Energy Prices

[Suspect Device]

5 hours ago, TxRover said:

Here’s the “rules” for E.ON fixed tariffs…note plenty of fine print reasons they can bend you over:

“11 - Terms for our fixed term tariffs

11.1 About these tariffs

11.1.1 Some tariffs are only available if you pay by Direct Debit and manage your account online. This will be confirmed when you agree your contract and also confirmed in your welcome letter.

11.1.2 You agree to the installation of a Smart Meter, where eligible. You still qualify for this tariff if you already have a smart meter installed or it’s not currently possible to install a smart meter at your property.

11.1.3 If your tariff has an end date, we might charge you a fee, known as an exit fee, if you switch more than six weeks before that date. Your welcome letter will tell you about this.

11.2 About your prices Your prices are shown in your confirmation letter. These prices and your terms and conditions will stay the same until the end date shown in your confirmation letter, unless: – you stop paying by Direct Debit, or a Direct Debit payment fails – you do not provide us with your meter reading – you owe us money and we switch you to paying in advance – a law or regulation means we need to make a change (like VAT changes) – we had to end the contract due to your not adhering to what we agreed – the Government or our regulator (Ofgem) tells us to change our prices.”

 

 

When I set up my fixed deal last September I was meant to get a smart meter installed but I've never bothered. Wonder if they can change my deal using this 'clause'. Not that it would make a massive difference for just over a month.

Looking around, the bets deal just now is with UW who I'd never even heard of until yesterday. Most of the deals are ridiculously expensive. Up over £10k a year. I'm under £3k just now.

[superbigal]

Just as a reminder folks. The cap only applies to rhe standard variable rate. The cap does not apply to fixed rate tariffs. They have no cap. Hence some of the current offered deals are wildly in excess of what even the January cap is estimated as.
You also are paying that for the extra period now till October 1st.
Most deals now have very large penalty clauses for exiting at £150 to £200 per energy.
Virtually no companies are currently taking on new customers on the variable rates.
The fixed rates with my 2 suppliers Scottish Power and EDF that are being offered to me as a current customer are nothing short of rip off Britain.

Hence I am not having to do any gambling on what is the current best of the worst is and will sit tight.

My estimated readings are so far in advance of reality that I will still be paying in advance at much lower unit costs.
Just have to keep the meter reader away. One of those rare occasions the crazy computer is benefitting me long term.

[Suspect Device]

By coincidence, my renewal from E.ON has just popped into my inbox.

Choice of variable.

Or fixed. (with no exit fee)

 

Guess it's a no-brainer to go for the variable and hope that the incoming PM does something to curb the price rise. Fingers crossed.

 

[Darren]

22 minutes ago, Suspect Device said:

By coincidence, my renewal from E.ON has just popped into my inbox.

Choice of variable.

Or fixed. (with no exit fee)

 

Guess it's a no-brainer to go for the variable and hope that the incoming PM does something to curb the price rise. Fingers crossed.

 

It's a no-brainer to do nothing and move on to standard variable. I wouldn't be signing up to anything, unless it's a good fixed deal.

[Todd_is_God]

28 minutes ago, Suspect Device said:

By coincidence, my renewal from E.ON has just popped into my inbox.

Choice of variable.

Or fixed. (with no exit fee)

 

Guess it's a no-brainer to go for the variable and hope that the incoming PM does something to curb the price rise. Fingers crossed.

 

If that variable rate is calculated at the current unit price for 12 months then it's a useless comparison, though. You appear to be a very high energy user, certainly above the "typical use" amounts used to quote the price cap.

I agree with what VT earlier in that I just can't see the cap being allowed to rise to the levels it is being projected to, but if it is allowed to rise freely in line with market prices these mental looking fixed rate tariffs aren't going to be too far wide of the mark.

That said, people in general need to not lull themselves into a false sense of security based on projections built around the current cap and prepare to have their DD on a variable tariff set to clear that level of expense offered by these fixed tariffs or they are going to be in for a mega shock when the winter bill lands.

Personally I'm not planning on fixing, as I too have hope that the PM is left with no option but to artificially lower the cap. The "good" deals are gone anyway.

Edited August 18, 2022 by Todd_is_God

[101]

13 hours ago, Bairnardo said:

It has to be worthwhile now, to invest money (if folk have it) in "smartening" their home any which way they can. Hive, Individual room thermostats etc etc. I actually think smart home stuff is the future for keeping costs down and am a bit kicking myself at not having acted on some of it sooner.

Minimising waste is absolutely key to not pishing all your savings away during this.

The best way to minimise waste is to properly insulate your home, this is something the government should have been doing since they supported the Ukrainian defence knowing full well what would happen 9 months later.

[Suspect Device]

24 minutes ago, Todd_is_God said:

If that variable rate is calculated at the current unit price for 12 months then it's a useless comparison, though. You appear to be a very high energy user, certainly above the "typical use" amounts used to quote the price cap.

I agree with what VT earlier in that I just can't see the cap being allowed to rise to the levels it is being projected to, but if it is allowed to rise freely in line with market prices these mental looking fixed rate tariffs aren't going to be too far wide of the mark.

That said, people in general need to not lull themselves into a false sense of security based on projections built around the current cap and prepare to have their DD on a variable tariff set to clear that level of expense offered by these fixed tariffs or they are going to be in for a mega shock when the winter bill lands.

Personally I'm not planning on fixing, as I too have hope that the PM is left with no option but to artificially lower the cap. The "good" deals are gone anyway.

Aye, I'm aware that the projection for the variable is based on useless figures. 

I'm also aware that we use/waste a lot of energy. Leaving lights on and my wife being reptilian  cost us a lot of cash.

You'd think that if the Tories want to have a chance of winning the next election, they will have to do something. They obviously don't care if people freeze to death or commit suicide due to the mental stress but they do care about power.

