Massive Price Hike

lnblinda20

My gas/elec is due to renew on 01/10/2021. I currently pay £165 per month combined gas/elec. Cheapest new quote using Go Compare, Money Supermarket, USwitch etc is £232 per month. How can these companies justify an increase of £67 per month??? Am I stuck with this? I knew prices were rising but £804 in increase over a year seems ludicrous. Who can afford an extra £67 per month added to their bill 😡🤬😤

comeandgo

Look at separate companies for your gas and electricity, that can sometimes work out cheaper

stewie_griffin

The current wholesale price of gas is about 10x what it was this time last year.

razord

Many of the fixes being offered now are more expensive than the OFGEM price cap will be on the 1st October.

You should look at the unit prices of your default tariff at the end of your fixed term as it might well be cheaper to just stay put over winter and then switch once prices start to fall again next year.

lnblinda20

I’m finding that out the hard way. A 70% increase seems ridiculous. 

savers_united

For once I don't think anyone can accuse the energy companies of profiteering, many are going out of business, its very real wholesale prices are at very high levels. Its not sustainable for a host of reasons and will correct itself in time, but for now there is little you can do to escape these increases, easier said then done but can you look to reduce your usage? £165 a month is already well above UK average. 

QrizB

lnblinda20 said:

My gas/elec is due to renew on 01/10/2021. I currently pay £165 per month combined gas/elec. Cheapest new quote using Go Compare, Money Supermarket, USwitch etc is £232 per month. How can these companies justify an increase of £67 per month?

That's how much prices have risen. My old gas fix was 2.7p/kWh; the best today is almost 4p/kWh, a 60% increase.

lnblinda20 said:

Am I stuck with this? I knew prices were rising but £804 in increase over a year seems ludicrous. Who can afford an extra £67 per month added to their bill 😡🤬😤

Yes, you're stuck with the tariffs that are on offer. All you can do is try to use less energy. It sounds as though you're using almost twice as much gas and electricity as the average household.

Gerry1

Make sure that you're searching the whole of the market.  Comparison sites work by getting commission from switching you, so they default to showing only the expensive tariffs that will pay them.  If you let someone switch you (rather than going to the supplier directly) the chances are that you haven't found the best deal.

Aylesbury_Duck

lnblinda20 said:

I’m finding that out the hard way. A 70% increase seems ridiculous. 

On what grounds is it ridiculous, though?  We're talking about a finite resource that is in great demand and that we're all supposed to be using less of.  On those grounds alone a big price increase doesn't seem unreasonable.

I don't want to pay a lot more for energy any more than you do, but there is the argument that for something that's so detrimental to climate change, it shouldn't be easily affordable.

In your situation, you may be able to save a lot of money with a change in lifestyle.  Unless you have a very large and highly occupied household, or a family member with a special need, £2,000 p.a. on energy is an awful lot. 

shinytop

This is probably the best energy MSE tip around.  Other suppliers available of course. 

BTW I'm being serious.

DiseasedBunny

shinytop said:

This is probably the best energy MSE tip around.  Other suppliers available of course. 

BTW I'm being serious.

I was thinking of dieting, but maybe keep the lard to keep me warm 🤣