Energy news in general

chris_n

gazapc said:

superkoopauk said:

This fact this article is "news" is ridiculous.   Of course suppliers are going to put up DD's before October and it would be damn irresponsible of them not to.

https://www.bbc.co.uk/news/business-62494406

Just seen this. It is a stupid news article with a misleading headline and will cause needless worry to the public.

I think one of the issues here is the Government are not going to do anything until the new PM is in post. Even if the Government  could turn something around quicky the Energy companies will already have increased payments for 2 / 3 / 4 months without any further help.  I'm not saying the Energy providers shouldn't do this but that is where the worry will come from.

pochase

Todays update from Auxilione. Further predicted high cap increases from April onward.

And I am not sure what to think about them, so information only. What makes them interesting is the prediction of unit rates, even so they seem to use the same method we use for our guesstimates.

Sea_Shell

That's a very comprehensive breakdown of some very scary numbers...albeit educated guesses!!

Do you have a direct link to where you got it all, thanks?

pochase

Here you go

https://www.linkedin.com/feed/update/urn:li:activity:6963744598590377984/

They seem to do this daily. Only true for the last three days in a row.

There is also very detailed explanation what is happening and what they base the changes to the calculation on.

brewerdave

If these latest predictions are anywhere near true ,then there are going to 100.000s of customers (possibly millions) defaulting next year.

pochase

They are near enough to CI for October, but they differ very much for 2023. No way to say who is right.

I just see it as an additional source of information with more detailed reasoning why they adjust the predictions.

Sea_Shell

pochase said:

Here you go

https://www.linkedin.com/feed/update/urn:li:activity:6963744598590377984/

They seem to do this daily. Only true for the last three days in a row.

There is also very detailed explanation what is happening and what they base the changes to the calculation on.

Very informative, thank you.

Time will tell how accurate any of these predictions prove to be.   We can only hope the actual figures improve!!

ihatetrump

pochase said:

EDF is supposedly going onto the Octopus system, so that will be resolved soon.

That EDF should have a better system does not change my statement that a user will be worse off if they will not include at least parts of the increase into the review.

I am not even sure they will do it, somehow I would be surprised if they do.

I'm with EDF and can't really complain because I have a (relatively) smoking fixed deal until September 2024 when sticker shock kicks in.

That said, their lack of joined up technology is very frustrating - the last invoice they issued on my account was on 11 February 2022 and so now because of my monthly DD's my account shows as being over £1,800 in credit - which I know is absolute rubbish - it's just that they haven't issued an invoice to catchup.

What really gets me though is that I have a smart meter & the EDF app - I can clearly see my day by day and month by month usage - but I'm forced to perform manual calculations to work out what the true amount of my credit is - not worth the effort.

So why do EDF only issue invoices every 6 months for customers who pay by monthly DD with a smart meter? - simple really - it's a VAT cash flow issue. It's only when EDF (or any other energy provider) issues an invoice that they create a tax point for VAT purposes. The VAT is then generally paid over to HMRC by the 7th of the following month or in some (rare) cases even later. 

By delaying invoicing, EDF and others actually have the benefit of using the VAT element of invoices for many months before it actually gets paid over to HMRC.

Shedman

Based on those predicted rates a 3 month stay in a Spanish hotel over winter is starting to look more tempting....

ihatetrump

Shedman said:

Based on those predicted rates a 3 month stay in a Spanish hotel over winter is starting to look more tempting....

Not sure if you saw latest reports from Spain:

https://newseu.cgtn.com/news/2022-08-10/Spain-s-energy-saving-restrictions-set-for-court-battle-1cmJs16pLTW/index.html#:~:text=Despite%20the%20opposition's%20arguments%2C%20the,below%2019%20degrees%20in%20winter.

Air conditioning not being set cooler than 27C in summer and Heating not more than 19C in winter!

Spanish hotel rooms may be decidedly cool this winter.......