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[Misc] Gas/Electricity provider recommendations



dwayne

dwayne

Well-known member
Jul 5, 2003
14,986
London
Obviously a hot topic at the moment.

I'm moving and wondering what to do.

Fixed used to be the way to go but it seems variable maybe less risky?

I'm currently with eon who are hopeless.

Any recommendations? Coop/octopus seem fairly highly rated, green and cheap.

Sent from my SM-G986B using Tapatalk
 






Icy Gull

Icy Gull

Back on the rollercoaster
Jul 5, 2003
72,015
Fixed with EDF has gone up by 65% since early June and is still climbing. Variable is less than half the price of current fixed.

It's a gamble isn't it?

I have found that pretty well no company wants to take on new business on fixed rates if you are already with a provider either, anyone else finding that too?
 




Audax

Audax

Boing boing boing...
Aug 3, 2015
2,945
Uckfield
Icy Gull said:
Fixed with EDF has gone up by 65% since early June and is still climbing. Variable is less than half the price of current fixed.

It's a gamble isn't it?

I have found that pretty well no company wants to take on new business on fixed rates if you are already with a provider either, anyone else finding that too?
Click to expand...

Yeah, fixed the companies will be looking at the cap rise expected in October and factoring that in.
 






Icy Gull

Icy Gull

Back on the rollercoaster
Jul 5, 2003
72,015
Audax said:
Yeah, fixed the companies will be looking at the cap rise expected in October and factoring that in.
Click to expand...

I held off until my old fixed rate expired at the end of June, I should have changed when this crisis started to escalate but having taken a new fixed rate at the end of June I have seen a very big hike again since in EDF fixed prices. I am in a quandary because variable is currently now half the price of a fixed rate, but what will happen to the fixed rate between now and the cap rise in October?

I am very tempted to go back to variable and pay the small penalty
 


southstandandy

southstandandy

WEST STAND ANDY
Jul 9, 2003
5,645
Virtually use no gas at all these days - heating off (even in winter as it's so mild), but now my standing charges are exceeding my usage! What gives?
 




Audax

Audax

Boing boing boing...
Aug 3, 2015
2,945
Uckfield
southstandandy said:
Virtually use no gas at all these days - heating off (even in winter as it's so mild), but now my standing charges are exceeding my usage! What gives?
Click to expand...

My understanding is that Ofgem, in their infinite wisdom, allowed a massive increase in standing charges in order to allow surviving providers to accommodate increased costs arising from taking on swathes of customers from failed providers.

So we are, in effect, paying for the failure of the Tories to properly regulate the energy market.
 


Nobby Cybergoat

Nobby Cybergoat

Well-known member
Jul 19, 2021
7,022
I'm not really sure what the difference is between providers now. They are all going to be on the price cap, they will all have to slash customer service even more than they have done.

To me the only real choice is fixed or variable. My logic is that as i'm not as good at speculating on future prices as energy companies i've gone variable. Basically it's a choice about in which orifice you'd rather be shafted. Sorry to be graphic, but I can't stop thinking about the profound societal problems we'll see this winter as a result of the costs of energy
 


Audax

Audax

Boing boing boing...
Aug 3, 2015
2,945
Uckfield
Nobby Cybergoat said:
I'm not really sure what the difference is between providers now. They are all going to be on the price cap, they will all have to slash customer service even more than they have done.
Click to expand...

Depends on personal situation. For those who have already got things like solar panels, EVs, or heat pumps etc - then a provider like Octopus stands out from the crowd. For the vast majority though, you're right. There's very little to pick between them if you're looking at price. I do think, however, there's still scope to (with some research) find a better provider on the basis of customer support, or how/where they source their energy.
 




B

Bodian

Well-known member
May 3, 2012
11,858
Cumbria
southstandandy said:
Virtually use no gas at all these days - heating off (even in winter as it's so mild), but now my standing charges are exceeding my usage! What gives?
Click to expand...

I asked this, and received the following:

"Why are standing charges increasing?

Ofgem have increased the maximum standing charge because the way they're calculated has changed (shifting some costs from the unit rate to standing charge). The standing charge also includes costs to maintain the energy distribution network, so can cover things like repairs following the storms last year. Sadly, the cost to consumers of supporting failed suppliers are also added here.

Ofgem have broken down the up to date split of costs that make up a typical standing charge here.

It costs different amounts to manage the networks and distribute power to different areas of the UK, which is why standing charges also vary depending on where you live."
 


Super Steve Earle

Super Steve Earle

Well-known member
Feb 23, 2009
8,365
North of Brighton
Audax said:
Depends on personal situation. For those who have already got things like solar panels, EVs, or heat pumps etc - then a provider like Octopus stands out from the crowd. For the vast majority though, you're right. There's very little to pick between them if you're looking at price. I do think, however, there's still scope to (with some research) find a better provider on the basis of customer support, or how/where they source their energy.
Click to expand...

I don't have any of them, but very happy with Octopus. Still on variable rate.
 


