Astounding price increases!

brewerdave

Just had the "renewal offers" for my 12 month fixes finishing 28th Feb. I can honestly say that I have never faced such huge increases in annual payments! 35% on leccy and 44% on gas ! Obviously won't be staying with either Green or Gulf  . 
Have commenced a leccy switch to Neon Reef and gas to Zog today - altho that will still see a total increase of ~ 22% -eye watering ! Must have got in at the right time last year I suppose. 

Verdigris

For once I jumped at the right time when Yorkshire's ultra-cheap variable tariff took an upturn. Nothing cheaper than my Zog/PFP fixes by quite a margin.

brewerdave

Could have knocked another £100 off if I been prepared to risk Neo variable ,but the feedback (or lack of) put me off! 

Verdigris

The trouble with variable tariffs is they invariable go up, sooner or later. I, unusually, took the Yorkshire variable tariff because it was so astoundingly cheap. I calculated that it would need to stay steady for 4 months to cover my exit fees from GNE and I won, by a couple of months. How long I'll have to wait for SP to pay back my YE credit is another matter.

elucidate

brewerdave said:

Just had the "renewal offers" for my 12 month fixes finishing 28th Feb. I can honestly say that I have never faced such huge increases in annual payments! 35% on leccy and 44% on gas ! Obviously won't be staying with either Green or Gulf  . 
Have commenced a leccy switch to Neon Reef and gas to Zog today - although that will still see a total increase of ~ 22% -eye watering ! Must have got in at the right time last year I suppose. 

Yes gas was super-duper cheap in Feb/Mar 2020 and I switched to Gulf at the time.
I switched away from Gulf during the summer as Octopus Tracker variable was much cheaper, so much so that I even paid the exit fee.
But that decision has come to bite me in the !!!!!! really badly during the winter. Now on a fixed gas tariff with So Energy.

As for electricity, the ideal time to initiate a fixed deal was last month when the energy companies were on a price war in order to increase raw customer quantity so as for it to look good on their end-of-year reports. I unfortunately went for a variable deal and regret not going for a fixed one - a decision that would cost me £100 or so.

brewerdave

elucidate said:

brewerdave said:

Just had the "renewal offers" for my 12 month fixes finishing 28th Feb. I can honestly say that I have never faced such huge increases in annual payments! 35% on leccy and 44% on gas ! Obviously won't be staying with either Green or Gulf  . 
Have commenced a leccy switch to Neon Reef and gas to Zog today - although that will still see a total increase of ~ 22% -eye watering ! Must have got in at the right time last year I suppose. 

Yes gas was super-duper cheap in Feb/Mar 2020 and I switched to Gulf at the time.
I switched away from Gulf during the summer as Octopus Tracker variable was much cheaper, so much so that I even paid the exit fee.
But that decision has come to bite me in the !!!!!! really badly during the winter. Now on a fixed gas tariff with So Energy.

As for electricity, the ideal time to initiate a fixed deal was last month when the energy companies were on a price war in order to increase raw customer quantity so as for it to look good on their end-of-year reports. I unfortunately went for a variable deal and regret not going for a fixed one - a decision that would cost me £100 or so.

Kept looking but never found a cheaper leccy deal; Could have found cheaper gas deals but the exit fee from Gulf ate up most of potential savings so didn't bother.
I think a few of us have been caught out this year ,by the steep rise in wholesale energy costs. !!

mac.d

elucidate said:

As for electricity, the ideal time to initiate a fixed deal was last month when the energy companies were on a price war in order to increase raw customer quantity so as for it to look good on their end-of-year reports. I unfortunately went for a variable deal and regret not going for a fixed one - a decision that would cost me £100 or so.

I was managing a switch for someone last month, just before they were in the switching window there was some deals available at the same price or slightly below their previous tariff, including Octopus with their great customer service. However by the time I looked again just after Xmas there were only some smaller suppliers at just over what they'd been paying last year. Octopus had jumped £75.

Be_Happy

Be careful when you renew.  I got email from supplier reminding me my electricity fixed price deal would be ending on 28 February and advising me to phone to get best renewal deal.

I phoned and spoke to very helpful agent.  He asked why I was renewing so early and told him I had received email telling me to do so.  He said wait until February.  Prices were high just now, but better new deals were expected in February.

Someone giving poor advice.  I can see how supplier would benefit from having me renew now at the high prices, but can't see how it matters to the customer service agent when I renew, so I'm going with his advice.

bristolleedsfan

mac.d said:

elucidate said:

As for electricity, the ideal time to initiate a fixed deal was last month when the energy companies were on a price war in order to increase raw customer quantity so as for it to look good on their end-of-year reports. I unfortunately went for a variable deal and regret not going for a fixed one - a decision that would cost me £100 or so.

. Octopus had jumped £75.

In last week or so Octopus launched a new 12 Month fix reversing December 12 Month fixed Tariff increases, only available directly via its website/via refer friend link ( not comparison sites)

Octopus Direct 12M Fixed January 2021 v1

JohnB47

Be_Happy said:

Be careful when you renew.  I got email from supplier reminding me my electricity fixed price deal would be ending on 28 February and advising me to phone to get best renewal deal.

I phoned and spoke to very helpful agent.  He asked why I was renewing so early and told him I had received email telling me to do so.  He said wait until February.  Prices were high just now, but better new deals were expected in February.

Someone giving poor advice.  I can see how supplier would benefit from having me renew now at the high prices, but can't see how it matters to the customer service agent when I renew, so I'm going with his advice.

That last paragraph is confusing. If you mean you're going to wait, I think that's a bad decision. From reading here and there, I believe that prices are going up across the board and will continue in that direction. Just my opinion of course.

btr30

Be_Happy said:

I phoned and spoke to very helpful agent.  He asked why I was renewing so early and told him I had received email telling me to do so.  He said wait until February.  Prices were high just now, but better new deals were expected in February.

Someone giving poor advice.  I can see how supplier would benefit from having me renew now at the high prices, but can't see how it matters to the customer service agent when I renew, so I'm going with his advice.

I can guarantee that the helpful agent has absolutely no idea what prices will be in February.