energy prices

M0nica

Oldnproud I am with SSE, which is owned by OVO. They were advising customers not to sign up for any fixed rate tarriffs, in case, if fuel prices drop, you could end up paying more than if you were on the variable tarriff.

It is such a gamble, isnt it!

I noticed that Ovo's penalties for leaving a fixed tariff early were far lower than some other companies now charge, so that alone would not stop me from fixing with them.

Actually, having just realized/remembered that the energy price cap reviews are being made three-monthly instead of six- monthly, which means that there will be one in January of next year, I am re-thinking things. I think it very likely that there will be another price increase then ...

Oldnproud I am with SSE, which is owned by OVO. They were advising customers not to sign up for any fixed rate tarriffs, in case, if fuel prices drop, you could end up paying more than if you were on the variable tarriff.

I've just taken a look on Money Saving Expert.

The Ovo fixed tariffs looked good, and after doing a lot of calculations, I was going to switch. However, when I went to their site to do it (compulsory), the unit price turned out to be higher than it had said on MSE, adding around £9 a month to the quote.

Taking that into account, plus the fact that I would almost certainly have to switch to this tariff now (immediately adding nearly £60 p/m to my current bill), rather than just before the next increase in the energy cap, means that it is no longer so attractive, and I will be staying put!

I pay quarterly. This quarter(March-June) is three times the price of the same quarter last year.

I believe that octopus read my smart meter electricity today and I am braced for a big shock, I decided to do my (many) fabrics pre-washing during early summer, when my overall energy cost is lowest, rather than the winter months. I have a sneaky feeling that I will need to increase my monthly dd, which I easily instigate myself. I certainly don`t want to go into autumn with a debit

Jane43, I took the plunge on the 8th June and was glad I did. The October price hike prediction looks to be higher than previously predicted so the rates offered then have gone and are now higher.

Pittcity

Money saving expert has today published some fixed rate deals that are worth considering. You'll pay more than on a variable rate now but it should be less come October. I have taken the plunge and calculate that I might save £100 if the predicted rises happen. At least I know what I'll be paying for the next year.

I must take a look then. My fixed rate tariff finishes at the end of July so I am going to have to make a decision soon. I did some research which told me that Octopus have the best prices but when I went on their website their advice is to stay with your existing supplier.

I spoke to my supplier and said I didn’t want them to increase my current DD. The amount they were quoting was ridiculous! It’s only an arbitrary figure based on their (inflated) estimate of your future usage - you don’t have to accept that figure. I was in credit when my fixed tariff ended in March and have cut down on usage considerably since then - keep an eye on daily usage via app and smart meter monitor. I’m therefore amassing credit throughout the summer months, along with the additional government payments to come in the autumn. If / when I need to make extra payments during the high usage winter months, I’ll do so - it’s easy to do online via my energy account. In this way I feel more in control of the situation.

Thanks Pittcity, some of them look quite good. I'm budgeting for the highest January price, putting £250 per month aside now. Cat isn't pleased with her new cheaper cat food, but needs must!

Money saving expert has today published some fixed rate deals that are worth considering. You'll pay more than on a variable rate now but it should be less come October. I have taken the plunge and calculate that I might save £100 if the predicted rises happen. At least I know what I'll be paying for the next year.

I think it likely that many participants here once worked for a salary of around £2000 per annum.

Inflation has increased most full-time salaries today to be many times that, but a pound today does not buy as much as a pound did back then.

I am wondering if we are going to experience high inflation for several years, much like in the 1970s, and it will then settle with prices, salaries and pensions having higher numerical values and energy costs being a much larger proportion of the household budget than it has been. But, alas, pension increases will have a time lag, unless, as has happened recently in a different context, the Chancellor of the Exchequer intervenes.

Yes Star - I’ve just seen that the energy refund will be spread over 6 months, but it’s still to be fine-tuned.

Germanshepherdsmum

The £400 is to be credited to accounts in October.