N

North East Seagull

Active member
Jul 6, 2004
125
Newcastle upon Tyne
Audax said:
My understanding is that Ofgem, in their infinite wisdom, allowed a massive increase in standing charges in order to allow surviving providers to accommodate increased costs arising from taking on swathes of customers from failed providers.

So we are, in effect, paying for the failure of the Tories to properly regulate the energy market.
Click to expand...

I heard some tory fella blaming the regulator for the failing providers in the market just the other day. Funny old world isn't it, tory politician blaming someone else.
 




Audax

Audax

Boing boing boing...
Aug 3, 2015
2,945
Uckfield
North East Seagull said:
I heard some tory fella blaming the regulator for the failing providers in the market just the other day. Funny old world isn't it, tory politician blaming someone else.
Click to expand...

The regulator follows the directions given to them by ministers. If the Tories weren't happy with how the regulator was approaching handling the market, they could (and should) have given new directions. Simple fact of the matter is that the majority of the failed providers only existed because of policies the Tories put in place and asked the regulator to facilitate (namely making it easier for start ups to enter the market and begin competing with / undercutting the big 6).

In some cases it worked (Octopus, Ovo, and even Bulb until they stuffed up trying to expand too rapidly and got caught out by the crisis when they should have been capable of riding it out). In far too many it created a ticking time bomb just waiting to go off if/when energy costs became unsustainable in a price-capped world.
 




carlzeiss

carlzeiss

Well-known member
May 19, 2009
5,851
Amazonia
Any one but EDF , their idea of customer service is to put on hold for 1/2 hr and then cut you off . Still no point switching as our current fixed rate deal runs to October 2024 and is way better than the prices being offered now
 


Worthingite

Worthingite

Sexy Pete... :D
Sep 16, 2011
4,959
Worthing
Having worked in the energy industry for a number of years, it's all absolutely Farked. Going with a fixed makes absolutely zero financial sense at this point - whereas before it made a bit of sense due to prices steadily rising, right now you'd need to be Mystic Meg to prophesize what's going to happen in the next 12 -18 months (and if you can, it's probably financially easier to get the winning lottery numbers anyway).

I decided to go with Octopus late last year - of the energy suppliers out there they seem one of the more tech savvy and stable (They've had half a billion pounds worth of funding from Al Gore's climate change fund), their CS team are great, the app works nicely, and their TOU and EV tariffs, once this has all blown over, will be incredibly good. They seem to be the only energy supplier out there trying to commit to staying as close to the price cap as possible. My advice is to go with them or one of the big 6 - although that boundary in and of itself is changing drastically, and certainly within 5 years I can see Octopus being the largest supplier in the country.

Honestly, there's never been a worse time to switch suppliers, and it's really just a case of which one you hate least at the moment - all of the tariffs out there right now are bloody horrific. But stick on a Standard Variable tariff if you can - it's really the only way you'll see any downturn in price quick enough. I am still gobsmacked that I'm saying that, as to have said that even 18 months ago would have seemed crazy.

Best of luck.
 




Icy Gull

Icy Gull

Back on the rollercoaster
Jul 5, 2003
72,015
Worthingite said:
Having worked in the energy industry for a number of years, it's all absolutely Farked. Going with a fixed makes absolutely zero financial sense at this point - whereas before it made a bit of sense due to prices steadily rising, right now you'd need to be Mystic Meg to prophesize what's going to happen in the next 12 -18 months (and if you can, it's probably financially easier to get the winning lottery numbers anyway).

I decided to go with Octopus late last year - of the energy suppliers out there they seem one of the more tech savvy and stable (They've had half a billion pounds worth of funding from Al Gore's climate change fund), their CS team are great, the app works nicely, and their TOU and EV tariffs, once this has all blown over, will be incredibly good. They seem to be the only energy supplier out there trying to commit to staying as close to the price cap as possible. My advice is to go with them or one of the big 6 - although that boundary in and of itself is changing drastically, and certainly within 5 years I can see Octopus being the largest supplier in the country.

Honestly, there's never been a worse time to switch suppliers, and it's really just a case of which one you hate least at the moment - all of the tariffs out there right now are bloody horrific. But stick on a Standard Variable tariff if you can - it's really the only way you'll see any downturn in price quick enough. I am still gobsmacked that I'm saying that, as to have said that even 18 months ago would have seemed crazy.

Best of luck.
Click to expand...

Thanks, that's interesting.

I think I'll take the hit for a couple of months on a fixed rate as I am using virtually no gas and electricity at the moment. I'll reconsider when I turn the heating on and see how things are then.It is shocking how fixed rate costs have gone up over the last month, at least I'm tied in if they keep going up and are eventually cheaper than standard rates

Is this scaremongering or a genuine warning?

https://www.msn.com/en-gb/money/oth...sedgntp&cvid=d902827b67a74b69a03c54e8a6470d4e
 


R

raymondo

Well-known member
Apr 26, 2017
5,647
Wiltshire
I've been with Ovo for a few years - always happy with their service. I'm on a fixed until October...I'll let you know what I think about them when I see their offers then!!!! We have extra fleeces in the wardrobe.
 


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