HUGE increase in monthly gas and electricity bill imminent

LadOnTheHill

My gas meter is smart, as it was a new install of mains gas last year. My electric meter is not a smart meter. I've no idea how many years ago it was installed, at least ten.

Anthony21289

Ant555 said:

TheMilkmansDad said:

if the standard variable now is £176 p/m then expect that to increase to around £260 come 1st April. 

This.   If you are using typical/average amount of energy then your £176/month WILL rise and could be £250/m from April 22 and there is also the possibility it could go up again just before Winter 22 - at that point in time, if prices continue to rise, a fixed £332 p/m you signed up for until until Jan 24 might sound quite attractive for fixed/peace of mind if you can afford it.
Over 12 months that fixed cost is a huge jump per month and you might not 'win' - over 24 months there is more of a chance you will 'win' in the long run but even then it could be marginal.

However, nobody really knows - apart from the fact prices are definitely heading upwards.

I think Martin said that if you are offered a fix <=40% above then its probably worth going for.   your figures are a 100% increase

Hope this helps a little.

I am new to this Forum, so I hope that I am not repeating something discussed earlier.

The figures for increases quoted earlier are small beer compared with mine. I am currently with Scottish Power on a fixed rate deal which ends on March 31st. I paid £1,400 for my gas and electric in 2021, about the same as 2020. I live in a small, very well insulated detached house with a non-smart meter, but a Hive smart control for timings and temperature..

I have been quoted £4,200 by Scottish Power for a fixed rate until March 31st 2024, paid monthly by my continued DD. The only other quote - via the facility on this website - is slightly less, from Ovo (£4,000 pa), with a change to a smart meter being compulsory, having given my usage statistics (which I have been collecting for years).

I don't qualify for any price cap under the current rules.

So, this looks like I would be paying 300% of my current fee if I accept either quote. I laugh when I hear warnings from Martin and others when they talk about 50% rises. I wish.

Gerry1

LadOnTheHill said:

My gas meter is smart, as it was a new install of mains gas last year. My electric meter is not a smart meter. I've no idea how many years ago it was installed, at least ten.

@LadOnTheHill Check that your meter readings aren't estimates.  IIRC if your electricity meter really isn't smart, your gas smart meter shouldn't be able to send any readings.

You may get an unwelcome catch-up bill at some point if your actual usage turns out to be higher than the estimates.

QrizB

Anthony21289 said:

I am new to this Forum, so I hope that I am not repeating something discussed earlier.

The figures for increases quoted earlier are small beer compared with mine. I am currently with Scottish Power on a fixed rate deal which ends on March 31st. I paid £1,400 for my gas and electric in 2021, about the same as 2020. I live in a small, very well insulated detached house with a non-smart meter, but a Hive smart control for timings and temperature..

I have been quoted £4,200 by Scottish Power for a fixed rate until March 31st 2024, paid monthly by my continued DD. The only other quote - via the facility on this website - is slightly less, from Ovo (£4,000 pa), with a change to a smart meter being compulsory, having given my usage statistics (which I have been collecting for years).

I don't qualify for any price cap under the current rules.

So, this looks like I would be paying 300% of my current fee if I accept either quote. I laugh when I hear warnings from Martin and others when they talk about 50% rises. I wish.

Hi @Anthony21289 and welcome to the forum.

If you're a domestic customer (ie. not a business) you will qualify for the same price cap as everyone else.

You don't have to accept the fixed rate offer; if you don't, Scottish Power will switch you onto their default variable tariff which does have the cap applied.

Note that the cap is on the unit price, not on the total price; if you use more than the average amount of energy, you will still pay more than the average bill.

When you say "I live in a small, very well insulated detached house" but also "I paid £1,400 for my gas and electric in 2021" it seems likely that you are an above-average energy consumer. Even on the capped flexible tariff it seems likely that your bill will rise significantly.

Can you share some of the "usage statistics (which I have been collecting for years)" so we can give you a better estimate of your likely annual bill on SP's variable tariff?

Bazooka_joe

I am really struggling to know what to do as I am with British Gas.  Currently my tariff comes to the end at the end of February and British Gas are offering me to fix my energy tariff and protect my rates until the 31st of December 2023. If I don’t they will switch me to the standard variable tariff. I currently pay £139 a month which is bang on the money. They have estimated my future annual costs based on my previous usage of 18542 kWh of gas and 3375 kWh of electricity a year. So currenty my costs on a fixed tariff is £1401.12

They’re offering me a new fixed rate tariff of £2654.38 fixed until December 2023.

