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MSE News: GB Energy Supply cranks up tariffs by 30% - but you can beat the hike

in Energy
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Legacy_userLegacy_user Forumite
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Thousands of GB Energy Supply customers have been slapped with eye-watering price hikes...
Read the full story:
'GB Energy Supply cranks up tariffs by 30% - but you can beat the hike'
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  • matelodavematelodave Forumite
    8.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    They can only "crank up" or "hike" the tariff if you are on a variable one. Fixed is what it says - fixed until the end of the contract period.

    Anyone can go somewhere else without paying an exit fee so why the emotive headlines.
    Never under estimate the power of stupid people in large numbers
  • crossroadcrossroad Forumite
    2 Posts
    Seventh Anniversary Combo Breaker
    Hi, Not sure if this is the right forum for this. Will this price hike impact on my recent switch to GB this October which by the way is still ongoing? GB has given me 4 completion dates to move my dual fuel from Eon since the 15 of September. Not sure what going on now!
  • SamNRGSamNRG Forumite
    22 Posts
    No doubt this is the plan for all the small suppliers. GB Energy probably have a few 100,000 customers all on variable rate tariffs. They have been the cheapest for some time probably making huge losses, so now they are going to cash in on these people and hike their prices in the hope that people are too lazy to switch away.

    All energy suppliers are the same, if the can get away with charging everyone standard rates they will do it. In my opinion, the only way to not get ripped off is to switch every year to the cheapest supplier with good customer service.
  • SmodletSmodlet Forumite
    7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    GB have never been the cheapest for me. What does it matter, anyway? There are plenty of other suppliers out there. No energy company is your friend; they just want your money, not your love and, if they wanted your loyalty, they are going the wrong way about it.

    I will never understand why some Eon customers come across as if the love of their life has just betrayed them when they find they are unable to access their new, best tariffs, these being reserved for new customers only. Who cares? Just switch, fgs!
  • Paying for their new offices maybe
  • Mr_KMr_K Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Car Insurance Carver!
    Don't see a massive issue here as GB Energy don't have a cancellation charge. Fortunately I switched to a fixed rate with them a few months ago, if I hadn't I'd have no hesitation in switching. They may well have miscalculated as their customers are likely to be those that pro actively switch, especially with these rises, no cancellation charge and winter coming..
  • Small energy suppliers do not buy their energy years ahead, like the big six. In a falling market, spot prices are lower than the long-term prices and small suppliers can offer better prices to customers. However, wholesale energy prices are beginning to climb and the advantages that small suppliers had will disappear. I can see some going tits up. DO NOT let a large credit run if you are with one of the smaller companies.

    I recently signed up to a 12-month fix with GB energy at a very good price. They could conceivably make a loss on some contracts if wholesale prices continue to rise sharply.
    Je suis sabot...
  • I feel disappointed with this company especially as it was recommended by this MSE, it's barely a year since I switched and find myself having to switch yet again. I Do wish the Government would get a grip of these companies and stamp down hard on them when they mis-behave.

    I got an email from them back in September saying there would be a 7% increase on their variable rate but when I got an email today it was more like 30% so I have found a new fixed rate below the original rate I was on in the first place so what are these Muppets playing at???

    It's also strange that this company have made no real reason for this price hike.
  • My daughter has received a letter from GB Energy saying they have stopped trading.
  • veryintriguedveryintrigued Forumite
    3.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    My daughter has received a letter from GB Energy saying they have stopped trading.

    She received a letter (on a Sunday) the day after they stopped trading (on a Saturday).

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