54% increase - Was No to fix before hand the wrong advice ?

rogerc446

Sounds like there's going to be another announcement tomorrow on a consultation on how the price cap is managed going forward with potentially quarterly reviews being an option.  Also they say they want the option to review it on an emergency basis if 5 criteria are met.

jobdone1

So in a nut shell those fixed deals was very very much higher than the new unit rate price cap

[Deleted User]

rogerc446 said:

Sounds like there's going to be another announcement tomorrow on a consultation on how the price cap is managed going forward with potentially quarterly reviews being an option.  Also they say they want the option to review it on an emergency basis if 5 criteria are met.

So Ofgem now wants the powers to do what it’s own rules prevented it from doing which resulted in the failure of 10s of energy suppliers with the costs associated with these failures falling to all energy consumers. I believe that we will come to regret Government inaction late last year. The Chancellor’s rebate scheme is about 3 months too late. Even faced with EU bureaucracy, many European Governments have brought in support schemes much earlier - including support for industry.

ProDave

jobdone1 said:

So in a nut shell those fixed deals was very very much higher than the new unit rate price cap

Not mine, my new fix is about 0.5p per unit less (electric only)  But what it does do is protect against another rise in October (or possibly sooner reading a post above)

jobdone1

ProDave said:

jobdone1 said:

So in a nut shell those fixed deals was very very much higher than the new unit rate price cap

Not mine, my new fix is about 0.5p per unit less (electric only)  But what it does do is protect against another rise in October (or possibly sooner reading a post above)

I could not fix as both my energy companies went bust and I'm still try to get my £119 gas credit back so I hit a brick wall

Astria

ProDave said:

jobdone1 said:

So in a nut shell those fixed deals was very very much higher than the new unit rate price cap

Not mine, my new fix is about 0.5p per unit less (electric only)  But what it does do is protect against another rise in October (or possibly sooner reading a post above)

Did you go for a 1 year or 2 year fix? As a one year won't shield you by much.

That said, I fixed at the end of last year after the November rises, kinda glad I did now.

rogerc446

[Deleted User] said:

rogerc446 said:

Sounds like there's going to be another announcement tomorrow on a consultation on how the price cap is managed going forward with potentially quarterly reviews being an option.  Also they say they want the option to review it on an emergency basis if 5 criteria are met.

So Ofgem now wants the powers to do what it’s own rules prevented it from doing which resulted in the failure of 10s of energy suppliers with the costs associated with these failures falling to all energy consumers. I believe that we will come to regret Government inaction late last year. The Chancellor’s rebate scheme is about 3 months too late. Even faced with EU bureaucracy, many European Governments have brought in support schemes much earlier - including support for industry.

The rebate scheme is hilarious:
- £200 in October (not April), which will be paid back over 5 years £40/year.
- The government are already getting approx £30 per year more in VAT as a result of the energy price increases for a typical user, which will probably increase in October and subsequent years more than inflation, so the government will likely get more money in VAT than the rebate.

ProDave

Astria said:

ProDave said:

jobdone1 said:

So in a nut shell those fixed deals was very very much higher than the new unit rate price cap

Not mine, my new fix is about 0.5p per unit less (electric only)  But what it does do is protect against another rise in October (or possibly sooner reading a post above)

Did you go for a 1 year or 2 year fix? As a one year won't shield you by much.

That said, I fixed at the end of last year after the November rises, kinda glad I did now.

1 year fix was all I was offered.  No it won't shield me much, the biggest thing it will do is protect next winters bill from any further increases.

Astria

rogerc446 said:

[Deleted User] said:

rogerc446 said:

Sounds like there's going to be another announcement tomorrow on a consultation on how the price cap is managed going forward with potentially quarterly reviews being an option.  Also they say they want the option to review it on an emergency basis if 5 criteria are met.

So Ofgem now wants the powers to do what it’s own rules prevented it from doing which resulted in the failure of 10s of energy suppliers with the costs associated with these failures falling to all energy consumers. I believe that we will come to regret Government inaction late last year. The Chancellor’s rebate scheme is about 3 months too late. Even faced with EU bureaucracy, many European Governments have brought in support schemes much earlier - including support for industry.

The rebate scheme is hilarious:
- £200 in October (not April), which will be paid back over 5 years £40/year.
- The government are already getting approx £30 per year more in VAT as a result of the energy price increases for a typical user, which will probably increase in October and subsequent years more than inflation, so the government will likely get more money in VAT than the rebate.

Yes, the government are not stupid (it'll look good if we do this), but a lot of people are (I'm getting money off!)

I wouldn't be surprised if they actually make a profit out of this "gift".

Bexie1989

People were scoffing at me when I fixed for 2 years back in September for 23p a unit (electric only for me, but the gas price was decent too). Guess I'm laughing now?

I just wish my dad had let me fix his, too. He's severely disabled and housebound, so a lot of electric use and he feels the cold badly and has his heating set to 23 degrees. I asked if he wanted me to sort that fix and he said no because all the advice said to sit on the variable and wait. Now I'm really worried about what he's going to do!