What's your Next Moves on Gas and Electricity Bills?

diystarter7

I'm sure they will go up but I'm sticking to the varying rates one as I feel the war could end, kind of end in a few months if not sooner.
Covid kicking off and the government in this country ill-prepared or could not care less re jabs etc would mean production lowering and less gas/eltric used so could get cheaper.

QrizB

double_dutchy said:

Alnat1 said:

Double, have a look a Octopus Tracker v3. It's not exactly a fix but there are limit caps on the amount they can charge of 40p/kWh electric and 11p/kWh gas. The price changes daily depending on the wholesale prices so it's quite different to what we're used to.

I asked Octopus if I could switch to the tracker. They sent me a link which allows me to switch but there's a section where I need to read and agree to the terms and conditions.....but these are blank! ...
In the meantime does anybody here have a link to the current terms and conditions?

Octopus only has one set of T&C, and they are here:
https://octopus.energy/policies/terms-and-conditions/

double_dutchy

Thanks QrizB, yes I already saw those but it does mention in there:

"Some of our Time of Use Tariffs and other smart tariffs have additional terms and conditions that you will be asked to agree to when you sign up to that particular tariff"

So I assumed that there might be some specific conditions applicable to the tracker tariff, e.g. how Octopus might vary the caps and what notice would be given.

Given that I can always switch back to the SVT I might just go for it anyway and keep a regular check on tracker prices v SVT

Inigo_Montoya

diystarter7 said:

I'm sure they will go up but I'm sticking to the varying rates one as I feel the war could end, kind of end in a few months if not sooner.
Covid kicking off and the government in this country ill-prepared or could not care less re jabs etc would mean production lowering and less gas/eltric used so could get cheaper.

or the war could go on & Putin could restrict gas supplies to Europe during the winter months as a political move which he has done before to other countries IIRC

even if the war ends which is highly unlikely IMO (there has been a conflict in east Ukraine since 2014) I don't see normal business relations resuming  because Europe does not want to fund Putins regime & his military

SlightlySmart

The move that's available to me right now, is to switch from my current EDF fix 3 months early, and onto their much more expensive 2 year fix - while it's still available.

This would forfeit me £100 over the summer months, probably save me through winter (especially if things will get worse, which I expect they will), then who knows for the remainder. It's 170% more than my current fix, and 42% more than the current standard variable - 9 percentage points lower than the 51% latest forecasted cap increase for October. £200 exit fee.

It boils down to, ride out my £40/mth until it probably becomes £110/mth in October then who knows what at each quarterly cap revision. Or lock in at £106/mth now for two years. Obviously EDF think they're going to win this bet over two years, otherwise they wouldn't be offering the deal. But maybe they're too optimistic, and maybe I'm willing to let them win in exchange for two years of price certainty.

bery_451

It seems now that those fixed deals that we discussed previously in this thread are a bargain considering the so called 'energy price cap' is rising to £3500 soon this October and rise again to over £5000 this coming January new year

I don't understand whey they call it a price cap when it clearly looks like there's no cap on these rising prices? It is like a coke bottle with no bottle cap and you filling the bottle with coke and money is pouring out of everybody's pockets everywhere emptying them for the energy companies.

But energy companies will say not our fault because of Inflation, we didn't print £Billions out of thin air.

pochase

Because without the cap the suppliers could change their SVT today instead of only on the 1st of October, and they would increase the rate to a point where they are not losing money.

Just look at the two Octopus tracker, people are currently paying 55p (and that is a capped price) because the wholesale prices are so this high already for the last week.

bery_451

pochase said:

Because without the cap the suppliers could change their SVT today instead of only on the 1st of October, and they would increase the rate to a point where they are not losing money.

Just look at the two Octopus tracker, people are currently paying 55p (and that is a capped price) because the wholesale prices are so this high already for the last week.

If that's the case then why the tv news showing energy companies are swimming in £billions of cash profits when you say energy companies are barely making break-even at the moment?

They should call it temporarily price cap. Or expiry price caps. Price caps in general is misleading. Millions of people missed out on a cheaper fixed deal in the past because they thought their SVR tariffs will be 'capped' in price.

[Deleted User]

bery_451 said:

pochase said:

Because without the cap the suppliers could change their SVT today instead of only on the 1st of October, and they would increase the rate to a point where they are not losing money.

Just look at the two Octopus tracker, people are currently paying 55p (and that is a capped price) because the wholesale prices are so this high already for the last week.

If that's the case then why the tv news showing energy companies are swimming in £billions of cash profits when you say energy companies are barely making break-even at the moment?

They should call it temporarily price cap. Or expiry price caps. Price caps in general is misleading. Millions of people missed out on a cheaper fixed deal in the past because they thought their SVR tariffs will be 'capped' in price.

The suppliers aren't swimming in cash profits - in fact most have them have gone bust.

Fuel producers are swimming in cash profits, but there's not much we can do about Saudi Aramco or CNOOC.

bery_451

[Deleted User] said:

bery_451 said:

pochase said:

Because without the cap the suppliers could change their SVT today instead of only on the 1st of October, and they would increase the rate to a point where they are not losing money.

Just look at the two Octopus tracker, people are currently paying 55p (and that is a capped price) because the wholesale prices are so this high already for the last week.

If that's the case then why the tv news showing energy companies are swimming in £billions of cash profits when you say energy companies are barely making break-even at the moment?

They should call it temporarily price cap. Or expiry price caps. Price caps in general is misleading. Millions of people missed out on a cheaper fixed deal in the past because they thought their SVR tariffs will be 'capped' in price.

The suppliers aren't swimming in cash profits - in fact most have them have gone bust.

Fuel producers are swimming in cash profits, but there's not much we can do about Saudi Aramco or CNOOC.

Saudi Aramco and the Chinese CNOOC are for Crude Oil like Petrol and Diesel. I'm talking about Gas & Electric.

So the 'Big 6' energy suppliers such as British Gas are buying wholesale at a loss or they can afford to buy in Bulk giving them more discounts over the smaller suppliers hence that's how British gas is surviving now or does the government see British gas as 'too big to fail' and British gas is receiving bail out money from the government hence how they are still surviving now?