Energy news in general

BeerSavesMoney

Aah I didn’t know! Thanks! 

It’s the first time I’ve seen such a tariff being offered by Octopus, clearly I’m not up to date 

markin

Ministers warn repeat 1970s energy prices shock

https://www.dailymail.co.uk/news/article-10589317/Ministers-warn-repeat-1970s-energy-prices-shock.html

Verdigris

I think we'd all worked that out some time ago.

Just goes to show what a low-wattage government we have.

bristolleedsfan

https://news.sky.com/story/ukraine-war-oil-slides-and-markets-rally-as-russia-sanction-supply-fears-ease-12561883

Wholesale gas prices tumbled too, with the UK price per therm for wholesale delivery sliding 30% to 342p - down from the 670p all-time peak recorded just two days ago.

Shedman

Latest update from Ofgem today on the requirement to make all tariffs available to new and existing customers.   No great surprise in this announcement I guess

Market-wide derogation for fixed-term tariffs for existing customers only

Our ongoing engagement with suppliers has revealed that many are intending to request a derogation from SLC 22B for the purpose of being able to continue offering fixed-term retention tariffs. We do not consider that these tariffs affect the risks we are concerned about in relation to market stability, and consider they can otherwise have wider benefits to consumers. 

Ofgem is proposing to issue a market-wide derogation from SLC 22B for fixed-term tariffs that are targeted at existing customers only (i.e. not open to new customers). We think that this approach would allow for a more efficient and transparent process for all concerned. 

MWT

it is the sensible route to take, no point in making them all apply for derogations when so many want to do it...

The aim of the change was to stop low predatory pricing for new customers only, not to prevent giving better deals to existing customers.

Xbigman

Shedman said:

Latest update from Ofgem today on the requirement to make all tariffs available to all customers.   Not unexpected.

Market-wide derogation for fixed-term tariffs for existing customers only

Our ongoing engagement with suppliers has revealed that many are intending to request a derogation from SLC 22B for the purpose of being able to continue offering fixed-term retention tariffs. We do not consider that these tariffs affect the risks we are concerned about in relation to market stability, and consider they can otherwise have wider benefits to consumers. 

Ofgem is proposing to issue a market-wide derogation from SLC 22B for fixed-term tariffs that are targeted at existing customers only (i.e. not open to new customers). We think that this approach would allow for a more efficient and transparent process for all concerned. 

About time. This is exactly what we need. For too long we have had a system where new customers are given the best deals and existing customers are seen as cash cows. Loyalty being rewarded is how it should have been all along. 
My fear is that we will revert to the old way of doing things once the current crisis ends. Lets hope not.


Darren

MWT

Xbigman said:

My fear is that we will revert to the old way of doing things once the current crisis ends. Lets hope not.

The aim of the rules that this derogation is from, is to prevent any return to lower prices only for new customers by making it mandatory to offer all open tariffs to all customers.

So they needed the derogation to allow them to have a 'Loyalty' tariff that was not available to new customers.

They are still allowed to have specific conditions for some tariffs, like EV for example as long as they do not discriminate between customers being existing or new.

markin

If you ever wondered what a Russian's Gas bill is, its 22$ a month.

https://www.youtube.com/watch?v=rLedWgvo6o8

StartledJesus

Ofgem announces new financial requirements for gas and electricity licence applicants.

Stable. Horse. Bolted. 

https://www.ofgem.gov.uk/publications/decision-new-guidance-document-gas-or-electricity-licence-applicants?utm_medium=email&utm_source=dotMailer&utm_campaign=Daily-Alert_17-03-2022&utm_content=Decision+on+new+guidance+document+for+gas+or+electricity+licence+applicants&dm_i=1QCB,7S8XP,7DAEHV,VR1N5,1