Robin Hood Energy - robbing who?

Rich2Rags

For those on a fixed tariff, the fall in wholesale gas prices set against the increasing economic hardship of the Corvid 19 shut-down, would suggest that if RH energy is a 'socially orientated' company then why don't they reduce their fix tariff?  For a so-called 'not-for-profit' company this is not very ethical.

Neil_Jones

Are you on that fixed tariff?

Note that "fixed" tariffs are just that - fixed.  If you agree a new 12 month tariff in February and prices fall through the floor in the meantime, your tariff won't change.

The best time ideally for fixes is when energy costs are low and you get a steal of a rate, just before they go up again.  You'd save more that way.

MWT

In this case though, even their current tariff for new customers isn't competitive...

Also regarding fixed tariffs, they are only a risk if you go with a company that doesn't allow you to change without paying a fee. There are plenty around who do let you change.

I've been through 3 different gas tariffs already this year, all without penalty and without changing from my current supplier (Octopus).

If the price goes up I'm protected, if it goes down I can switch for free...

Rich2Rags

Neil_Jones said:

Are you on that fixed tariff?

Note that "fixed" tariffs are just that - fixed.  If you agree a new 12 month tariff in February and prices fall through the floor in the meantime, your tariff won't change.

The best time ideally for fixes is when energy costs are low and you get a steal of a rate, just before they go up again.  You'd save more that way.

I'm aware of the conditions that you mention BUT, the main point I'm making is that under the present economic situation where many people can't work why shouldn't the energy companies, in this case, Robin Hood, reduce their prices?  Given wholesale prices they are not losing!!!!

JJ_Egan

Ask RH the question .

Neil_Jones

Rich2Rags said:

Neil_Jones said:

Are you on that fixed tariff?

Note that "fixed" tariffs are just that - fixed.  If you agree a new 12 month tariff in February and prices fall through the floor in the meantime, your tariff won't change.

The best time ideally for fixes is when energy costs are low and you get a steal of a rate, just before they go up again.  You'd save more that way.

I'm aware of the conditions that you mention BUT, the main point I'm making is that under the present economic situation where many people can't work why shouldn't the energy companies, in this case, Robin Hood, reduce their prices?  Given wholesale prices they are not losing!!!!

You do realise gas and electricity is not bought five minutes in advance of its being used?

It's actually bought weeks, months and sometimes years in advance.  What you're using now may have been bought two years ago, so today's cheap rates may not be reflected in unit costs for some time to come.

UnclaimedEnergy

Um... Robin Hood reduced their 12m fixed tariff by £73 on Thursday...
If you're already on a fixed tariff, your rates won't change unless you move to their newer fixed tariff.

Also... Robin Hood Energy made a £20m+ loss for 18/19... So definitely not for profit currently.

Rich2Rags

Neil_Jones said:

Rich2Rags said:

Neil_Jones said:

Are you on that fixed tariff?

Note that "fixed" tariffs are just that - fixed.  If you agree a new 12 month tariff in February and prices fall through the floor in the meantime, your tariff won't change.

The best time ideally for fixes is when energy costs are low and you get a steal of a rate, just before they go up again.  You'd save more that way.

I'm aware of the conditions that you mention BUT, the main point I'm making is that under the present economic situation where many people can't work why shouldn't the energy companies, in this case, Robin Hood, reduce their prices?  Given wholesale prices they are not losing!!!!

You do realise gas and electricity is not bought five minutes in advance of its being used?

It's actually bought weeks, months and sometimes years in advance.  What you're using now may have been bought two years ago, so today's cheap rates may not be reflected in unit costs for some time to come.

Again, Neil, you didn't reply to my main point.

Gerry1

Would you be happy if an energy company broke its promise to keep your price fixed if it raised the price because the economy was suddenly booming?

UnclaimedEnergy

Rich2Rags said:

Neil_Jones said:

Rich2Rags said:

Neil_Jones said:

Are you on that fixed tariff?

Note that "fixed" tariffs are just that - fixed.  If you agree a new 12 month tariff in February and prices fall through the floor in the meantime, your tariff won't change.

The best time ideally for fixes is when energy costs are low and you get a steal of a rate, just before they go up again.  You'd save more that way.

I'm aware of the conditions that you mention BUT, the main point I'm making is that under the present economic situation where many people can't work why shouldn't the energy companies, in this case, Robin Hood, reduce their prices?  Given wholesale prices they are not losing!!!!

You do realise gas and electricity is not bought five minutes in advance of its being used?

It's actually bought weeks, months and sometimes years in advance.  What you're using now may have been bought two years ago, so today's cheap rates may not be reflected in unit costs for some time to come.

Again, Neil, you didn't reply to my main point.

You don't have a point though... Suppliers may/will offer customer payment holidays if the customer needs it.
If you've signed up to a fixed tariff, then you agreed to a fixed set of rates, just because the market has changed, doesn't mean the fixed tariff should change.

It differs from companies, but a lot tend to but all of the wholesale cost on a fixed tariff upfront - which helps them lock in the price.

There's many reasons to call companies unethical - however Robin Hood haven't been unethical in this situation.

If the situation was different and wholesale costs had risen highly, would you be making the same issues about how they're not raising the prices??? No... you wouldn't