MSE News: Bulb to hike energy prices by £91/yr for millions from April

MSE_Andrew

About 1.7 million Bulb customers will see gas and electricity bills rise by up to £91/yr on average in April as the energy supplier has announced it's raising the price of standard credit and prepayment tariffs. But most can beat the hikes and save £150/yr by switching to a cheaper deal...

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Bulb to hike energy prices by £91/yr for millions from April - but you can save £100s/yr by switching

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Daylight robbery

A._Badger

I'm getting really sick of this. First, Yorkshire Energy goes bust, following which I get shunted over to the grossly incompetent Scottish Power (who have still to sort out repaying what I am owed by YE, or get an accurate bill to me), then I move to EDF, using MSE's switching service. But no sooner have I moved to EDF than they raise their prices, so, again using MSE, I move to Bulb. And now this. That's four different  suppliers in as many months. This really should not be necessary. 

It is high time that the government got to grips with this faux market and the ridiculous system where we have 'energy companies' that produce nothing at all - they are just intermediary billing organisations, squatting between consumers and producers and adding nothing other than cost to the transaction  They can get rid of OFGEM, too, while they're at it - another source of cost and little, if any, benefit to the consumer and taxpayer.,  

[Deleted User]

A._Badger said:

I'm getting really sick of this. First, Yorkshire Energy goes bust, following which I get shunted over to the grossly incompetent Scottish Power (who have still to sort out repaying what I am owed by YE, or get an accurate bill to me), then I move to EDF, using MSE's switching service. But no sooner have I moved to EDF than they raise their prices, so, again using MSE, I move to Bulb. And now this. That's four different  suppliers in as many months. This really should not be necessary. 

It is high time that the government got to grips with this faux market and the ridiculous system where we have 'energy companies' that produce nothing at all - they are just intermediary billing organisations, squatting between consumers and producers and adding nothing other than cost to the transaction  They can get rid of OFGEM, too, while they're at it - another source of cost and little, if any, benefit to the consumer and taxpayer.,  

I think that it is called competition. I don’t wish to appear harsh but if you decide to chose a variable rather than a fixed tariff, and small suppliers with no proven track record or significant financial backing just because they offer the lowest prices, then the risks sit firmly with you. The increase in variable tariff prices was well signalled when Ofgem agreed to an increase in the Cap some weeks ago. Ofgem is a non Ministerial Governmental Department: a Government body of some description has to oversee energy supplies; licensing and power distribution. Who would you have do it?

A._Badger

[Deleted User] said:

A._Badger said:

I'm getting really sick of this. First, Yorkshire Energy goes bust, following which I get shunted over to the grossly incompetent Scottish Power (who have still to sort out repaying what I am owed by YE, or get an accurate bill to me), then I move to EDF, using MSE's switching service. But no sooner have I moved to EDF than they raise their prices, so, again using MSE, I move to Bulb. And now this. That's four different  suppliers in as many months. This really should not be necessary. 

It is high time that the government got to grips with this faux market and the ridiculous system where we have 'energy companies' that produce nothing at all - they are just intermediary billing organisations, squatting between consumers and producers and adding nothing other than cost to the transaction  They can get rid of OFGEM, too, while they're at it - another source of cost and little, if any, benefit to the consumer and taxpayer.,  

I think that it is called competition. I don’t wish to appear harsh but if you decide to chose a variable rather than a fixed tariff, and small suppliers with no proven track record or significant financial backing just because they offer the lowest prices, then the risks sit firmly with you. The increase in variable tariff prices was well signalled when Ofgem agreed to an increase in the Cap some weeks ago. Ofgem is a non Ministerial Governmental Department: a Government body of some description has to oversee energy supplies; licensing and power distribution. Who would you have do it?

No, it is not called competition. It is a completely artificial system in which layers of 'Green' subsidies and other political motives weight an already difficult market, with a layer of quite unnecessary middle men, the whole mess of which is overseen by an expensive bureaucracy of civil servants, whose track record is lamentable. Competition would be where producers produce at the lowest possible cost and sell against one another to consumers. 

As for choosing a fixed tariff, I have always chosen fixed tariffs until I moved to EDF. And as for 'small companies' how small would you say EDF is? 
    

