Neon Reef - any views?

Liku

Got an email now with more info. It says:

As of 21st November this year you became our customer 

So yesterday is the date the new higher tariff starts it seems.

dbks

Verdigris said:

Think yourself lucky the Ofgem cap limits it to that. BG will still be losing money at that rate, albeit they can claim back the extra expenses of acting as SoLR....

That will depend on the terms they submitted to win the competitive bid.

Ofgem would favour those suppliers that do not express an intent to make such a claim in their bid, or at least limit it.

The fact that BG have promised to fix the tariff for months past the next date of the next Ofgem cap review implementation date would suggest BG are swallowing the costs themselves. They plan to recover costs by keeping many customers once the tariff ends.

MWT

dbks said:

That will depend on the terms they submitted to win the competitive bid.

Ofgem would favour those suppliers that do not express an intent to make such a claim in their bid, or at least limit it.

I very much doubt that there was any competition this time around, more likely Ofgem leaned on BG to step-up.

We will find out in due course when Ofgem publish the details of any claim.

pallyman

So would we be better of giving a reading to NR now as i think BG will edge it to their advantage if we are asked to give them a reading in a few days.

gsmh

pallyman said:

So would we be better of giving a reading to NR now as i think BG will edge it to their advantage if we are asked to give them a reading in a few days.

To be fair, that's exactly what British Gas has asked us to do. I'm very pleased they are our SoLR - it could have been much worse. I had intended to move to a big player when my fix expired - before all the smaller companies went bust and BG is probably who I would have chosen.

Patr100

Shedman said:

BUFF said:

Shedman said:

Just noticed price is fixed until July 2022 so thats a bit of an upside as presumably we won't get hit with the April cap increase till then (unless they mean fixed as in it matches the cap) and hopefully by July there will be some better deals around 🤞🙏

It's a Variable tariff though so they can change with 30 days notice.
 
It also says that this tariff may no longer be available to be signed up to ...   brewery & p iss-up come to mind  

Well if it is the Welcome to BG tariff we get put on it says on the tariff info

Tariff ends on 31 July 2022
Price guaranteed until 31 July 2022

Looks pretty fixed til that point in time to me, although I agree it states its a Variable tariff and in the footnotes says that variable tariffs can be changed with 30 days notice (so slightly at odds with each other).  

I agree about the brewery comment  😅

 A  complete contradiction. How can a variable rate which can change with a months notice
be guaranteed til July 2022? Otherwise what price is guaranteed?

[Deleted User]

Anyone ever watched SOAP, in the distant past? It had the strap line 'Confused? You will be.' 

Guess it's just a case of waiting six weeks for a bill, and seeing what's been charged. Although no doubt they'll be chasing a DD set up before then. Might as well stop on standard quarterly if there's no price difference. Wish I could do that with Shell/Green, and have THEM sweating on me, instead of the reverse. 

Another factor is that a lot of these defunct 'small' suppliers seem to share the same Administrator, and not one that I've heard of before (although all the big players have been changing their names as well). Presumably, they will be snowed under as well, and being hassled, to a greater or lesser degree, by the SoLRs.  

QrizB

Deleted_User said:

Verdigris said:

Think yourself lucky the Ofgem cap limits it to that. BG will still be losing money at that rate, albeit they can claim back the extra expenses of acting as SoLR. You'd have a real boot/dentition interface experience if either you power was cut off or you had to pay the true market rate.

We've covered the speciousness about people being cut off on the Bulb thread (er ... on 1 of them).

But what is the "true market rate"? All markets have rules, and the energy supply rules include the price cap, so prices complying with it are the true market rate.

The closest thing you'll find to "wholesale plus reasonable costs" is the Octopus Tracker rates. Today that's 32-34p/kWh, but this month it;'s been as low as 18p and as high as 47p. (In practice Octopus cap it at IIRC 35p/kWh.)

Guy Lipman collates them on his website here; you might want to look up your region code (H is Southern)  but the variation isn't huge.
https://energy.guylipman.com/sm/electracker

QrizB

Deleted_User said:

Patr100 said:

 A  complete contradiction. How can a variable rate which can change with a months notice
be guaranteed til July 2022? Otherwise what price is guaranteed?

It's guaranteed to be at the stated prices, or at new prices of which the stated 30 day's notice has been given ... I guess. Poor wording.

As previously discussed (but perhaps not in this thread), SoLR tariffs are meant to be fixed for 6 months from the date the SoLR takes over. Whether this is actually the case will only be known once all the details come out and/or 6 months pass.

Patr100

QrizB said:

Deleted_User said:

Patr100 said:

 A  complete contradiction. How can a variable rate which can change with a months notice
be guaranteed til July 2022? Otherwise what price is guaranteed?

It's guaranteed to be at the stated prices, or at new prices of which the stated 30 day's notice has been given ... I guess. Poor wording.

As previously discussed (but perhaps not in this thread), SoLR tariffs are meant to be fixed for 6 months from the date the SoLR takes over. Whether this is actually the case will only be known once all the details come out and/or 6 months pass.

Schrodinger's price fix.

Also isn't the current overall price cap due to come to an end/ be reviewed in April?
Can't imagine that won't give the green light to increase prices virtually everywhere.