap, and whether they remove fuel duty. But none of this factors in the increase in costs already being experienced by industry and business, which will lead to increases being passed onto consumers in the next few months.
Based on what is known so far, the Resolution Foundation estimates that the average household will be £1,200 worse off next financial year. So far. Some studies predict it could be far worse.
Re: Energy prices
Posted: Thu Jan 06, 2022 9:17 pm
by Ronnie Hotdogs
All these lovely pay rises incoming will swallow that up.
Re: Energy prices
Posted: Tue Jan 11, 2022 6:05 pm
by Smendrick Feaselberg
Martin Lewis is reporting that the price cap will increase by 51% from April 1.
Re: Energy prices
Posted: Tue Jan 11, 2022 6:09 pm
by greyhound
frightening
Re: Energy prices
Posted: Thu Feb 03, 2022 10:08 am
by Long slender neck
Todays the day the new cap prices are revealed.
Re: Energy prices
Posted: Thu Feb 03, 2022 11:05 am
by Max B Gold
Prestige Worldwide wrote: ↑Thu Feb 03, 2022 10:08 am
Todays the day the new cap prices are revealed.
Bricking it.
Re: Energy prices
Posted: Thu Feb 03, 2022 11:27 am
by Dunners
The price cap to increase by 54% on 1 April. A typical annual bill is currently £1,277, so anyone on that will see an increase of just under £700 to £1,971.
Re: Energy prices
Posted: Thu Feb 03, 2022 11:27 am
by Dunners
Can't wait to hear if the BoE pushes up interest rates today too.
Re: Energy prices
Posted: Thu Feb 03, 2022 11:31 am
by Dunners
This YouGov survey from back in October reported that 50% of Brits couldn't afford an extra £50 increase in their monthly energy bills.
Re: Energy prices
Posted: Thu Feb 03, 2022 11:36 am
by Still's Carenae
Dunners wrote: ↑Thu Feb 03, 2022 11:31 am
This YouGov survey from back in October reported that 50% of Brits couldn't afford an extra £50 increase in their monthly energy bills.
With the NI contributions increasing for average earner of £23 per month that leaves only a £27 increase for 50% being unable to afford.
We are in a sorry state.
Go Green Go Broke
Re: Energy prices
Posted: Thu Feb 03, 2022 11:43 am
by Still's Carenae
The complete lack of government planning for transition over the last 20 years has lead to this bonkers situation.
Only going back bringing in our own gas, coal and oil will allow a smooth transition to green energy at a more affordable cost. Plus of course the extra jobs this will create.
Re: Energy prices
Posted: Thu Feb 03, 2022 11:49 am
by Ronnie Hotdogs
Yet at the same time
https://www.theguardian.com/business/20 ... ight-years
It’s just a shame the current system is the only one we can organise ourselves around.
Re: Energy prices
Posted: Thu Feb 03, 2022 11:51 am
by Max B Gold
Cannae wait fur Keith tae nationalise the khunts.
Re: Energy prices
Posted: Thu Feb 03, 2022 12:04 pm
by Dunners
Here's Rishi announcing his bid for Tory party leadership.
Also, this rebate thing... it may just be me, but it sure does sound more like a loan.
Re: Energy prices
Posted: Thu Feb 03, 2022 12:17 pm
by Real Al
That's a complicated set of stuff
Re: Energy prices
Posted: Thu Feb 03, 2022 12:27 pm
by Dunners
What's with the Council Tax rebate? That seems like an overly complicated way of achieving anything. What are they up to with that?
Re: Energy prices
Posted: Thu Feb 03, 2022 12:34 pm
by Still's Carenae
Dunners wrote: ↑Thu Feb 03, 2022 12:04 pm
Here's Rishi announcing his bid for Tory party leadership.
Also, this rebate thing... it may just be me, but it sure does sound more like a loan.
It is a loan. Which we will have to pay back over time, keeping energy prices nice and high.
Re: Energy prices
Posted: Thu Feb 03, 2022 1:03 pm
by Ronnie Hotdogs
Those energy companies have got to keep making those profits, we can’t impact them.
This way everyone is happy.
Re: Energy prices
Posted: Thu Feb 03, 2022 1:18 pm
by George M
Still's Carenae wrote: ↑Thu Feb 03, 2022 11:36 am
Dunners wrote: ↑Thu Feb 03, 2022 11:31 am
This YouGov survey from back in October reported that 50% of Brits couldn't afford an extra £50 increase in their monthly energy bills.
With the NI contributions increasing for average earner of £23 per month that leaves only a £27 increase for 50% being unable to afford.
We are in a sorry state.
Go Green Go Broke
Unfortunately going green was never sold to us correctly. It was never about being cheaper. It was about saving the planet. Cheap energy, no planet. More expensive green energy , a chance we may still have a planet to live on.