Energy prices

Dee_M

Since Igloo Energy have gone bust they've automatically switched to E.ON which is more expensive then Igloo.  Is it a good time to switch and find another supplier.  I am worried if E.ON is expensive what will it be like in April.

Verdigris

Dee_M said:

Since Igloo Energy have gone bust they've automatically switched to E.ON which is more expensive then Igloo.  Is it a good time to switch and find another supplier.  I am worried if E.ON is expensive what will it be like in April.

There's no point in switching. The SVT is the same whichever supplier you choose. Also, if you change supplier, voluntarily, the new supplier isn't obliged to offer the SVT.

spot1034

Dee_M said:

Since Igloo Energy have gone bust they've automatically switched to E.ON which is more expensive then Igloo.  Is it a good time to switch and find another supplier.  I am worried if E.ON is expensive what will it be like in April.

You are paying the same prices with E.ON Next as you would be paying with any other company that might have been appointed as SOLR. At the moment there is nothing better on offer. Keep a watch on the situation as the new price cap is announced next month, as this is what you will be paying from April, and once again it would have been the same whichever company had taken on Igloo's customers. It might be possible to find a better fixed deal by that time but there is no guarantee that this will be the case, and frankly it is looking less likely than it did two or three months ago. 

Planeteer

Consider that prices may stay high longer than just this year:

https://www.bbc.co.uk/news/business-59957716

Dee_M

Verdigris said:

Dee_M said:

Since Igloo Energy have gone bust they've automatically switched to E.ON which is more expensive then Igloo.  Is it a good time to switch and find another supplier.  I am worried if E.ON is expensive what will it be like in April.

There's no point in switching. The SVT is the same whichever supplier you choose. Also, if you change supplier, voluntarily, the new supplier isn't obliged to offer the SVT.

Good to know thank you for your reply.

Dee_M

spot1034 said:

Dee_M said:

Since Igloo Energy have gone bust they've automatically switched to E.ON which is more expensive then Igloo.  Is it a good time to switch and find another supplier.  I am worried if E.ON is expensive what will it be like in April.

You are paying the same prices with E.ON Next as you would be paying with any other company that might have been appointed as SOLR. At the moment there is nothing better on offer. Keep a watch on the situation as the new price cap is announced next month, as this is what you will be paying from April, and once again it would have been the same whichever company had taken on Igloo's customers. It might be possible to find a better fixed deal by that time but there is no guarantee that this will be the case, and frankly it is looking less likely than it did two or three months ago. 

Good to know thank you for your reply.

markin

Planeteer said:

Consider that prices may stay high longer than just this year:

https://www.bbc.co.uk/news/business-59957716

He would say that, He wants the government to take off 200, but wont give the uk a fixed price deal.. "Its a global market" He's getting a big bonus this year.

"However, Mr O'Shea was doubtful that higher levels of UK-sourced gas would have made much difference to surging prices.

I'm not sure an increase in UK supply would have brought the price down from £3 a therm, as it was in December, from 50p as it was a year ago," he said.

"We bring gas in from the United States, from Norway, from Europe, from Qatar, from other places. So we're not in a position to simply have the UK as an isolated energy market. We are part of a global market."

Planeteer

And what's bizarre is that even though he's predicting rises - actual statistical forecasts suggest falling prices post Q1, '22

https://www.statista.com/statistics/374970/united-kingdom-uk-gas-price-forecast/

DiseasedBunny

Planeteer said:

And what's bizarre is that even though he's predicting rises - actual statistical forecasts suggest falling prices post Q1, '22

https://www.statista.com/statistics/374970/united-kingdom-uk-gas-price-forecast/

There will be rises - they have to claw back the losses from the cap since October.

QrizB

Planeteer said:

And what's bizarre is that even though he's predicting rises - actual statistical forecasts suggest falling prices post Q1, '22
https://www.statista.com/statistics/374970/united-kingdom-uk-gas-price-forecast/

I can only read the first few lines of that article but they don't fill me with confidence. It opens with:

The price of gas in the United Kingdom is forecast to amount to 149.2 pence per therm in the final quarter of 2021

The actual price of gas during that period was more like 215p/therm. The average price for the months of October and November (ie. before to the publication date and knowable to the author) was 190p/therm.

If energy stats were my job I would be embarrassed to publish an article like that.