Utility Point: Variable variable tariff?

BMikey

Did I miss the fine detail of the unit pricing for the Flexi Online Tracker 18 Wk 15 Direct tariff?

Thought I had signed up to a bog standard variable rate energy tariff about 4 months ago, so was prepared for potential changes to the unit rate with the requisite 30-day notice from UP - and this confirmed in the supply agreement, para 3.6 "We may increase the charges you pay under a flexible plan by providing you with 30 days advance notice."

The unit rates in the agreement are (incl vat) - gas 2.78p & elec 11.86p. Checking my four statements to date these are the rates charged, statement period is 20th to the 19th...prices change on 15th of the month.

Gas
20-May to 14-Jun 2.76p
15-Jun to 19-Jun 2.93p

20-Jun to 14-Jul 2.93p
15-Jul to 19-Jul 3.01p

20-Jul to 14-Aug 3.01p
15-Aug to 19-Aug 3.08p

20-Aug to 14-Sep 3.08p
15-Sep to 19-Sep 3.18p

Electricity
20-May to 14-Jun 11.92p
15-Jun to 19-Jun 12.39p

20-Jun to 14-Jul 12.39p
15-Jul to 19-Jul 12.35p

20-Jul to 14-Aug 12.35p
15-Aug to 19-Aug 12.64p

20-Aug to 14-Sep 12.64p
15-Sep to 19-Sep 12.95p

So a 14.4% gas unit price hike from contract start in May to the latest statement, 9.2% for electricity, and all these changes without any advance notice.

wavelets

BMikey wrote: »

Did I miss the fine detail of the unit pricing for the Flexi Online Tracker 18 Wk 15 Direct tariff?

Thought I had signed up to a bog standard variable rate energy tariff about 4 months ago, so was prepared for potential changes to the unit rate with the requisite 30-day notice from UP - and this confirmed in the supply agreement, para 3.6 "We may increase the charges you pay under a flexible plan by providing you with 30 days advance notice."

The unit rates in the agreement are (incl vat) - gas 2.78p & elec 11.86p. Checking my four statements to date these are the rates charged, statement period is 20th to the 19th...prices change on 15th of the month.

Gas
20-May to 14-Jun 2.76p
15-Jun to 19-Jun 2.93p

20-Jun to 14-Jul 2.93p
15-Jul to 19-Jul 3.01p

20-Jul to 14-Aug 3.01p
15-Aug to 19-Aug 3.08p

20-Aug to 14-Sep 3.08p
15-Sep to 19-Sep 3.18p

Electricity
20-May to 14-Jun 11.92p
15-Jun to 19-Jun 12.39p

20-Jun to 14-Jul 12.39p
15-Jul to 19-Jul 12.35p

20-Jul to 14-Aug 12.35p
15-Aug to 19-Aug 12.64p

20-Aug to 14-Sep 12.64p
15-Sep to 19-Sep 12.95p

So a 14.4% gas unit price hike from contract start in May to the latest statement, 9.2% for electricity, and all these changes without any advance notice.

Yes you did miss something, but I haven't, so first of all:

https://forums.moneysavingexpert.com/showpost.php?p=74780609&postcount=279 :cool:

Secondly, no, you didn't sign up to a bog standard variable rate energy tariff; you signed up to a tracker tariff; the clue is in the tariff name

https://www.utilitypoint.co.uk/EnergyTracker.aspx

This package aims to replicate, or track, wholesale electricity and gas prices. This is in contrast to our fixed packages which charge you the same amount during the year allowing you to plan each month but doesn’t allow you to take advantage of falling wholesale prices.

Important information - The wholesale electricity and gas price can fall as well as rise, so you could pay more or less for your energy each month. If you are at all unsure of the suitability of the Flexi online (Index Tracker) package for your circumstances, please contact us by email or call us on 03455 57 78 78

When launching our new tariffs we calculate the average price for the first full month ahead (i.e. our first tariffs started on supply in January 2018 and we assessed the average price for the month of February 2018). At the end of each month we will assess the average price of the next month ahead and compare with the average price for the previous month. We will then calculate the difference in pence per kWh and your energy price will change (up or down) by that value on the 15th of the following month. All other elements of your tariff are fixed for the duration of your contract.

We try and make things as simple as possible and, where we can, try to avoid adjusting your direct debit too much, so it makes things easier for you to manage. We will let you know in advance if your payments need to change.

Did you get a request for an increase in monthly direct debit? Was it eaxctly £4.00 more than you were previously paying? Lots of people seem to have had such a request, irrespective of tariff, account status etc.

Of those MSEers who have posted about their challenge to such an unwarrented direct debit increase, everyone so far has had success in reversing it. One MSEer even had an offer to have it reduced instead.

BMikey

Thanks wavelets - I disagree with you, a tariff name is only a marketing vehicle. The contract terms are paramount which specify 30 days advance notice for price changes...

I have looked at the information from UP you show in your message and this was not made available to me at time of signing up.

wavelets

BMikey wrote: »

Thanks wavelets - I disagree with you, ...

Why am I not surprised by that? :cool:

BMikey

BMikey wrote: »

Did I miss the fine detail of the unit pricing for the Flexi Online Tracker 18 Wk 15 Direct tariff?

Thought I had signed up to a bog standard variable rate energy tariff about 4 months ago, so was prepared for potential changes to the unit rate with the requisite 30-day notice from UP - and this confirmed in the supply agreement, para 3.6 "We may increase the charges you pay under a flexible plan by providing you with 30 days advance notice."

The unit rates in the agreement are (incl vat) - gas 2.78p & elec 11.86p. Checking my four statements to date these are the rates charged, statement period is 20th to the 19th...prices change on 15th of the month.

Gas
20-May to 14-Jun 2.76p
15-Jun to 19-Jun 2.93p

20-Jun to 14-Jul 2.93p
15-Jul to 19-Jul 3.01p

20-Jul to 14-Aug 3.01p
15-Aug to 19-Aug 3.08p

20-Aug to 14-Sep 3.08p
15-Sep to 19-Sep 3.18p

Electricity
20-May to 14-Jun 11.92p
15-Jun to 19-Jun 12.39p

20-Jun to 14-Jul 12.39p
15-Jul to 19-Jul 12.35p

20-Jul to 14-Aug 12.35p
15-Aug to 19-Aug 12.64p

20-Aug to 14-Sep 12.64p
15-Sep to 19-Sep 12.95p

So a 14.4% gas unit price hike from contract start in May to the latest statement, 9.2% for electricity, and all these changes without any advance notice.

Another increase on the unit rates on my latest monthly statement from UP:

Gas unit rate 3.59p
Electricity unit rate 13.70p


So now a 29% gas unit price hike from contract start in May to this latest statement, 15.5% for electricity, and all these increases without advance notice.

And we are only just entering the heating season...:eek:

JJ_Egan

Tracking this year no real sign of wholesale prices and tariffs dropping .