Energy news in general

Carrot007

uss_tish said:

Ahh that explains why then BG have been attempting to tie me into a 22 month fixed rate offer which is 3 times my existing rate. I have to switch before tomorrow (3rd) even though my current rate ends end of Feb 😉. Coincidence?

From what I can tell of the figures a month of my current cap and a month of standard will more than offset moving to what they are offering. And what's with an 11 month fix anyway!

uss_tish

@Carrot007 agree and I’m not fixing. Have been trying all week to get BG to give me a better fixed rate but no joy. 

tghe-retford

GingerTim said:

Latest report is that the government will offer loans to the energy companies which will knock c. £200 off an average bill. Which is something, but if @QrizB's estimates are correct that will be dwarfed by the price cap rise...

Watch the standing charges rise by £200 over a period of time. The problem with Government handouts is that it fuels inflation.

QrizB

Whatever happened to the OP, The_StuSter, @The_StuSter ? All their posts say "deleted user"?

Xbigman said:

Here's another thought. What energy company is going to offer anything under the cap anytime soon? If we all drift onto variable prices over the coming year how will energy companies hedge that?

Fixed tariffs were usually lower than the cap, and variable tariffs were lower again. The past 4-5 months have been unusual.

If the new cap is as high as expected, there will again be scope for tariffs to be cheaper than the cap but still profitable.

Gerry1

QrizB said:

Whatever happened to the OP, The_StuSter, @The_StuSter ? All their posts say "deleted user"?

Lots of forumites seem to have been banned recently: Talldave, Tallerdave, Biscuit_Tin... 

QrizB

That's a shame, I may have had the occasional disagreement with The_StuSter but they were signal rather than noise.

In energy news, gas futures over at TheICE have fallen somewhat; they're currently around 180p/therm (6p/kWh) all through the next Ofgem pricing period and into November.

Flight3287462

US actions against Europe and Nord Stream 2 are at the root of our energy woes and things could be about to get a lot worse, if any action is taken on this letter.

QrizB

Flight3287462 said:

US actions against Europe and Nord Stream 2 are at the root of our energy woes and things could be about to get a lot worse, if any action is taken on this letter.

Personally I would be surprised if any action was taken on that letter.

Xbigman

QrizB said:

Whatever happened to the OP, The_StuSter, @The_StuSter ? All their posts say "deleted user"?

Xbigman said:

Here's another thought. What energy company is going to offer anything under the cap anytime soon? If we all drift onto variable prices over the coming year how will energy companies hedge that?

Fixed tariffs were usually lower than the cap, and variable tariffs were lower again. The past 4-5 months have been unusual.

If the new cap is as high as expected, there will again be scope for tariffs to be cheaper than the cap but still profitable.

But they will only be profitable after being subsidized at £200 per head with borrowed money. And if you leave that company does the £200 debt follow you to the new company? Take BG. I'm SoLRing to them and like many others will be around for however long it takes things to stabilize, then I'll be off. Doesn't that leave BG with a debt and no customer to repay it. 
My point is that whoever loses the most customers get lumbered with a debt, the gainer gets more customers than debt. The imbalances this will cause can only make it worse in future, not better. 

Plus, the only way it works is if OFGEM hikes the cap to say 1700 instead of 1900. Then energy companies borrow the difference from the government. 

I guess we'll know in the morning.


Darren

emmajones1976

As of 7am this morning Eon Next are still offering a fix for electric that raises prices around 35% from the current cap, with no exit fees. Worth putting yourselves on it because surely that gets pulled if the increase is 50% at 11am.