That contradicts what both Martin Lewis of Money Supermarket and the BBC say which is that it will be spread over six months and won't be paid as a lump sum.

www.moneysavingexpert.com/news/2022/05/rishi-sunak-martin-lewis-living-costs/#energygrants

www.bbc.co.uk/news/business-61592496

Over the course of six months from October, direct debit and credit customers will have the money credited to their account. Customers with pre-payment meters will have the money applied to their meter or paid via a voucher.

Martin Lewis has a very comprehensive guide to the allowances on his web site.

Thanks so much for the link
MAGGIEMAYBE

I think it does because it includes Pip and Dla.

There is also an extra £150 if you get a disability payment, don’t know if that includes attendance allowance that those on a pension can get.

The £400 is to be credited to accounts in October.

The variable rate went up by 54% for gas and by 38% for electricity on 1 April 2022, so if the fixed rate that ends mid-July was from before 1 April 2022 then the rate quoted will include that. But there was also a 10% rise from 1 October 2021. It depends how long the fixed rate you have now protected you from increases.

I had a three year fixed rate tarriff that ended on 31 March 2021. My electricity charges went up 40% from 1 April 2021, then 10% on 1 October 2021 and 38% on 1 April 2022. And these are compound increases, so a bigger percentage rise on what I had been paying than adding 40, 10 and 38 together!

And it looks like another big percentage rise on its way for 1 October 2022. So the extra £700 will be very helpful but is really like running fast to try to stay in the same place.

I think that I saw somewhere that the £400 is not in one lump but in equal parts from October 2022 to March 2023.

Chestnut

If you are on a fixed tariff then your prices won't have gone up, but beware when your tariff ends! You are in for a shock especially if it's after 1st October this year when it will go up even more. My tariff changed 16 March so I copped a price rise then.
My electricity: was 15.91p / now 33.91p
My gas: was 2.67p / now 9.17p
per kWh

On the other hand, you could be in a winning situation like my lucky, very elderly parents. They are on a fixed tariff which doesn’t end until April 2023, so are able to bank the winter fuel payment for pensioners, as well as getting money off their bill from the £400 allocation for all households. I know it’s a short term gain, but it will make all the difference to them this winter.

If you are on a fixed tariff then your prices won't have gone up, but beware when your tariff ends! You are in for a shock especially if it's after 1st October this year when it will go up even more. My tariff changed 16 March so I copped a price rise then.
My electricity: was 15.91p / now 33.91p
My gas: was 2.67p / now 9.17p
per kWh

FlexibleFriend We aren't in any arrears. The fixed rate ends mid-July, and the tariff Eon are suggesting will be a variable rate of £211 - I don't like that idea, as it could, naturally, go up a lot more. The cheapest fixed rate is the one at £286

www.moneysavingexpert.com/news/2009/09/cash-boost-for-the-over-60s-claim-winter-fuel-payments-now/
Article of 2009, if this helps.

www.gov.uk/winter-fuel-payment
This is now -

Overview

If you were born on or before 26 September 1955 you could get between £100 and £300 to help you pay your heating bills. This is known as a ‘Winter Fuel Payment’.

This guide is also available in Welsh (Cymraeg).
You will get your Winter Fuel Payment automatically (you do not need to claim) if you’re eligible and either:

get the State Pension
get another social security benefit (not Housing Benefit, Council Tax Reduction, Child Benefit or Universal Credit)
If you do not get either of these, or if you live abroad, you may need to make a claim.

If you’ve got a Winter Fuel Payment before, you do not need to claim again unless you’ve deferred your State Pension or moved abroad.

Thank you.

HowVeryDareYou

Has anyone's gas and electricity gone up a lot? I pay £145 (I increased it from £115 a few months ago) but Eon has quoted, for a new tariff, £286 a month! Almost double. We can't afford it.

How do they do that?

I am with Eon.next and they quote so much a unit for my economy 7 flex tarriff, a day rate and a 7 hours during the night rate.

How much I pay depends on how much I use.

I send them the two readings once every month, they direct debit for the cost.