Energy news in general

meinnit

https://www.ft.com/content/17b2f2a5-3f84-4bd5-90da-3a29af25bdd7

Investec, the investment bank, has estimated that Britain’s energy price cap will have to be lifted to £1,995-a-year per household from April when the limit is next altered by Ofgem, the regulator, unless it or government comes up with “mitigating actions” to soften the blow.

The cap has been set at £1,277 per household since October, based on average consumption, but wholesale prices have continued to rise. UK wholesale gas prices are currently trading at a record 364p per therm — six times their level at the start of the year.

Fairzo

Behind a paywall, and I don't intend to be paying the FT.

I fear even that cap estimate could be optimistic if wholesale costs remain there or thereabouts at current levels until end of January.

Effician

400p/therm at 9:20 this morning.

meinnit

Fairzo said:

Behind a paywall, and I don't intend to be paying the FT.

Here's an amusing alternative  

https://www.dailymail.co.uk/news/article-10331003/Gas-electricity-bills-soar-2-000-year-energy-price-cap-DOUBLED-months.html

QrizB

And The Times are carrying the story too:

https://www.thetimes.co.uk/article/energy-bills-set-to-hit-2-000-a-year-households-warned-vknvnqhw6?shareToken=754b056120e69f6d88074e4963adc0fa

Seems like th cat is out of the bag, it's not just geeks like us who can plug the numbers into Ofgem's magic formula!

(I don't know why they bothered asking an investment bank, we've been predicting this for the past six weeks or so ...)

Fairzo

meinnit said:

Fairzo said:

Behind a paywall, and I don't intend to be paying the FT.

Here's an amusing alternative  

https://www.dailymail.co.uk/news/article-10331003/Gas-electricity-bills-soar-2-000-year-energy-price-cap-DOUBLED-months.html

Thanks. I think 😳. Won't be accessing the Daily Heil.

MWT

Fairzo said:

meinnit said:

Fairzo said:

Behind a paywall, and I don't intend to be paying the FT.

Here's an amusing alternative  

https://www.dailymail.co.uk/news/article-10331003/Gas-electricity-bills-soar-2-000-year-energy-price-cap-DOUBLED-months.html

Thanks. I think 😳. Won't be accessing the Daily Heil.

Yep, 'doubling' from £1277 to £2000 doesn't give you much confidence in the intellectual quality does it

The base story though is of course going to be very worrying for a lot of people and does cast some doubt on the current advice to stay on the capped variable rate...

On the other-hand the fixed tariffs are not going to stay unchanged for long either...

Fairzo

MWT said:

Fairzo said:

meinnit said:

Fairzo said:

Behind a paywall, and I don't intend to be paying the FT.

Here's an amusing alternative  

https://www.dailymail.co.uk/news/article-10331003/Gas-electricity-bills-soar-2-000-year-energy-price-cap-DOUBLED-months.html

Thanks. I think 😳. Won't be accessing the Daily Heil.

Yep, 'doubling' from £1277 to £2000 doesn't give you much confidence in the intellectual quality does it

The base story though is of course going to be very worrying for a lot of people and does cast some doubt on the current advice to stay on the capped variable rate...

On the other-hand the fixed tariffs are not going to stay unchanged for long either...

April is going to be a devastating time for many, energy costs, NI increase and overall inflation. Unless there's a major shift in wholesale costs next October will be even worse.

wild666

Even if prices drop substantially the utility companies will not reduce their prices they will keep the high prices as it's more profit for them. 
One thing is for sure and that is if there is another large increase the utility companies will increase their prices again on top of charging people extortionate amounts for the electric and gas when prices are low. 

N6P6

Hi

Does the fact that I have not had a final bill from my previous supplier [People's Energy] taken over by British Gas and not had any credit refunded yet at going on for 8 weeks entitle me to a £30 refund? BG says not but I thought there was a six week rule with OfGem, is this still actually the case?  Finding it difficult to pin down. Thank you.