Igloo price rise

PZ19

Got quote yesterday rates were 15.049p Electric, standing charge 22.64p and 2.624p Gas with s/c 26.075p

today electric 16.93p (up 12.5%) s/c 23.321p (up 3%).  Gas 3.018p (up 15%) s/c 26.6p (up 2%)


https://igloo.energy/blog/our-prices-are-changing-july-2021/

rallycurve

Oh brilliant. My switch to them only completed today!! 

dfarry

I've been on Pioneer for about 2 years and they consistently come back as the cheapest for me.  But I have reqived the email about the increase..... apparently will go up by £15 a month based on my usage.

I've checked a few of the online switching services and looks like Octopus will cost me £70 more per year on their fixed 24 month rate.... 

I think Igloo Pioneer is going to change to:-

Igloo Pioneer	VARIABLE
Electricity
Unit rate	18.05 p/kWh
Standing charge	23.321 p/day
Gas
Unit rate	3.359 p/kWh
Standing charge	26.6 p/day

and Octopus is

Octopus 24M Fixed May 2021 v1

fixed

domestic

historic

Eco 7 Electricity

Day unit rate:21.62 p/kWh

Night unit rate:12.7 p/kWh

Standing charge:24.12 p/day

Electricity

Unit rate:19.47 p/kWh

Standing charge:24.03 p/day

Gas

Unit rate:3.27 p/kWh

So it looks like it's electricity that would cost more, what I'm concerned about is Igloo increasing their variable rate again over the 2 year period.

MWT

If those are your choices I'd be inclined to switch to Octopus on the 24 month deal to get the gas price locked in, then once there move your electricity to 'Go' and you should see the price per kWh drop to around 16p or a little lower depending on your region with an even lower 5p rate overnight between 00:30 - 04:30.

dfarry

MWT said:

If those are your choices I'd be inclined to switch to Octopus on the 24 month deal to get the gas price locked in, then once there move your electricity to 'Go' and you should see the price per kWh drop to around 16p or a little lower depending on your region with an even lower 5p rate overnight between 00:30 - 04:30.

I've seen Go mentioned but I'm not sure what it is.... 

We were previously with Octopus for a few years... no issues although they did fit an old standard?? smart meter, so we can't use that at the moment with Igloo.

oldagetraveller1

rallycurve said:

Oh brilliant. My switch to them only completed today!! 

Me too, but yesterday. A short relationship imminent!

UnclaimedEnergy

dfarry said:

So it looks like it's electricity that would cost more, what I'm concerned about is Igloo increasing their variable rate again over the 2 year period.

They've released a blog which explains why they're having to increase their prices quite well: https://igloo.energy/blog/our-prices-are-changing-july-2021/

The reasons are similar to what Bulb gave and is mainly because of how much expensive Gas and Elec wholesale prices are now.

I feel like the increase their doing is too low considering he market movement. (Just compare the wholesale increase in first graph to their prices). If wholesale continue to rise then you will probably see another increase in 2021.

If you're concerned about a variable rate increasing then you'd be better off being on a fixed tariff instead and taking your chances on the renewals.

MWT

dfarry said:

MWT said:

If those are your choices I'd be inclined to switch to Octopus on the 24 month deal to get the gas price locked in, then once there move your electricity to 'Go' and you should see the price per kWh drop to around 16p or a little lower depending on your region with an even lower 5p rate overnight between 00:30 - 04:30.

I've seen Go mentioned but I'm not sure what it is.... 

We were previously with Octopus for a few years... no issues although they did fit an old standard?? smart meter, so we can't use that at the moment with Igloo.

Go is just a two rate smart tariff that is billed using half-hour meter readings at 5p/kwh for 4 hours a night from 00:30 and at a flat rate for the rest of the day.

It is a very simple tariff, there is a more complicated one called 'Go Faster' which allows you to pick a start time for low rate and a duration of 3/4/5 hours at 4.5p/5p/5.5p per kWh.

If you still have that Secure branded SMETS1 smart meter then Octopus should be able to use it without replacing it if you switched back to them.

dcfc67

Received an email telling me of the increase.

I don't join them until July 11th.

They tell me i carn't cancel my switch as its too late.

But once i've joined i can switch but need to complete by 31st of August to keep the old prices.

oldandwizend

I too received the email regarding price increase just 2 days after I switched.

I Ihave done more comparisons with other web sites where new igloo prices are accounted for (cannot do with MSE as my account still shows 'switch in progress') and igloo will still be one of the cheaper providers. I suspect that further supplier wide increases may be in the pipleine and as there is no penalty for leaving I am going to bide my time before deciding what to do.