[News] Energy bills to top £4200 at the start of next year

[schmunk]

Can’t you take what you were previously overpaying and stick it in an interest earning bank account (albeit little interest)! Why would you want the energy company to earn off your ££?

OVO Energy pays me 4% interest on my credit balance. They are, however, no longer offering this to new customers.

 

[BBassic]

Can’t you take what you were previously overpaying and stick it in an interest earning bank account (albeit little interest)? Why would you want the energy company to earn off your ££?

That is a really good idea...

 

[CheeseRolls]

I have a fixed deal which ends next month, so I thought it would be useful to check what I would be paying from April onwards. I have had a quick look and I can't make any sense of it. Other than the headline typical household price cap, is there anywhere that provides a breakdown of unt prices/standing charges from April?

What are the chances of one of the suppliers breaking ranks and providing a market leading rate or does competition only work when the sun is shining?

Gas, electricity, water, railways, healthcare privatisation all completely unravelled, uncompetitive and unfit for purpose and if this rant seems a little out of proportion to the problem, I should just add l have been shat on from a great height this morning by a seagull - don't mess.

 

[Springal]

I have a fixed deal which ends next month, so I thought it would be useful to check what I would be paying from April onwards. I have had a quick look and I can't make any sense of it. Other than the headline typical household price cap, is there anywhere that provides a breakdown of unt prices/standing charges from April?

You’d be better off waiting I think. No one is going to offer ‘future’ pricing so just keep an eye on the market but don’t fix into a new deal

 

[raymondo]

I have a fixed deal which ends next month, so I thought it would be useful to check what I would be paying from April onwards. I have had a quick look and I can't make any sense of it. Other than the headline typical household price cap, is there anywhere that provides a breakdown of unt prices/standing charges from April?

What are the chances of one of the suppliers breaking ranks and providing a market leading rate or does competition only work when the sun is shining?

Gas, electricity, water, railways, healthcare privatisation all completely unravelled, uncompetitive and unfit for purpose and if this rant seems a little out of proportion to the problem, I should just add l have been shat on from a great height this morning by a seagull - don't mess.

You will be paying a lot more sorry. The seagull shit will be your only blessing.

 

[Bozza]

I have a fixed deal which ends next month, so I thought it would be useful to check what I would be paying from April onwards. I have had a quick look and I can't make any sense of it. Other than the headline typical household price cap, is there anywhere that provides a breakdown of unt prices/standing charges from April?

What are the chances of one of the suppliers breaking ranks and providing a market leading rate or does competition only work when the sun is shining?

Gas, electricity, water, railways, healthcare privatisation all completely unravelled, uncompetitive and unfit for purpose and if this rant seems a little out of proportion to the problem, I should just add l have been shat on from a great height this morning by a seagull - don't mess.

I think you'll pay the same everywhere (or very, very close to the same) as the true consumer price is above the government-subsidised cap, so anyone selling below that would be taking a big loss on supplying you.

 

[CheeseRolls]

You will be paying a lot more sorry. The seagull shit will be your only blessing.

That is my expectation.

I think you'll pay the same everywhere (or very, very close to the same) as the true consumer price is above the government-subsidised cap, so anyone selling below that would be taking a big loss on supplying you.

I expect that it will be the same everywhere, just think it is ridiculous that there are no numbers published, other than the meaningless average household build figures.

Wholesale prices have actually dropped, so technically a supplier could offer deals at a lower price, however none of them will likely be brave enough to do this. If prices subsequently spike again, they could go out of business, hence my rant about competitive markets only working when the sun shines.

 

[LamieRobertson]

That is my expectation.

I expect that it will be the same everywhere, just think it is ridiculous that there are no numbers published, other than the meaningless average household build figures.

Wholesale prices have actually dropped, so technically a supplier could offer deals at a lower price, however none of them will likely be brave enough to do this. If prices subsequently spike again, they could go out of business, hence my rant about competitive markets only working when the sun shines.

There’s an article somewhere on MONEYSAVINGEXPERT.COM where Lewis explains why prices wont drop just like that even though wholesale prices have declined

 

[beorhthelm]

That is my expectation.

I expect that it will be the same everywhere, just think it is ridiculous that there are no numbers published, other than the meaningless average household build figures.

Wholesale prices have actually dropped, so technically a supplier could offer deals at a lower price, however none of them will likely be brave enough to do this. If prices subsequently spike again, they could go out of business, hence my rant about competitive markets only working when the sun shines.

for past 10 years electrity price per MWh vary between £30-80, average maybe around £50. spot is currently they are £147. capped rate is about £34 (34p kWh), so we are way under paying.
(fixed)

 

[Icy Gull]

There’s an article somewhere on MONEYSAVINGEXPERT.COM where Lewis explains why prices wont drop just like that even though wholesale prices have declined

Maybe just me but Lewis strikes me as the Smug of finance

 

[schmunk]

for past 10 years electrity price per MWh vary between £30-80, average maybe around £50. spot is currently they are £147. capped rate is about £34 (0.34 kWh), so we are way under paying.

That's not right - you're a factor of 10 out.

£147/MWh = 14.7p/kWh wholesale spot price. As we're paying 34p/kWh, there's currently a lot of profit being made by suppliers.

 

[nicko31]

That's not right - you're a factor of 10 out.

£147/MWh = 14.7p/kWh wholesale spot price. As we're paying 34p/kWh, there's currently a lot of profit being made by suppliers.

Natural gas price fallen massively, by at least double long term average.

