Energy prices going through the roof, new supplier price increase after only 6 days.

SpaceBallzz

I've been with So Energy and the annual cost for my 3 bed semi comes to around £1800, a few years ago it was just over £1000 so the increase is huge.

So Energy put their prices up so I switched to Igloo and now after only 6 days and before my supply has even switched over to them I'm hit with a 14% increase, an estimated £360 annually.

The new unit rates from Igloo after the increase are as follows....

electricity

23p standing charge

19.916p/kwh

gas

26p standing charge

3.737p/kwh


Is this as good as I'm going to get ? I found Igloo using the tool on this website.

Thanks, Lee.

QrizB

This is the "other fuels" section., your post would be better here: https://forums.moneysavingexpert.com/categories/energy

However, looking at your question, you're on moderately-good tariffs, not the worst but not the best either. From the size of your bills I guess you're using a relatively large amount of energy?

Did you tell the MSE tool to show you *all* tariffs, not just the ones that get you cashback? And did you look at separate suppliers for electricity and gas, those are generally cheaper than a dual-fuel supplier?

bristolleedsfan

SpaceBallzz said:

The new unit rates from Igloo after the increase are as follows....

electricity

23p standing charge

19.916p/kwh

My region rate changes --

Igloo Pioneer  Current Prices Until 30 Sep 2021

Electricity Standing charge Unit rate 23.320p per day  17.695p/kWh

New Prices

From 1st Oct 2021 Electricity Standing charge  23.000p per day Unit rate  21.596p/kWh

MSE_ForumTeam5

We've moved this to the main Energy board

[Deleted User]

SpaceBallzz said:

I've been with So Energy and the annual cost for my 3 bed semi comes to around £1800, a few years ago it was just over £1000 so the increase is huge.

So Energy put their prices up so I switched to Igloo and now after only 6 days and before my supply has even switched over to them I'm hit with a 14% increase, an estimated £360 annually.

The new unit rates from Igloo after the increase are as follows....

electricity

23p standing charge

19.916p/kwh

gas

26p standing charge

3.737p/kwh


Is this as good as I'm going to get ? I found Igloo using the tool on this website.

Thanks, Lee.

Today's Guardian is reporting record energy wholesale price rises last month. Presumably, these will feed through to the April Cap next year.

Look at the right hand column of these two links

https://energy.guylipman.com/sm/gastracker

https://energy.guylipman.com/sm/electracker

Compare the wholesale prices to what they were a year ago.

wakeupalarm

[Deleted User] said:

Today's Guardian is reporting record energy wholesale price rises last month. Presumably, these will feed through to the April Cap next year.

Look at the right hand column of these two links

https://energy.guylipman.com/sm/gastracker

https://energy.guylipman.com/sm/electracker

Compare the wholesale prices to what they were a year ago.

Remember the quote the energy companies used to trot out whenever there was a reduction in wholesale prices about them buying in advance and it taking 18months to 2 years to work through into retail prices.

[Deleted User]

wakeupalarm said:

Dolor said:

Today's Guardian is reporting record energy wholesale price rises last month. Presumably, these will feed through to the April Cap next year.

Look at the right hand column of these two links

https://energy.guylipman.com/sm/gastracker

https://energy.guylipman.com/sm/electracker

Compare the wholesale prices to what they were a year ago.

Remember the quote the energy companies used to trot out whenever there was a reduction in wholesale prices about them buying in advance and it taking 18months to 2 years to work through into retail prices.

I suspect that many of the newer/smaller/cheaper suppliers struggle to hedge as this requires a significant upfront payment. As history has demonstrated, suppliers who have welcomed hoards of new customers on the back of cheaper prices often fail if prices rise quickly.

bristolleedsfan

Dolor said:

wakeupalarm said:

Dolor said:

Today's Guardian is reporting record energy wholesale price rises last month. Presumably, these will feed through to the April Cap next year.

Look at the right hand column of these two links

https://energy.guylipman.com/sm/gastracker

https://energy.guylipman.com/sm/electracker

Compare the wholesale prices to what they were a year ago.

Remember the quote the energy companies used to trot out whenever there was a reduction in wholesale prices about them buying in advance and it taking 18months to 2 years to work through into retail prices.

I suspect that many of the newer/smaller/cheaper suppliers struggle to hedge as this requires a significant upfront payment. As history has demonstrated, suppliers who have welcomed hoards of new customers on the back of cheaper prices often fail if prices rise quickly.

It was the largest energy companies who used to trot out whenever there was a reduction in wholesale prices about them buying in advance and it taking 18months to 2 years to work through into retail prices.

wakeupalarm

Good points.  It can only mean that we are about to see lots of newer smaller companies go to the wall over the next 6 months and their customers taken over by larger energy companies.  The retail energy supply market is broken.  What is the point of all this increased competition if we only end up back a square one with a few large suppliers. The cost of the failures is born by the customers with increased bills. The whole industry is an unnecessary waste of time and cost.

merchcon55

Dolor said:

wakeupalarm said:

Dolor said:

Today's Guardian is reporting record energy wholesale price rises last month. Presumably, these will feed through to the April Cap next year.

Look at the right hand column of these two links

https://energy.guylipman.com/sm/gastracker

https://energy.guylipman.com/sm/electracker

Compare the wholesale prices to what they were a year ago.

Remember the quote the energy companies used to trot out whenever there was a reduction in wholesale prices about them buying in advance and it taking 18months to 2 years to work through into retail prices.

I suspect that many of the newer/smaller/cheaper suppliers struggle to hedge as this requires a significant upfront payment. As history has demonstrated, suppliers who have welcomed hoards of new customers on the back of cheaper prices often fail if prices rise quickly.

https://energy.guylipman.com/sm/gastracker

https://energy.guylipman.com/sm/electracker

 Very good links - would there be a list of which region is A, B, C etc.. on the charts?

[Deleted User]

DNO regions for electricity:

• A – Eastern England
• B – East Midlands
• C – London
• D – Merseyside and Northern Wales
• E – West Midlands
• F – North Eastern England
• G – North Western England
• H – Southern England
• J – South Eastern England
• K – Southern Wales
• L – South Western England
• M – Yorkshire
• N – Southern Scotland
• P – Northern Scotland