FerretForDeals

If Bulb quoted a price - as part of comparison exercise last week, and without mentioning price increase until after the switch was made - do they have to honour the quote for the entire year ahead? Else the comparison & subsequent switch, were based on completely misleading information.

rp1974

Interesting conundrum involved here,in olden times energy supply was viewed as being too restrictive,so it's opened up to competition and viewed as too lax,what other solution is there?.

Anybody that's on a standard tariff shouldn't really be finger pointing anywhere except themselves,imho.

UnclaimedEnergy

Currently most of the cheapest tariffs on the market are priced below cost, even before taking into account any non-direct costs.
To make up for this, suppliers like Octopus Energy have used tech to cut back-office costs and develop products to help consumers further save money.

If you remove suppliers from the chain, you're left with the government run energy and gas. This would then result in no competition and a set price for everyone likely at, or just below the price cap. Pretty much where Bulb already price themselves.

If the NHS are still using Windows XP in 2020 then I doubt a public run energy system would push through tech advantages.

UnclaimedEnergy

FerretForDeals said:

If Bulb quoted a price - as part of comparison exercise last week, and without mentioning price increase until after the switch was made - do they have to honour the quote for the entire year ahead? Else the comparison & subsequent switch, were based on completely misleading information.

It's a variable contract so they don't need to honour any quotes when you switch. Plus you can just switch away at any point anyway. If your switch isn't complete you can also cancel the switch.

[Deleted User]

FerretForDeals said:

If Bulb quoted a price - as part of comparison exercise last week, and without mentioning price increase until after the switch was made - do they have to honour the quote for the entire year ahead? Else the comparison & subsequent switch, were based on completely misleading information.

No - suppliers are under no obligation to inform consumers that they are considering a price increase. Indeed, it has often been reported here that CS staffs are not told until the tariff change has been implemented. PCWs work on the information that they are provided with. If you commit to a switch on the day that you see a particular tariff offer then the contract should be based on that tariff. AFAIK, Bulb only offers a variable tariff. If they increase the tariff in the future then they are required to inform existing customers and allow them to switch away without penalty. Only a fixed tariff offers price protection for the period up to contract end.

[Deleted User]

A._Badger said:

Dolor said:

A._Badger said:

I'm getting really sick of this. First, Yorkshire Energy goes bust, following which I get shunted over to the grossly incompetent Scottish Power (who have still to sort out repaying what I am owed by YE, or get an accurate bill to me), then I move to EDF, using MSE's switching service. But no sooner have I moved to EDF than they raise their prices, so, again using MSE, I move to Bulb. And now this. That's four different  suppliers in as many months. This really should not be necessary. 

It is high time that the government got to grips with this faux market and the ridiculous system where we have 'energy companies' that produce nothing at all - they are just intermediary billing organisations, squatting between consumers and producers and adding nothing other than cost to the transaction  They can get rid of OFGEM, too, while they're at it - another source of cost and little, if any, benefit to the consumer and taxpayer.,  

I think that it is called competition. I don’t wish to appear harsh but if you decide to chose a variable rather than a fixed tariff, and small suppliers with no proven track record or significant financial backing just because they offer the lowest prices, then the risks sit firmly with you. The increase in variable tariff prices was well signalled when Ofgem agreed to an increase in the Cap some weeks ago. Ofgem is a non Ministerial Governmental Department: a Government body of some description has to oversee energy supplies; licensing and power distribution. Who would you have do it?

No, it is not called competition. It is a completely artificial system in which layers of 'Green' subsidies and other political motives weight an already difficult market, with a layer of quite unnecessary middle men, the whole mess of which is overseen by an expensive bureaucracy of civil servants, whose track record is lamentable. Competition would be where producers produce at the lowest possible cost and sell against one another to consumers. 

As for choosing a fixed tariff, I have always chosen fixed tariffs until I moved to EDF. And as for 'small companies' how small would you say EDF is? 
    

Fair enough - but who would regulate the UK energy market to ensure, for example, that all the suppliers in the market don’t just buy all their energy from Russian producers at discounted prices? We have another spat with Putin, and all the lights go out? Yes, the Government could remove all green taxes from energy prices along with standing charges and recover the money needed to distribute energy and move to renewables by raising income tax. Most people would argue that a system of the user paying is probably fairer to all.