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Energy Prices


MuckleMoo

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The new electricity SCs are abhorrent and totally unjustified.

£15/month for SDs alone, particularly to those with a pre-payment meter, is genuinely going to create a "heat or eat" choice for some people.

As long as the energy companies executives and shareholders are happy though. :angry:

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6 minutes ago, Day of the Lords said:

Also worth noting that power companies are allowed to apply for third party deductions from Universal Credit without requiring the claimant's permission for fuel debt and ongoing usage below 25% of their standard allowance. So basically up to £127 a month from a couple on UC without them being able to do anything about it. 

That happened to my sister in the 90s. Except they kept taking money from her dole long after the debt was paid on the basis that she was liable to run up arrears in the future. I think it was over £500 to the SSEB and she never got a penny back. 

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2 minutes ago, Newbornbairn said:

That happened to my sister in the 90s. Except they kept taking money from her dole long after the debt was paid on the basis that she was liable to run up arrears in the future. I think it was over £500 to the SSEB and she never got a penny back. 

Doesn't surprise me sadly. DWP are utterly incompetent and fuel companies are in the main horrific to deal with. 

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15 hours ago, Jambomo said:

Ok so it’s probably not that then. I wonder what it is? Thanks for your help

I'd see what's what on a quiet day (usage wise if that makes any sense)

If you're home alone and you've only got the radio, lighting and/or a PC running, you shouldn't be using a massive amount of power.

Looking at the flashing pulse of your meter, it'll flash like a sex-pest on a trolley dash in Thailand/South Yorkshire when you switch on high consumption appliances like the tumble-dryer or the kettle.

Like I say, mistakes on the accuracy of meter are very, very rare, but I did come across many of examples of them being installed/replaced incorrectly, where a peak and off peak supply (economy 7) were somehow rolled into one when the old timers were removed/ripped out and poor b*****ds were unwittingly knocking  £35-£40 a week into an electric pre-payment meter 15-20 years ago..

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10 minutes ago, LincolnHearts said:

I'd see what's what on a quiet day (usage wise if that makes any sense)

If you're home alone and you've only got the radio, lighting and/or a PC running, you shouldn't be using a massive amount of power.

Looking at the flashing pulse of your meter, it'll flash like a sex-pest on a trolley dash in Thailand/South Yorkshire when you switch on high consumption appliances like the tumble-dryer or the kettle.

Like I say, mistakes on the accuracy of meter are very, very rare, but I did come across many of examples of them being installed/replaced incorrectly, where a peak and off peak supply (economy 7) were somehow rolled into one when the old timers were removed/ripped out and poor b*****ds were unwittingly knocking  £35-£40 a week into an electric pre-payment meter 15-20 years ago..

Thanks, I’ll try this tomorrow.

 

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1 hour ago, Newbornbairn said:

Just got ours - 

From 1 April, our prices will be increasing

We're increasing our electricity unit rate from 20.382p to 27.838p per kWh and electricity standing charge from 24.856p to 49.646p per day.

We're increasing our gas unit rate from 4.010p to 7.335p per kWh and standing charge from 26.112p to 27.219p per day.

These prices all include VAT at 5%.

 

Crivvens! How are people on low fixed incomes meant to cope with this? 

 

2A7B7AAD-E8D3-47DC-BE36-584AB823251E.jpeg

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12 minutes ago, LincolnHearts said:

I'd see what's what on a quiet day (usage wise if that makes any sense)

If you're home alone and you've only got the radio, lighting and/or a PC running, you shouldn't be using a massive amount of power.

Looking at the flashing pulse of your meter, it'll flash like a sex-pest on a trolley dash in Thailand/South Yorkshire when you switch on high consumption appliances like the tumble-dryer or the kettle.

Can echo this, when I worked for e-on, whenever someone called and said they'd moved home to a block of flats with an outside meter and didn't know which was theirs I'd tell them to unplug everything bar the fridge/freezer. Go outside and look at the meters. Go back inside and turn on the oven and kettle. Go back outside and the meter that was spinning like a whurleygig in storm bawbag...that's yours.

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5 hours ago, oaksoft said:

The regulator needs to be stepping in here because all of these companies are doubling their electricity standing charges overnight at exactly the same time.

Surely this is a blatant case of price collusion?

Also, if my energy company is using almost 80% renewable resources for their electricity, how can they be increasing so much if it's not simple greed?

Just had a look at the ofgem website for a laugh 

Click

The energy price cap will increase from 1 April for approximately 22 million customers. Those on default tariffs paying by direct debit will see an increase of £693 from £1,277 to £1,971 per year (difference due to rounding). Prepayment customers will see an increase of £708 from £1,309 to £2,017. 

