All the major energy firms confirm massive price hikes from October

manic37

[Deleted User] said:

bristolleedsfan said:

British Gas  - Price Promise Sep 2022 prices are fixed until 30 September 2022 at rates that are below the 1st October 2021 OFGEM Price Cap rates

That isn’t that surprising as very large suppliers have the money and experience to hedge well in advance of supply. BG has also lost a lot of customers in recent months so it probably has the headroom to take on more customers and still make a profit from them; ie, it is selling them energy that it has already bought. 

Many smaller suppliers have less market experience and do not hedge that far in advance as hedging costs money. It is the smaller suppliers that are now struggling to stay afloat: as one analyst put it, they failed to monitor what was happening in the Spot market and offered fixed tariffs on the assumption that they would be able to purchase additional energy for new customers at a tariff equivalent price. FWiW, I recently secured a good 2 year gas tariff fixed through until September 2023 at 3.19p/kWh. The variable price is now 3.9p/kWh and the 2 year fix is over 4.9p/kWh.

Whose your 2 year fixed gas tariff with?

fryedslyce

bristolleedsfan said:

British Gas  - Price Promise Sep 2022 prices are fixed until 30 September 2022 at rates that are below the 1st October 2021 OFGEM Price Cap rates

Speaking of BG tariffs

Fixed Price Sept 2022:

Gas: 2.415p per kWh
Standing charge: 25.719p

Elec: 14.385p per kWh
Standing charge: 20.864p

Anyone who's on that tariff has done very well, I wonder if an existing BG customer could transfer to it.

[Deleted User]

manic37 said:

Dolor said:

bristolleedsfan said:

British Gas  - Price Promise Sep 2022 prices are fixed until 30 September 2022 at rates that are below the 1st October 2021 OFGEM Price Cap rates

That isn’t that surprising as very large suppliers have the money and experience to hedge well in advance of supply. BG has also lost a lot of customers in recent months so it probably has the headroom to take on more customers and still make a profit from them; ie, it is selling them energy that it has already bought. 

Many smaller suppliers have less market experience and do not hedge that far in advance as hedging costs money. It is the smaller suppliers that are now struggling to stay afloat: as one analyst put it, they failed to monitor what was happening in the Spot market and offered fixed tariffs on the assumption that they would be able to purchase additional energy for new customers at a tariff equivalent price. FWiW, I recently secured a good 2 year gas tariff fixed through until September 2023 at 3.19p/kWh. The variable price is now 3.9p/kWh and the 2 year fix is over 4.9p/kWh.

Whose your 2 year fixed gas tariff with?

Zog Energy.

bristolleedsfan

manic37 said:

Dolor said:

bristolleedsfan said:

British Gas  - Price Promise Sep 2022 prices are fixed until 30 September 2022 at rates that are below the 1st October 2021 OFGEM Price Cap rates

That isn’t that surprising as very large suppliers have the money and experience to hedge well in advance of supply. BG has also lost a lot of customers in recent months so it probably has the headroom to take on more customers and still make a profit from them; ie, it is selling them energy that it has already bought. 

Many smaller suppliers have less market experience and do not hedge that far in advance as hedging costs money. It is the smaller suppliers that are now struggling to stay afloat: as one analyst put it, they failed to monitor what was happening in the Spot market and offered fixed tariffs on the assumption that they would be able to purchase additional energy for new customers at a tariff equivalent price. FWiW, I recently secured a good 2 year gas tariff fixed through until September 2023 at 3.19p/kWh. The variable price is now 3.9p/kWh and the 2 year fix is over 4.9p/kWh.

Whose your 2 year fixed gas tariff with?

Cheapest gas only fixes last time was looked at with no exit fees SSE and EDF direct, if get quote from EDF direct for gas only within couple of days probably get £75 credit offer, I cannot confirm that works for gas only, someone else seemed to think it does

SirFreddy

Octopus Energy have informed me that my tarriffs are to rise in October, when could the rates go up again after that?

At the moment any fixed tarriffs with anyone are too high for me to switch.

TIA

bristolleedsfan

SirFreddy said:

Octopus Energy have informed me that my tarriffs are to rise in October, when could the rates go up again after that?

At the moment any fixed tarriffs with anyone are too high for me to switch.

TIA

April 1st new price cap tipped to rise about £280 based on 2900 E, 12000 Gas, Octopus have clearly built that figure into its current fixed rate, gas prices tipped to fall Summer 2022.

Surely Sainsburys Energy operated by E.on Next 2 year fixed, no exit fees with 12000 Nectar points currently no more expensive than Octopus new flexible rate is a no brainer particularly as E.on Next platform was built using Octopus technology

https://uk.trustpilot.com/review/sainsburysenergy.com

If you have a Smart Meter, Octopus Go 12 month tariff would probably be best option for Electricity.