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Martin Lewis: ‘Do nothing’ with your energy supply and go onto the price cap when your deal ends - t

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  • zagfles
    zagfles Posts: 20,502 Forumite
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    Do nothing with your energy supply and roll onto the price cap when your deal ends rather than trying to switch. 
    Does that include ex-Igloo customers who have been forced onto Eon?
    Yes, as it says here:

  • zagfles
    zagfles Posts: 20,502 Forumite
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    TiVo_Lad said:
    As a victim of Symbio Energy's demise, I will apparently be switched to EON Next (if they can be bothered to contact me) at a per Kwh rate that is 85% more expensive (the standing charge has increased by 1.1%) than I previouly paid. Yet, there is a market fix available that is "only" 58% more expensive (and a standing charge that is 27% cheaper). Why would I wait a nanosecond and not switch to a cheaper tarrif? Yes, the new supplier might go bust next month, but the same price cap will still be in place, whilst in the mean time I'm saving money.

    What's more dangerous is the Price "Cap" becomes an effective Price "Floor". If there's a big rout of smaller suppliers, where's the incentive for any of them to reduce prices rather than keep the prices high and shore up their balance sheets. Higher energy prices are here to stay.
    Who's this fix with?

  • wittynamegoeshere
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    You haven't quoted any specific figures, but I'm pretty sure you've got it wrong with Eon's tariffs.  You'll be paying around 20-21p per unit, as that is the capped price.  You won't see this tariff openly offered to new customers because they don't want new customers at this price without Ofgem paying a subsidy on our behalf as they are for us ex-Symbio gang.
    I don't think you'll find a fixed tariff that's less than Eon are going to provide for us all.  We're getting the capped rate.
    This is still a lot more than the 13p I was paying Symbio, but they went bust as they were too cheap.  We got a good thing while it was there.
  • Petriix
    Petriix Posts: 2,115 Forumite
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    You haven't quoted any specific figures, but I'm pretty sure you've got it wrong with Eon's tariffs.  You'll be paying around 20-21p per unit, as that is the capped price.  You won't see this tariff openly offered to new customers because they don't want new customers at this price without Ofgem paying a subsidy on our behalf as they are for us ex-Symbio gang.
    I don't think you'll find a fixed tariff that's less than Eon are going to provide for us all.  We're getting the capped rate.
    This is still a lot more than the 13p I was paying Symbio, but they went bust as they were too cheap.  We got a good thing while it was there.
    Neon Reef are (were?) offering a 1 year fix at 17.5p per kWh. That's way cheaper than Eon. 
  • Grumpy_chap
    Grumpy_chap Posts: 15,366 Forumite
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    Do nothing with your energy supply and roll onto the price cap when your deal ends rather than trying to switch. 

    Read the full story:

    Martin Lewis: ‘Do nothing’ with your energy supply and go onto the price cap when your deal ends


    If you haven’t already, join the forum to reply.
    Maybe I am being a bit dim, or not seeing the wood for the trees, but I can't see anywhere what the price cap actually is, or should be.

    Everything seems to express the price cap in terms of an average annual bill which is a meaningless number so far as I can tell.

    What I really want to see is that the price cap is xx per day standing charge plus yy per kWh energy for gas and then the comparable numbers for electricity.

    Is that simple information available anywhere please?
  • Ultrasonic
    Ultrasonic Posts: 4,235 Forumite
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    Do nothing with your energy supply and roll onto the price cap when your deal ends rather than trying to switch. 

    Read the full story:

    Martin Lewis: ‘Do nothing’ with your energy supply and go onto the price cap when your deal ends


    If you haven’t already, join the forum to reply.
    Maybe I am being a bit dim, or not seeing the wood for the trees, but I can't see anywhere what the price cap actually is, or should be.

    Everything seems to express the price cap in terms of an average annual bill which is a meaningless number so far as I can tell.

    What I really want to see is that the price cap is xx per day standing charge plus yy per kWh energy for gas and then the comparable numbers for electricity.

    Is that simple information available anywhere please?
    Sadly the short answer to your question is 'no' (there is no single, simpe answer), but the following thread will get you close enough to be useful:

    https://forums.moneysavingexpert.com/discussion/6298223/simple-question-what-is-ofgems-price-cap-per-unit#latest
  • geoff_woking
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    Well I'm also grumpy and I agree that these typical average bill quotes that they trot out are meaningless. I have consumption data going back over several years and know exactly what I have consumed and pretty accurately what I'm going to consume.   I'm also a Symbio victim.  They were 13.33 p/kWh and 15 p/day.  E.ON Next contacted me this evening to let me know what happens next.  They were careful not to reveal details of the tariff, perhaps to avoid distress or confusion but a spot of research leads me to expect 22.31 p/kWh and 29.48 p/day.  On 5360 kWh per annum that looks like a 70% increase from £769 to £1303.
    This really means cancel some subscriptions, reduce charitable donations and drink less gin.
    And this is an electricity company.  Arnd don't they claim to be green?  So what's this got to do with the price of gas?
  • MWT
    MWT Posts: 9,353 Forumite
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    edited 26 October 2021 at 11:33PM
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    They were careful not to reveal details of the tariff, perhaps to avoid distress or confusion but a spot of research leads me to expect 22.31 p/kWh and 29.48 p/day. 
    Fortunately those numbers are wrong, the absolute highest standing charge for a tariff paid with a DD would be in Northern Scotland and that is 27.39p, the lowest is London at 23.3p, similarly the kWh prices tend to be a little ,lower than the one you mention with a lot of the regions close to 21p/kWh
    This should be a good guide to your prices...

  • geoff_woking
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    MWT said:
    They were careful not to reveal details of the tariff, perhaps to avoid distress or confusion but a spot of research leads me to expect 22.31 p/kWh and 29.48 p/day. 
    Fortunately those numbers are wrong, the absolute highest standing charge for a tariff paid with a DD would be in Northern Scotland and that is 27.39p, the lowest is London at 23.3p, similarly the kWh prices tend to be a little ,lower than the one you mention with a lot of the regions close to 21p/kWh
    This should be a good guide to your prices...
     
    Thanks for that link.  It's clear that I was looking at projected costs before DD discount.  It would still result in a 55-61% increase depending on whether I'm in the Southern or Seeboard region.  I was well in credit when Symbio stopped trading but they continued to take direct debits so I cancelled.  Probably a mistake then 😊
  • rp1974
    rp1974 Posts: 742 Forumite
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    And this is an electricity company.  Arnd don't they claim to be green?  So what's this got to do with the price of gas?
    You may not be aware of this but a fair chunk of electricity is generated by burning gas,so the simple answer is that expensive gas therefore equals expensive electricity.
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