Can't see a return to sub 20p kw/h anytime soon

UK Natural Gas - Price - Chart - Historical Data - News

UK Gas decreased 4.55 GBp/Thm or 5.64% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. UK Natural Gas - values, historical data, forecasts and news - updated on April of 2024.

tradingeconomics.com

 

[beorhthelm]

That's not right - you're a factor of 10 out.

£147/MWh = 14.7p/kWh wholesale spot price. As we're paying 34p/kWh, there's currently a lot of profit being made by suppliers.

damn mixing units... main point is we are still well over the long term average on prices.

 

[LamieRobertson]

Maybe just me but Lewis strikes me as the Smug of finance

Lol no not just you ..and his followers on Twitter …Lewis says jump they jump etc..someone dare challenge they get mullered

However a jolly useful site

 

[BBassic]

I think I've gotten "we're all going to get a bit poorer" fatigue.

Energy going up again, water going up, mortgage payments going up, food going up, broadband prices going up.

It's f***ing depressing.

EDIT: And now we're being censored?! Kidding, obvs.

 

[Mustafa II]

I think I've gotten "we're all going to get a bit poorer" fatigue.

Energy going up again, water going up, mortgage payments going up, food going up, broadband prices going up.

It's f***ing depressing.

EDIT: And now we're being censored?! Kidding, obvs.

It's not nice for any of us, but there is some room for positivity.

- Wages are increasing
- The worst of it is now - fuel and energy wholesale prices are coming down, retail prices are following (fuel) and will follow (gas and electric)
- The coming recession will be different this time, as there is such low employment - BoE will surely respond by bringing interest rates back down, possibly even as soon as late 2023
- Inflation has meant that debts such as mortgages are reduced in real terms

2023 will be really tough. The government should really provide more support to see us through it. Particularly as 2024 is likely to be a considerably more prosperous year, regardless of what happens with Russia.

 

[virtual22]

That is my expectation.

I expect that it will be the same everywhere, just think it is ridiculous that there are no numbers published, other than the meaningless average household build figures.

Wholesale prices have actually dropped, so technically a supplier could offer deals at a lower price, however none of them will likely be brave enough to do this. If prices subsequently spike again, they could go out of business, hence my rant about competitive markets only working when the sun shines.

Octopus have launched a wholesale tracker tarif https://octopus.energy/smart/tracker/ but I gather you don't get protected by the Government's caps anymore so if prices shoot up again you could get caught, although you can switch back at anytime I think. There are over 3,500 comments about it here so you'd need to do your research and make sure you understand what you are signing up for. It went over 6,000 hot so I am guessing some people think it's good value - DO YOUR OWN RESEARCH THOUGH FIRST

Beat the energy price cap with a Tracker Tariff - Example Gas 6.62p/kWh & Electric 24.01p **No Referrals** @ Octopus Energy | hotukdeals

www.hotukdeals.com

 

[Machiavelli]

It's not nice for any of us, but there is some room for positivity.

- Wages are increasing THAT'S NICE FOR YOU, NOT FOR ME
- The worst of it is now - fuel and energy wholesale prices are coming down, retail prices are following (fuel) and will follow (gas and electric) PHEW, THAT'S REASSURING
- The coming recession will be different this time, as there is such low employment - BoE will surely respond by bringing interest rates back down, possibly even as soon as late 2023 THAT SOUNDS LIKE WISHFUL THINKING TO ME, BUT HAPPY TO BE CORRECTED IF IT DOES HAPPEN. YOU'RE ALSO NEGLECTING THAT MORTGAGE HOLDERS ARE NOT USED TO HIGHER INTEREST RATES, PARTICULARLY OVER A SUSTAINED PERIOD
- Inflation has meant that debts such as mortgages are reduced in real terms I'M REALLY STRUGGLING TO UNDERSTAND WHAT YOU'RE SAYING HERE, BUT THE REDUCTION WILL SEEM LIKE CHICKEN FEED COMPARED TO THE COST OF HIGHER INTEREST RATES

2023 will be really tough. The government should really provide more support to see us through it. Particularly as 2024 is likely to be a considerably more prosperous year, regardless of what happens with Russia.

Wow. See my comments in CAPS above

 

[Machiavelli]

I have a fixed deal which ends next month, so I thought it would be useful to check what I would be paying from April onwards. I have had a quick look and I can't make any sense of it. Other than the headline typical household price cap, is there anywhere that provides a breakdown of unt prices/standing charges from April?

What are the chances of one of the suppliers breaking ranks and providing a market leading rate or does competition only work when the sun is shining?

Gas, electricity, water, railways, healthcare privatisation all completely unravelled, uncompetitive and unfit for purpose and if this rant seems a little out of proportion to the problem, I should just add l have been shat on from a great height this morning by a seagull - don't mess.

Yes, things aren't good. What the energy companies will say (and I think @beorhthelm was saying if I understood correctly) is that they forward buy, so they're not experiencing the (full?) benefits of the reductions in wholesale prices. There is the feather/rocket analogy that may well be applicable here -- it's certainly one that the petrol retailers are remarkably adept at.
They could always be regulated effectively, subject to windfall taxes, or even nationalised, but I wouldn't hold your breath.

 

[Thunder Bolt]

Yes, things aren't good. What the energy companies will say (and I think @beorhthelm was saying if I understood correctly) is that they forward buy, so they're not experiencing the (full?) benefits of the reductions in wholesale prices. There is the feather/rocket analogy that may well be applicable here -- it's certainly one that the petrol retailers are remarkably adept at.
They could always be regulated effectively, subject to windfall taxes, or even nationalised, but I wouldn't hold your breath.

Ofgem are toothless.

Prices never go down.