50% drop in gas & 35% drop in electric Happy New Year

cdon

Happy new year, hopefully this year will be a good one as far as energy prices are concerned. So that the energy companies don't try and hoodwink us, lets make sure everyone knows that wholesale gas prices have dropped by 50% and electricity prices by 35% since the start of last year. :T

BBC article here

Now lets see how long they take to start dropping prices for customers.

vickyj

they are certainly quick enoug to rise them !!

oldwiring

The Russia v. Belarus situation might be aproblem to be dealt with. If Belarus implement the threat to cust off the pipeline that runs throgh their land, the balls could be in the air again about prices.

lisyloo

There will be a time lag becuase prices are agreed in advance.

tripled

Don't forget only around 50% of the cost of gas on your bill is the wholesale price, so if gas has dropped by 50% then you would expect at most 25% to filter through. Also some companies have tightened their margins over the last few years to gain customers through all the news stories re price rises prompting people to switch, and so now can restore their margins and reap the rewards. British Gas has already announced it will be cutting prices in the spring, but not by how much yet.

housebug

If gas prices are going down, why did I just have an email from MSE shouting "Britsh Gas Price rise!! "

tripled

Probably because they raised prices last September, but there was a price freeze if you were on click energy which has now been lifted. 90% of their customers won't be affected.

mikewebs

They will take even longer to recalibrate the quantum meters for those on prepayment schemes! I have had one for 6 years and have never had a statement from them detailing how much I've paid, how much I've used and how much the gas has cost me per unit. Then I heard a while ago that they can take up to 12 months to alter people's meters when there's a price change - 'becuase they haven't got the resources to do this'!

tripled

You should receive a statement every year, it's a statutory requirement.

Look on the bright side too - BG announced as of 1st Dec they would no longer backdate debt accrued when meters haven't been recalibrated, so if they haven't changed your tariff you should be thanking your lucky stars as you must be saving a small fortune

*Louise*

Re: Price Drops..

I'll believe it when they ask for less money....pardon my cynicism

JasonW_2

Robbing bar stewards, lucky if we see a cut to bills