The energy crisis

[1andrew1]

Originally Posted by SnoopZ

Why so cheap, or do you mean £400 a year more?

I'm assume he must be paying £800pa/£67pm and anticipates a 50% increase?

[TheDaddy]

Originally Posted by SnoopZ

Why so cheap, or do you mean £400 a year more?

£400 in total, just don't use much, I begrudge them that tbh

---------- Post added at 16:22 ---------- Previous post was at 16:21 ----------

Originally Posted by 1andrew1

I'm assume he must be paying £800pa/£67pm and anticipates a 50% increase?

You assumed incorrectly

[Mr K]

I was paying about £900 with my small cheapo suppliers. Now they've both gone bust, reckon it'll be about a 50% increase. Worth it though, i've saved a ton over the years. Will switch again to whoever is cheapest/solvent after the April increases take affect.

Originally Posted by TheDaddy

£400 in total, just don't use much, I begrudge them that tbh

Crikey, are you using candles

[1andrew1]

Originally Posted by TheDaddy

£400 in total, just don't use much, I begrudge them that tbh

---------- Post added at 16:22 ---------- Previous post was at 16:21 ----------



You assumed incorrectly

Wood and some warm coats?

[Itshim]

£84 a month , and in credit by a couple of £100 . Good insulation, open fires . AND lots of jumpers !!!!!

[SnoopZ]

I'm currently £79 a month in a 2 bed property, but my Bulb account says I used £100 last month so my credit will be used up very soon.

[TheDaddy]

Originally Posted by Paul

Crikey, are you using candles

Originally Posted by 1andrew1

Wood and some warm coats?

No, although I'm not 60 I live in an over 60's block so the heating is on in the hallways, never have my heating on and don't even know if it works tbh, sometimes I go weeks workout watching tv, my laundry is sent out, I eat out most of the time plus I work 50- 70 hours a week, that's why I begrudge them the £400 a year!

[Taf]

28th November, Orbit ceased trading.

12th December, sent to Scottish Power.

But an email from them today says they will only start taking DD payments from 9th January "so keep the money ready for the payments that will be missed".

The cynic in me thinks this is a way for them to hike the DD monthly payments.

[Jaymoss]

Originally Posted by Taf

28th November, Orbit ceased trading.

12th December, sent to Scottish Power.

But an email from them today says they will only start taking DD payments from 9th January "so keep the money ready for the payments that will be missed".

The cynic in me thinks this is a way for them to hike the DD monthly payments.

Octopus let me choose how much I put on the DD. Plus seeing as you will be going on a price cap tariff ( unless ya crazy and gone on a fixed) you do not need to pay by DD anyway and just pay when you get the bill

Originally Posted by Taf

28th November, Orbit ceased trading.

12th December, sent to Scottish Power.

But an email from them today says they will only start taking DD payments from 9th January "so keep the money ready for the payments that will be missed".

The cynic in me thinks this is a way for them to hike the DD monthly payments.

Most of the power companies I’ve been with allow one off payments on your account in their websites.

Scotttish Power are in hot water around debt collection atm.

[Taf]

Wholesale costs hit another record this week of 450p a therm, which experts predict could take average annual bills to about £2,000 next year.

https://www.bbc.co.uk/news/business-59760331

[1andrew1]

I know some favour light-touch regulation but I think Ofgem has been too light touch in the energy market. As energy customers we're all set to pick up the anticipated £2.8bn bill sooner or later.

Gas price rises creating ‘national crisis’ in UK, energy companies warn

Regulator Ofgem on Wednesday approved £1.8bn of costs associated with rescuing suppliers that had failed in recent months, which will appear on household bills in April, although officials are examining whether the burden could be spread over a longer period. The final bill is expected to be more than £1bn higher.

The rescue of Avro Energy, the second largest supplier to fail after Bulb, is so far costing bill-payers more than £680m, according to Ofgem filings published on Wednesday.

Different suppliers have floated different possible interventions.

These include an emergency increase in the price cap earlier than its next scheduled change in April so companies can pass on costs to customers sooner; passing on an expected windfall in VAT on energy bills to the most vulnerable households; and moving levies on household energy bills that pay for policies such as supporting the growth of renewable energy to general taxation.

https://www.ft.com/content/55fcab59-...2-a3ec7c7b5f95

[1andrew1]

Great, free-to-read article here on the mess in the energy market. The final paragraphs in particular.

Before the energy price cap, companies used every tactic to reel people in with teaser rates and then exploit their inertia, generating high margins. After the price cap was introduced to solve that problem, companies tied themselves to the spot market to offer the cheapest deals. They knew that if things went well, they would make good money and if prices rose, they would go bust with the rest of the sector — or the government would pick up the tab. Heads, we win; tails, you lose.

Ofgem’s failure to address this lack of resilience in the industry it regulates is identical to financial services regulatory failure before 2008-09. That it has happened so soon after the financial crisis should be a national scandal. Had ministers acted on the market reviews they commissioned, such as Sir Dieter Helm’s 2017 cost of energy review, many of these problems could have been avoided. But his report, like so many others, was shelved.

The UK energy crisis of 2022 is a problem without a silver bullet solution. Households will feel financial pain for years. The industry and regulator will need another shake up. It is quite some mess.

https://www.msn.com/en-gb/money/spot...?ocid=msedgntp