MSE News: More energy price hikes to come?

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Former_MSE_Natasha
Former_MSE_Natasha Posts: 672 Forumite
edited 2 November 2010 at 6:24PM in Energy
Tuesday 2 November 2010


This is the discussion thread for the following MSE News Story:
Read the full story:
More energy price hikes to come?

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  • michaels
    michaels Posts: 28,071 Forumite
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    Martin - thanks for your advice a few months ago about considering a fix, I checked out the details and went for the then best buy eon fix and it looks like saving me about 10-20% over the 12 month period (plus cashback and a free energy meter)
    I think....
  • Dave_save
    Dave_save Posts: 362 Forumite
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    I went for the Eon v8 fix a few months back and, looking at what's happening with prices right now it was a good decision. I left EDF at the end of the v5 online tariff and like Michaels says, by comparison it's around 15 to 20% cheaper than most variable deals. When I left EDF they called me to ask me why I was switching. I said it was because EDF haven't reduced their prices to match wholesale price reductions. And the response I got was.. 'Well.. all suppliers are doing the same'. There you have it.. a BIG cartel!

    Back then I thought gas prices would rise by up to 10%. It looks like some suppliers will use the 'wholesale price' excuse as a way of lifting tariffs during early winter. One does it and they all follow the 'leader'. What annoys me about this particular strategy is that energy companies openly use each other as the leader to lift prices and there is not a word said by the useless Ofgem.
  • SwanJon
    SwanJon Posts: 2,333 Forumite
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    So, 4 out of 5 of the experts work for switching sites who gain commision if you switch, no matter who from or to. These are the ones that say that changes will come sooner.
    The other one seems to deal with upstream contracts and says that any changes should come in the new year.
  • WelshGandalf
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    Hi there, I work in the industry & I don't think prices will be going up much and it should be quite do-able for most suppliers not to increase prices this winter. Price have not risen for the last 4-5 months so it depends on the buying strategies of the various companies. Even going back 10 months, prices are not much higher, any increases will be less than 10% so long as forward prices stay as they are now.

    Just today a head of a major energy supplier (EON or EDF, I can't remember which) said that Europe would be over-supplied with gas for 10 years which is good news for consumers.
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