The energy crisis

[papa smurf]

Originally Posted by Paul

They have raised the cap to £10.
However, I think the accounts also have a monthly fee.

£4 for my 123 account and you only get interest on your first £20,000 and nothing for the rest.

Originally Posted by papa smurf

£4 for my 123 account and you only get interest on your first £20,000 and nothing for the rest.

Well I dont think a 20,000 limit would be an issue for most people (inc me).
Plus you could just put anything over that in a savings account, the rates on them keep rising atm (not as fast as inflation though).

[1andrew1]

Just a reminder that the next price cap will be announced tomorrow.

[Julian]

Originally Posted by 1andrew1

Just a reminder that the next price cap will be announced tomorrow.

It’s not effective from tomorrow though is it?

So plenty of time to prepare. 😉

[papa smurf]

Originally Posted by Julian

It’s not effective from tomorrow though is it?

So plenty of time to prepare. 😉

Are you saying prices don't rise from tomorrow, I can't get my head around this stuff

[1andrew1]

Originally Posted by Julian

It’s not effective from tomorrow though is it?

So plenty of time to prepare. 😉

If you're on a variable rate then they come into effect on 1 October. If you're on a fixed price deal as I believe most people are, then worth remembering that nothing alters until that contract comes to an end.

[Julian]

Originally Posted by 1andrew1

If you're on a variable rate then they come into effect on 1 October. If you're on a fixed price deal as I believe most people are, then worth remembering that nothing alters until that contract comes to an end.

Yup so before 1/10 even our most incompetent government will have to do something to stop the sudden rises.
They do have previous for throwing seemingly unlimited amounts of money at people.
Personally I am not in favour of anyone getting piles of money to spend on whatever they want.
Reducing the price of the cause of the problem is much better.

[1andrew1]

Also worth remembering that October is the month that businesses renegotiate their energy contracts. Cornwall Insight's analysis shows that businesses will have to pay more than four times the price they paid for their electricity in 2020. This is the data behind the claims that certain sectors eg fish and chip shops will be severely impacted.

---------- Post added at 10:18 ---------- Previous post was at 10:16 ----------

Originally Posted by Julian

Yup so before 1/10 even our most incompetent government will have to do something to stop the sudden rises.
They do have previous for throwing seemingly unlimited amounts of money at people.
Personally I am not in favour of anyone getting piles of money to spend on whatever they want.
Reducing the price of the cause of the problem is much better.

The cause is the UK's dependence on world energy markets through lack of home grown energy generation. It's not a problem that can be solved very quickly.

[papa smurf]

I went to see my friend yesterday, prior to last week he had a land lord installed coin electric meter in his flat, now he has one of these https://www.topupmeters.co.uk/ installed by his landlord, will he get the £400 pound discount, there are 7 flats with these meters that are satellites of the main meter for the building.

[Julian]

Originally Posted by 1andrew1

Also worth remembering that October is the month that businesses renegotiate their energy contracts. Cornwall Insight's analysis shows that businesses will have to pay more than four times the price they paid for their electricity in 2020. This is the data behind the claims that certain sectors eg fish and chip shops will be severely impacted.

---------- Post added at 10:18 ---------- Previous post was at 10:16 ----------


The cause is the UK's dependence on world energy markets through lack of home grown energy generation. It's not a problem that can be solved very quickly.

Agreed but what I was referring to is the price rises from 1/10.

Do not give people handouts to pay the power bills.
Reduce the bills.

[1andrew1]

Originally Posted by Julian

Agreed but what I was referring to is the price rises from 1/10.

Do not give people handouts to pay the power bills.
Reduce the bills.

Agreed and I think that way does not impact inflation.

[Inactive Digital]

Although the new price cap doesn't come into force until 1 October, it's possible that energy companies could increase direct debits beforehand - they have to give notice to customers beforehand though.

[1andrew1]

Originally Posted by Inactive Digital

Although the new price cap doesn't come into force until 1 October, it's possible that energy companies could increase direct debits beforehand - they have to give notice to customers beforehand though.

Good point.

[Jaymoss]

current leccy max price is Unit rate: 28.11p per kWh Standing charge: 50.27p per day

current gas Unit rate: 7.37p per kWh Standing charge: 27.22p per day

Predicted leccy Unit rate: 52.09p per kWh Standing charge: 46p per day

Predicted Gas Unit rate: 28.34p per kWh Standing charge: 45.34p per day

Predictions taken from Moneysavingexpert and the current from Ofgem we will know tomorrow what it will be

[tweetiepooh]

It's the rise in gas that hits us as we cook and heat with gas, our leccy usage is lower than average. Can't see much changing, I can't use induction so will need to keep using gas for cooking and the idea of fans whirring and not having proper heating rules out heat pumps.