Energy: Find the cheapest supplier & earn cashback

Doc_N

Shavuot wrote: »

Love a good scaremongerer on this site

As you say, "you won't lose money if your energy company collapses", but based on the recent collapses of energy companies, don't suppliers appointed to take over maintain the existing tariff?
(at least where it is a fixed term ... so best to switch away today from any supplier that has you on a variable, ongoing tariff.
e.g. Bulb Energy

More a case of advising simple and sensible consumer precautions and forward planning than scaremongering I think.

You don't necessarily get to keep your nice cheap tariff with the company taking over.

Shavuot

With the scaremongering going on here and in another thread subsequently created presumably for added effect, I think we should all buy shares in candle makers.

There'll be a huge demand soon when all the gas & electricity suppliers have gone bust.

Doc_N

Shavuot wrote: »

With the scaremongering going on here and in another thread subsequently created presumably for added effect, I think we should all buy shares in candle makers....

Scaremongering? Who's the scaremonger? :rotfl:


# 4 Shavuot Old Today, 11:26 AM
MoneySaving Convert
Join Date: May 2017
Posts: 61

Can't see the Big 6 being around too much longer.

nPower have already reportedly told their staff to expecxt 5000 job cuts as a result of the "merger" with E.On

SSE is also linked to the "merger" having reportedly lost almost 1/2 million customers in the last year.

BG seems to be on target for losing a similar amount of customers too.

System

Suppliers pay their wholesalers in advance of supply - often months/years in advance. Not all the smaller suppliers have the finances to hedge in this way so they can be caught out if (a) consumer consumption is higher than normal (eg; Beast from the East) and (b) short term wholesale prices rise. Suppliers do not have the luxury of turning off the tap just because their customers are using more energy than was predicted. If they want to stay in business, then their only option is to go out and buy more energy - even if the short-term wholesale price is crippling. In such circumstances, an increase to the costs of their tariffs follows. If they get this wrong, then the supplier finds itself in a GBEnergy situation where the only sensible commercial decision is to stop trading. Ofgem steps in and appoints a Supplier of Last Resort which pays £10M for the 160k additional customers followed by a payment of £14M from the Consumer Levy to cover consumer credits and tariff subsidy costs.

Dun and Bradstreet are not known for their scaremongering. They have a business reputation to protect. Are they right: only time will tell.

anneliese123

Thank you for your advice , I have followed this and a Company called Outfox The Market seems to be the most Competitive , does anyone have any feedback on this Company please ?

Consumerist

anneliese123 wrote: »

. . . Outfox The Market seems to be the most Competitive , does anyone have any feedback on this Company please ?

There is a <MSE feedback thread> which might help you.

Dewpoint

Why is it that all the comparison sites, including the MSE CEC ask for either consumption in either KWhr or cost in GBP for the year, but exclude the ability to input meter readings at the start/end of the year. For me its far easier to get these from my current supplier than to calculate the cost/consumption in KWhr, and I assume the cost/consumption can be calculated quite easily by the comparison sites from meter readings.
Am I missing a trick here?

System

Dewpoint wrote: »

Why is it that all the comparison sites, including the MSE CEC ask for either consumption in either KWhr or cost in GBP for the year, but exclude the ability to input meter readings at the start/end of the year. For me its far easier to get these from my current supplier than to calculate the cost/consumption in KWhr, and I assume the cost/consumption can be calculated quite easily by the comparison sites from meter readings.
Am I missing a trick here?

All energy statements show either the Estimated Annual Usage in £s/year or kWhs/year. This is a Supply Licence Standard Condition. PCWs have to follow the Ofgem Confidence Code which essentially means that they comply with what is in suppliers' licences. Hence, PCWs offer either kWhs/year or annual cost.

All that said, I am not sure what it is that is causing you a problem. For electricity, the maths are a simple subtraction. For a metric gas meter, it is a simple subtraction times 11.22 to convert cubic metres into kWhs. This though will not take into account seasonal weather variations (eg; cold/warm Winters): this requires a bit of thought.

System

Hengus wrote: »

All energy statements show either the Estimated Annual Usage in £s/year or kWhs/year. This is a Supply Licence Standard Condition. PCWs have to follow the Ofgem Confidence Code which essentially means that they comply with what is in suppliers' licences. Hence, PCWs offer either kWhs/year or annual cost.

All that said, I am not sure what it is that is causing you a problem. For electricity, the maths are a simple subtraction. For a metric gas meter, it is a simple subtraction times 11.22 to convert cubic metres into kWhs. This though will not take into account seasonal weather variations (eg; cold/warm Winters): this requires a bit of thought.

PS: I should add that 'Meters for IOS' does everything that you need and a lot more for about a £1.

Dewpoint

Hengus wrote: »

PS: I should add that 'Meters for IOS' does everything that you need and a lot more for about a £1.

In my experience the "guestimates" are generally so wildly out of kilter with the actual that it skews the comparison results in favour of "apparent" savings. e.g. My supplier quotes on the basis of 7200 KWhr consumption when the actual for the year is far closer to 6000KWhr!



Also, if the maths are so simple for meter readings, why not have the comparison sites (including Cheap Energy Club) include the ability to submit them in their offerings? It could make life much easier for many I suggest.