GB Energy Price Hike

Weird. I'm with GB Enerby and looking today at uSwitch there are lots cheaper for me. I will choose and change today.

Robin Hood Energy
Avro
Places and People Energy
So Energy

All cheaper than GB energy in my area.

18 suppliers cheaper than the GB Energy Fix, 3 of which are from the big6.

lstar337 wrote: »

Robin Hood Energy
Avro
Places and People Energy
So Energy

All cheaper than GB energy in my area.

18 suppliers cheaper than the GB Energy Fix, 3 of which are from the big6.

The point repeatedly made is that GB Energy were extremely competitive on electricity prices and overall savings could be made from splitting away from Dual Fuel contracts.

Both the variable price and fixed term electricity contracts were the lowest for some time. Even after the variable price increase electricity is still quite good but anyone who locked into the even cheaper Topaz tariff still retains the best electricity price.

I am not a fan of any one Supplier and GB Energy could improve their system functionality. To be fair to them,however, as a new entrant they have delivered some good prices and that must be a good thing.

Bark01 wrote: »

What would you rather do, lose customer or go bust.

There's a reason Ofgem are trying to push through new rules on what to do when suppliers go bust.

Energy prices are increasing and its very likely most of the smaller suppliers will go out of business as they don;t have the finances to have a large hedging window.

Wow this is all a bit over dramatic. :eek:. As with all Suppliers, prices change, new tariffs get introduced, others withdrawn.

GB Energy have made a change to their variable tariff but it still remains the next best market price for my region for electricity. (after their fixed rate Topaz tariff). There will always be movement of customers between Suppliers but there is nothing to suggest a major migration away from GB Energy.

There will always be a business risk to Suppliers that cash flow may threaten their viability and in particular new entrants. They will price their products accordingly and GB energy ask for a month's payment in advance to assist them.

What exactly do you mean by 'don't have the finances to have a large hedging window' ? I don't understand your terminology and I am pretty sure other readers will not get it either.

Bark01 wrote: »

Energy prices are increasing and its very likely most of the smaller suppliers will go out of business as they don;t have the finances to have a large hedging window.

backfoot wrote: »

What exactly do you mean by 'don't have the finances to have a large hedging window' ? I don't understand your terminology and I am pretty sure other readers will not get it either.

lstar337 wrote: »

It means they don't have tons of cash to use as a bargaining chip to get a good deal on energy for a nice long term.

Really?

GB Energy will need to obtain sufficient supplies to cover their expected demand from their customer base. As they seem to be shifting their tariffs towards one year fixes with regular new tariffs (as per other Suppliers), they will purchase at market rates.

On top of that, they will cover overheads and their profit margin.

I don't think volume discounts apply. If they did, no new entrant could possibly compete, let alone be market leaders on price as GB Energy have been for some time.

The market doesn't work on bartering just because someone has a big bank balance.