It stops energy companies from making excessive profits, ensuring customers pay no more than a fair price for their energy.

 

They don’t give a f**k,

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1 hour ago, DA Baracus said:

The analysts were predicting a circa 30% rise of the cap in April. The rise is now confirmed as 54%.

The rise in October is being predicted as circa 20%.

So a 70% rise in a year at least. How is that sustainable in the long term? 

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6 hours ago, oaksoft said:

The regulator needs to be stepping in here because all of these companies are doubling their electricity standing charges overnight at exactly the same time.

Surely this is a blatant case of price collusion?

Also, if my energy company is using almost 80% renewable resources for their electricity, how can they be increasing so much if it's not simple greed?

 

6 hours ago, Father Ted said:

No one can convince me otherwise, these energy price rises are purely down to corporate greed.

Who is the cartel that sets out wholesale energy costs?

If BP and Shell are posting huge profits, I would be very interested in what the major energy players in the UK are posting.

Privatisation equals end user getting shafted in all cases., I.e.  trains, power, post office, care, so on and so on.

The only winners are asset management companies, hedge funds, politicians and their cronies.

Energy should be nationalised, amongst others. UK Gov not interested as they vested interests in it ripping you off.

UK is an utter binfire of corporate greed and dishonesty

I kinda addressed this on the first page, but the government meddles far more in gas and electricity distribution markets than any other with the price cap (a policy that doesn't really work).

And regarding these companies posting huge profits, this is not a good sector to be in - look at how many of these companies have gone out of business recently. The sector has a low ROE and everyone hates you, not a great business to be in. 

How it differs from other sectors is that you have to use it, and there is very little perceived utility in the product you get. Therefore, any price rise will be seen as outrageoues. The other, imperfect, analogy I can think of is banks and their ruinous overdraft charges.

It's no more or less a racket than any sector really. I will give them props for actually providing an essential product, many business and sectors only exist by ripping off poorly informed people - think St. James Place or letting agents.

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10 hours ago, Newbornbairn said:

Just got ours - 

From 1 April, our prices will be increasing

We're increasing our electricity unit rate from 20.382p to 27.838p per kWh and electricity standing charge from 24.856p to 49.646p per day.

We're increasing our gas unit rate from 4.010p to 7.335p per kWh and standing charge from 26.112p to 27.219p per day.

These prices all include VAT at 5%.

 

Crivvens! How are people on low fixed incomes meant to cope with this? 

They won't, I am dependant on benefits, housing benefit hasn't changed in 7 years, about a month back the flat I used to rent for £600 a month (£100 extra to HB for adult and 3 kids) was on at £750. I'm slightly more as I moved to a house. I've been told there is absolutely no prospect of social housing unless I'm evicted. It's a choice I made to ensure kids get a decent education.

I'm still on old style benefits not universal credit, none of them have risen in 7 years either and I can't work any more than average of 15 hrs a week or earn more than £140,  so minimum wage not even living wage.

I'm not a drinker,.smoker or junkie despite what the right wing media portray, neither are lots of people reliant on benefits. Food shopping has increased, I noted the other day I've cut back on fruit as although I like encourage kids eat it a percentage gets wasted. 

People will literally die next winter because of this as margins for those on the edge of society are being hammered.

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On 25/02/2022 at 14:01, SlipperyP said:

Also happening over here.

Just got my monthly leccy bill and it's up from ฿400 to ฿600.  Petrol has gone up 75% in the last 3 months. Gas has stayed the same.

Food prices have gone up about 25%. pork 100%.

That's a lot for the normal Thai.  Even too much for me with the pork.

 

Our leccy hasn't been going up until now - we are about £35 - £55 a month depending on the season.  Looks cheap but with the average monthly wage around £300 it's not really.  Water is a fiver a month and gas (bottled) is probably averaging £7.50 a month.  Our internet is about the same as all 3 utilities together!  

Other stuff - I still give the wife the same shopping money as 2 years ago and she hasn't complained so I assume it's fine.  Of course, she was probably absolutely ripping the piss before but good luck to her!  Food is easily £80 a week and then I buy some takeaway etc from time-to-time.  

 

 

 

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10 hours ago, DA Baracus said:

You can probably work out your costs on any offered fixed rate by doing the sums based on the standing charge and the unit rate per kWh. Then check your normal usage and apply the figures (or, to simplify, check what you usually use in month and multiply it by the kWh figure, then add on the standing charge).