If I don’t switch then then I shall be moved to a standard variable tariff where the cost will be £1654.20 per annum which is lower than the fixed rate tariff but British gas are warning me that with so much uncertainty in the global energy market, prices will be affected for a while yet. So although their Standard Variable Tariff is cheaper right now, that won’t last for long. It’s likely that it will increase by hundreds of pounds when the industry regulator, Ofgem reviews the energy Price Cap in February.
So should I bite the bullet and go for the new fixed rate tariff of £2654.38 or take a chance and wait. I really don’t know what to do

victor2

Astria said:

...

Gas smart meters use a battery to communicate with your electric meter via short range radio. These won't need to be changed.

What happens when the battery runs out?

AIUI, the battery is not field replaceable, so the gas meter must be replaced. It apparently cuts off the supply to the house when the battery runs down, but I believe I read a report of somebody claiming their meter stuck in the open position but didn't record any usage. That might be an optimistic hope though. My smart gas meter, which is now dumb through it being SMETS1 and me switching, is only 5 years old, so should have a few more years battery life left yet.

victor2

Bazooka_joe said:

I am really struggling to know what to do as I am with British Gas.  Currently my tariff comes to the end at the end of February and British Gas are offering me to fix my energy tariff and protect my rates until the 31st of December 2023. If I don’t they will switch me to the standard variable tariff. I currently pay £139 a month which is bang on the money. They have estimated my future annual costs based on my previous usage of 18542 kWh of gas and 3375 kWh of electricity a year. So currenty my costs on a fixed tariff is £1401.12

They’re offering me a new fixed rate tariff of £2654.38 fixed until December 2023.

If I don’t switch then then I shall be moved to a standard variable tariff where the cost will be £1654.20 per annum which is lower than the fixed rate tariff but British gas are warning me that with so much uncertainty in the global energy market, prices will be affected for a while yet. So although their Standard Variable Tariff is cheaper right now, that won’t last for long. It’s likely that it will increase by hundreds of pounds when the industry regulator, Ofgem reviews the energy Price Cap in February.
So should I bite the bullet and go for the new fixed rate tariff of £2654.38 or take a chance and wait. I really don’t know what to do

It's a difficult position. If, as anticipated, the SV rates go up by 50% in April, you'll still be paying less than the fix offered. But they'll probably go up again after 6 months.

If the government steps in and offers some sort of relief, the capped rates may not go up by so much, but we can only wait and see. While waiting, the currently offered fixes could be replaced by more expensive ones.

Have you looked around to see what other fixes are available? Something may be a bit less than BG and perhaps for longer (like 2 years) with no exit penalty, should prices eventually fall.

Astria

victor2 said:

Astria said:

...

Gas smart meters use a battery to communicate with your electric meter via short range radio. These won't need to be changed.

What happens when the battery runs out?

AIUI, the battery is not field replaceable, so the gas meter must be replaced. It apparently cuts off the supply to the house when the battery runs down, but I believe I read a report of somebody claiming their meter stuck in the open position but didn't record any usage. That might be an optimistic hope though. My smart gas meter, which is now dumb through it being SMETS1 and me switching, is only 5 years old, so should have a few more years battery life left yet.

It depends what type of meter is it, the battery is replaceable on some models but only by an engineer. Some older models do require the meter to be replaced but this takes about 15 minutes. Typically the battery lasts for 10 years.

LadOnTheHill

Gerry1 said:

 

Check that your meter readings aren't estimates.  IIRC if your electricity meter really isn't smart, your gas smart meter shouldn't be able to send any readings.

They're not estimates. The daily usage shows up on the ihd and in the app. There's a separate unit next to the fuse board that (I believe) sends the readings.

MWT

LadOnTheHill said:

Gerry1 said:

 

Check that your meter readings aren't estimates.  IIRC if your electricity meter really isn't smart, your gas smart meter shouldn't be able to send any readings.

They're not estimates. The daily usage shows up on the ihd and in the app. There's a separate unit next to the fuse board that (I believe) sends the readings.

There is a way that they can install a comms hub with its own power supply.

I've not previously heard of anyone getting one installed, but that sounds likely to be what you have there.