Energy Prices

[MONKMAN]

Frightening amounts of tax payers cash being directed straight to the energy providers.

[Aufc]

I didn’t realise the windfall tax was locked in for 5 years no matter what the price of oil does. Seems like a terrible decision, especially now oil prices have levelled out. All that seems to be happening is companies are investing anywhere other than the UK

[Mark Connolly]

Email from OVO this morning to say that their “Direct Debit  Calculator” has worked out I’ll be £824 in debt this time next year if they don’t take more each month. No evidence of how they actually calculated it, other than “based on your usage”. Also seems, on that basis, that prices won’t be coming back down any time soon.

Interestingly, when I was previously in credit with their predecessor, SSE, I was never told that I was paying them too much money each month, and it was an absolute ball ache to get it back

[scottsdad]

28 minutes ago, Mark Connolly said:

Email from OVO this morning to say that their “Direct Debit  Calculator” has worked out I’ll be £824 in debt this time next year if they don’t take more each month. No evidence of how they actually calculated it, other than “based on your usage”. Also seems, on that basis, that prices won’t be coming back down any time soon.

Interestingly, when I was previously in credit with their predecessor, SSE, I was never told that I was paying them too much money each month, and it was an absolute ball ache to get it back

Ignore it. 

I've been with OVO for years. They did some sort of update about 2 years ago and all their calculators went to shit. 

I got similar "based on your usage" messages saying I needed to triple my DD. Just ignored it. The DD I have covers what I use. 

[Mark Connolly]

28 minutes ago, scottsdad said:

Ignore it. 

I've been with OVO for years. They did some sort of update about 2 years ago and all their calculators went to shit. 

I got similar "based on your usage" messages saying I needed to triple my DD. Just ignored it. The DD I have covers what I use. 

They are now on the “we will automatically update to this if you don’t respond in 10 days”.

Interestingly, when I look at the alternative fixed rate they offer, the quote is less than half of the variable…

[s_dog]

21 minutes ago, Mark Connolly said:

They are now on the “we will automatically update to this if you don’t respond in 10 days”.

Interestingly, when I look at the alternative fixed rate they offer, the quote is less than half of the variable…

They are possibly comparing the variable tariff without the Gov's energy price guarantee and that's why it appears so much cheaper. My flexible tariff on my bill lists electricity as 64.00p/kWh, but with the price guarantee its only 31.84p/kWh. Could possibly be why they want to up your DD as their computer is just using the 64p price instead of 31p?

 If you know how much you use per year you can easily work out if you're paying enough, or if you don't owe them anything right now after winter, what you currently should be enough, especially since we're expecting lower prices from the summer onwards.

[Mark Connolly]

I’m about to phone them anyway, it’s been a while since I directly called them thieving b*****ds rather than just saying it about them

[scottsdad]

1 hour ago, Mark Connolly said:

I’m about to phone them anyway, it’s been a while since I directly called them thieving b*****ds rather than just saying it about them

I always get through to the same Geordie lass. I cannot get angry with her. She calls me "pet".

[Todd_is_God]

3 hours ago, Mark Connolly said:

Also seems, on that basis, that prices won’t be coming back down any time soon.

They always have based their annual usage cost projections on the most up to date standing charge / unit price data.

They'll be coming down in July, so you'll get a similar email in June with an updated forecast.

There is very little change in April, as the EPG will keep the cap at £2,500. If your projections based on the April 1st price show you are projected to be underpaying to the tune of £800 then you must currently be projected to be underpaying as the projection will be almost identical (The estimate I got yesterday (from OVO incidentally) showed a change of about £6 over the next 12 months.).

If you moved to OVO from SSE late last then this will be based entirely on your winter usage which, like me, will be inaccurate for gas as I don't have the heating on half the year.

They are legally obliged to ensure they do everything to avoid you getting into a massive debt - It's not a scam.

Edited March 24, 2023 by Todd_is_God

[MacDuffman]

Got an email in from Ovo.

Fixed rate works out at £172/month Variable £188/month - but may change.

Moved onto Fixed.

[Todd_is_God]

1 hour ago, MacDuffman said:

Got an email in from Ovo.

Fixed rate works out at £172/month Variable £188/month - but may change.

Moved onto Fixed.

I'm not sure that's wise tbh.

[vikingTON]

8 hours ago, Todd_is_God said:

If you moved to OVO from SSE late last then this will be based entirely on your winter usage which, like me, will be inaccurate for gas as I don't have the heating on half the year.

They are legally obliged to ensure they do everything to avoid you getting into a massive debt - It's not a scam.

Scottish Power received a meter reading from me this week, confirming a gas bill of just over £400 for the six months between September 2022 and March. Their 'cost-saving DD offer' for the entire year was, err, £1200. That is absolutely a 'massive scam' because I don't live in southern Patagonia and will need a fucking tiny amount of gas between now and September 2023. 

[UsedToGoToCentralPark]

8 hours ago, MacDuffman said:

Got an email in from Ovo.

Fixed rate works out at £172/month Variable £188/month - but may change.

Moved onto Fixed.

What's the unit rates, its the only way to compare.

[Todd_is_God]

13 minutes ago, virginton said:

Scottish Power received a meter reading from me this week, confirming a gas bill of just over £400 for the six months between September 2022 and March. Their 'cost-saving DD offer' for the entire year was, err, £1200. That is absolutely a 'massive scam' because I don't live in southern Patagonia and will need a fucking tiny amount of gas between now and September 2023. 

If they received a meter reading this week are you sure the estimate you also received this week was based on it and not an estimate?

[Todd_is_God]

4 minutes ago, UsedToGoToCentralPark said:

What's the unit rates, its the only way to compare.

I strongly suspect anyone jumping onto a fixed rate asap will be regretting that once the July, October and January price caps come out.

My usage is fairly typical, and OVO claim I could save around £200 a year by moving to a fixed rate tariff.

Sounds good, until you consider the cap is expected to reduce by more than that in July.

Edited March 24, 2023 by Todd_is_God

[s_dog]

14 hours ago, UsedToGoToCentralPark said:

What's the unit rates, its the only way to compare.

Saw someone's Ovo deal on another forum, the unit rates are a bit lower than variable, but standing charge is higher, so it's a good saving for high users right now, but only at current prices, smaller saving for anyone else but as Todd_is_God said they will probably regret it if prices fall as they're forecast in July.

Ovo fix is Electric 30.7p (61.5p standing charge) and gas 8.7p (28.9p standing charge) compared to 33.7p (50.6p) and 10.2p (28.4p) on their variable tariff. And £75 exit fee per fuel.

Just seen Martin Lewis has an article on it now

https://www.moneysavingexpert.com/news/2023/03/ovo-fixed-deal-after-months-with-no-deals/?

[DA Baracus]

This is probably the most relevant thread to ask this, but what happens if you go for a fix rate but then move? Do you need to take the provider with you or can you use any provider in the new place?

[strichener]

5 minutes ago, DA Baracus said:

This is probably the most relevant thread to ask this, but what happens if you go for a fix rate but then move? Do you need to take the provider with you or can you use any provider in the new place?

You don't have to stay with the same provider.  If you leave a property then you are free to move provider.

[DA Baracus]

1 minute ago, strichener said:

You don't have to stay with the same provider.  If you leave a property then you are free to move provider.

Sound, thanks.

[Miguel Sanchez]

Also got the Ovo email. Standing charges up, unit charges down (by 0.01p for gas) and no change to the direct debit. My direct debit didn't change last September either.