 

 

 

 

ETA: We are at least cutting down our energy usage. We are 20% down on last year's figures and obviously have a large(ish) credit balance now because of that and the summer usage being lower.

Edited August 18, 2022 by Suspect Device

[Darren]

1 hour ago, 101 said:

The best way to minimise waste is to properly insulate your home, this is something the government should have been doing since they supported the Ukrainian defence knowing full well what would happen 9 months later.

I think you're giving the government too much credit there.

[Todd_is_God]

1 hour ago, Suspect Device said:

You'd think that if the Tories want to have a chance of winning the next election, they will have to do something. They obviously don't care if people freeze to death or commit suicide due to the mental stress but they do care about power.

Both Sunak and Truss have repeatedly said that they won't be freezing the price cap. My hope is that this is because they don't want it funded by public money, but that they would be happy for banks to fund it.

[Gaz]

3 minutes ago, Todd_is_God said:

Both Sunak and Truss have repeatedly said that they won't be freezing the price cap. My hope is that this is because they don't want it funded by public money, but that they would be happy for banks to fund it.

It's because they aren't being chosen by the general public. It's because they are being chosen by Tories who are, without exception, a bunch of "I'm Alright Jack" c*nts, who won't be affected by the price rise, or have been brainwashed into believing they won't be.

[Bairnardo]

It's because they aren't being chosen by the general public. It's because they are being chosen by Tories who are, without exception, a bunch of "I'm Alright Jack" c*nts, who won't be affected by the price rise, or have been brainwashed into believing they won't be.

Aye. Very different spotlight they are under now. Neither one of these is thick skinned enough to put up with the heat that's going to come their way as soon as a winner slithers out

[Left Back]

7 minutes ago, Todd_is_God said:

Both Sunak and Truss have repeatedly said that they won't be freezing the price cap. My hope is that this is because they don't want it funded by public money, but that they would be happy for banks to fund it.

Sort of like a PFI model for energy if you like.  PFI of course was a roaring success and value for money.

[Todd_is_God]

17 minutes ago, Left Back said:

Sort of like a PFI model for energy if you like.  PFI of course was a roaring success and value for money.

I apologise if I've missed this, but how is it you are proposing energy costs are kept down again?

[Todd_is_God]

20 minutes ago, Bairnardo said:

21 minutes ago, Gaz said:

It's because they aren't being chosen by the general public. It's because they are being chosen by Tories who are, without exception, a bunch of "I'm Alright Jack" c*nts, who won't be affected by the price rise, or have been brainwashed into believing they won't be.

Aye. Very different spotlight they are under now. Neither one of these is thick skinned enough to put up with the heat that's going to come their way as soon as a winner slithers out

Aye. Sunak, for example, still believes he has a "golden boy" aura about him, but fails to grasp why that aura faded a long time ago.

The next Tory leader is going to face policy scrutiny from the opposition and press at a level Boris Johnson did not. Not least because BJs policies were mostly during covid and played to the gallery by "keeping people safe" (and questioning them was largely taboo) whilst Sunak or Truss will be immediately and relentlessly slammed from all sides for essentially doing the opposite if the cap is allowed to rise naturally.

[superbigal]

52 minutes ago, Todd_is_God said:

Aye. Sunak, for example, still believes he has a "golden boy" aura about him, but fails to grasp why that aura faded a long time ago.

The next Tory leader is going to face policy scrutiny from the opposition and press at a level Boris Johnson did not. Not least because BJs policies were mostly during covid and played to the gallery by "keeping people safe" (and questioning them was largely taboo) whilst Sunak or Truss will be immediately and relentlessly slammed from all sides for essentially doing the opposite if the cap is allowed to rise naturally.

It's amazing how things have flipped.

The Cap was supposed to protect consumers who were a bit dopey and did not realise how they could lock in decent rates.  Or of course if they were in debt or had card meters.

Now the Cap is entirely to protect the suppliers rather than the consumers.

When this became the case the cap should have been flung into the sea and something new developed.

[hk blues]

3 hours ago, Suspect Device said:

They obviously don't care if people freeze to death or commit suicide due to the mental stress but they do care about power.

Terrible pun.

[throbber]

3 hours ago, Suspect Device said:

By coincidence, my renewal from E.ON has just popped into my inbox.

Choice of variable.

Or fixed. (with no exit fee)

 

Guess it's a no-brainer to go for the variable and hope that the incoming PM does something to curb the price rise. Fingers crossed.

 

What size of house do you have and how many people are in house?

[Todd_is_God]

I see the projection is now for interest rates to hit 4% by February to "try to dampen inflation".

Maybe i'm missing something, but as no amount of interest rate raising is going to reduce the cost of gas (the increasing cost of which is the main driver of the current inflation) how does making everything even more expensive help?

[Bairnardo]

5 minutes ago, Todd_is_God said:

I see the projection is now for interest rates to hit 4% by February to "try to dampen inflation".

Maybe i'm missing something, but as no amount of interest rate raising is going to reduce the cost of gas (the increasing cost of which is the main driver of the current inflation) how does making everything even more expensive help?

I'm going to guess that it won't, but it will somehow help with Tory donor profits. 

[Gnash]

9 minutes ago, Todd_is_God said:

I see the projection is now for interest rates to hit 4% by February to "try to dampen inflation".

Maybe i'm missing something, but as no amount of interest rate raising is going to reduce the cost of gas (the increasing cost of which is the main driver of the current inflation) how does making everything even more expensive help?

Raising interest rates will, all else being equal, reduce inflation via reducing demand (and other effects).  The BoE's key mandate is an inflation target that we are currently miles above and their key tool for controlling inflation is interest rates.  They have to increase rates.