You can then compare that to what you'd pay on a variable rate when the cap increases. Below are the figures of the new cap, which all variable rates will follow at a minimum. Bear in mind though that there will be a further increase in October, so even though all fixed rates being offered now are more pricey, they will probably be less than the variable and whatever fixed rates are being offered in October. So you might be able to pay less on a variable until October, but when that hits you will pay more, and the fixed rates may be worse than what you can get now. I suppose its a case of doing the sums really!

Electricity is the top row, gas the bottom.

Screenshot_20220225-223108_Opera.thumb.jpg.95fff247c4736cbe6cbacee3b5f28f2e.jpg

 

 

 

 

Cheers, that's quite handy. Going with the new fixed would cost about £200 more over a three month period (admittedly based on figures from using the heating a lot) so might be worth biting the bullet now to save money later.

Also on some ridiculous economy 10 system where you get off peak for 10 hours a day. Given that's only going to be about 2p cheaper from April it might be time to ditch that.

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1 hour ago, oaksoft said:

Well it certainly won't be trousers by the sounds of it.

It's pretty clear who gets to wear them in that household.

I wonder if she has to submit written permission to buy things or meet up with friends?

He’s from Dundee. Nobody wears trousers round here tbf.

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I dont think I've ever posted on here before, just long term browser but with some peoples questions and wrong assumptions I thought I would.

The reason for the cost increase that is now being passed on to everyone is really down to the cost of gas.

This is where people aren't quite differentiating between their supplier and where the gas is actually coming from.

The reason why 30 odd suppliers disappeared is because the cost of gas rose so much and the supplier couldn't afford to pay for it, and the big boys and a number of others had hedged for the cost of their gas, so knew what they'd be paying where generally the smaller companies had not. So they were having to pay the big cost, and as customers were paying less than that they didn't have the funds to keep that going.

The actual companies that are making the money are those that are getting the oil / gas (Shell and BP) there will be others but they're the obvious 2.

It was always going to happen that the prices were going to increase in April based on so many suppliers not trading as this also had to be paid for in some form as well, but the main reason is the cost of gas, as I think its around 40% of the UKs power is generated through gas, and that is partly the answer to why the cost of electric has gone up as well.

The choice people have just now is whether to fix just now or sit on the standard just now, there's no right answer, the goverment ignored it and just made it a problem for the future with a "loan" which is of no help to anyone, and I'd assume they'll be hoping the current cost will fix itself, but with what's happening currently, I think it's only going to get worse.

It's beyond a point where an energy supplier (Eon, SSE, SP etc) can fix the problem now, due to the actual cost of gas, which is where the issue is with the like of BP/Shell which other than taxing them more due to the millions/billions? they make there's really no solution other than the government doing something.

It will have a knock on effect to the cost everywhere as it's not just ourselves living in homes, its business' that have had their gas costs probably about doubling and electric going up by about a 1/3.

 

TL;DR we're fucked unless the goverment do something

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10 minutes ago, thepiegobbler said:

I dont think I've ever posted on here before, just long term browser but with some peoples questions and wrong assumptions I thought I would.

The reason for the cost increase that is now being passed on to everyone is really down to the cost of gas.

This is where people aren't quite differentiating between their supplier and where the gas is actually coming from.

The reason why 30 odd suppliers disappeared is because the cost of gas rose so much and the supplier couldn't afford to pay for it, and the big boys and a number of others had hedged for the cost of their gas, so knew what they'd be paying where generally the smaller companies had not. So they were having to pay the big cost, and as customers were paying less than that they didn't have the funds to keep that going.

The actual companies that are making the money are those that are getting the oil / gas (Shell and BP) there will be others but they're the obvious 2.

It was always going to happen that the prices were going to increase in April based on so many suppliers not trading as this also had to be paid for in some form as well, but the main reason is the cost of gas, as I think its around 40% of the UKs power is generated through gas, and that is partly the answer to why the cost of electric has gone up as well.

The choice people have just now is whether to fix just now or sit on the standard just now, there's no right answer, the goverment ignored it and just made it a problem for the future with a "loan" which is of no help to anyone, and I'd assume they'll be hoping the current cost will fix itself, but with what's happening currently, I think it's only going to get worse.

It's beyond a point where an energy supplier (Eon, SSE, SP etc) can fix the problem now, due to the actual cost of gas, which is where the issue is with the like of BP/Shell which other than taxing them more due to the millions/billions? they make there's really no solution other than the government doing something.

It will have a knock on effect to the cost everywhere as it's not just ourselves living in homes, its business' that have had their gas costs probably about doubling and electric going up by about a 1/3.

 

TL;DR we're fucked unless the goverment do something

So is the price of electricity going up to recoup the money the companies didn't make selling gas during the winter?

That seems deeply unfair on electricity only tariffs.

And have other have said it's a joke the standing charge has shot up.

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