New prices

stirlaq

My Octopus fixed tariff finishes in February.  A flexible , do nothing tariff is estimating a 30% rise which I cant see happening

However,   expecting a 50% hike I'm a bit shocked they want a 100% plus increase for a fixed tariff.

Anyone else in this situation ?

Looking to do nothing and hold on

TheMilkmansDad

why are you shocked? the 50% hike still means the suppliers are running at a loss. 100% means they may be able to break even or - heavens forbid - make a profit and make up for the huge losses they've been making for the past few months.

PennineAcute

TheMilkmansDad said:

why are you shocked? the 50% hike still means the suppliers are running at a loss. 100% means they may be able to break even or - heavens forbid - make a profit and make up for the huge losses they've been making for the past few months.

At the beginning of December, I fixed my elec with EON Next at a 10% increase on their SVT.  My gas fix with EON Next starts tomorrow with a 35% increase. on their SVT.  No incease in SC for both tariffs.  One day after initiating my gas switch to EON Next, this tariff was withdrawn for a new tariff, with a elec increase of 63% SC and 100% UP, and a gas increase of 15% SC and 160% UP, both compared to the tariff I am currently on and switching to tomorrow.

Elec and gas prices have started to rise again, after the holiday break, and can see quite a few quid being added to make up for having to sell their energy at a loss.  It is going to take a major collapse, between now and April, for the April cap allowing them to sell energy at a profit.  I fear that silly prices are sadly here for a while.

In addition, if silly prices continue, can companies carry on selling at a loss?  Are we going to be seeing more companies becoming insolvent, thus increasing the energy cap with further solar payments?

Bossworld

Hypothetical answer/question but what would happen if you over-read the meter for Jan/Feb while still on the fixed tariff to build up a reserve?  It would then catch up with itself in the spring but then you'd be 'using' less by that point anyway?

Probably 'amoral' at best but not sure if people meter readers are still a thing in this Covid-stricken world?