What rates are you being offered by your provider at the moment?

virgil7

I have electricity only, so can't use the checker yet. I'm with E.ON Next, and my fix ends on October the 4th.

I pay £60 per month at the mo, and the estimated cost for the next 12 months is £1,154.75.

I've been offered a Next Online V19 for £2,245.29 and wondering what to do?

I have bulk LPG from Avantigas, plus a multifuel  stove in the lounge, and will endeavour to cut my energy consumption as much as I possibly can

roomontheend

Please could someone give me some advice. I have used the energy calculator today and it say that it is 134% so 'Too High' ( I so agree) but what do I do now.  Does it mean too high so dont fix or too high get it fixed asap?

Last year I was paying £150 pm then it went up to £279 pm (currently paying) and is estimated to go to £659pm.  I feel sick just thinking about it. Thats a rise from £1800 per year to £7634.

pochase

Have you compared SVT or a fixed tariff against the new fixed tariff?

debjay

Costingbunny said:

debjay said:

Costingbunny said:

Had renewal quote from Sainsburys to go onto Smooth v20 from 3/10/22.  

Put figures into the MSE calculator and it says it’s too high to switch but it seems similar to others on here?  Going from £120pm to £377pm?

No exit fees so wondering if I should just fix now anyway in case they pull this ‘deal’?

Are you using your current fix figures though as then it will say it’s too expensive. You need to use what they’re saying is their standard tariff which will go up with the price cap and compare that with the new fix. It I do that it says it’s 94% more and strongly worth considering tho it is an eye watering 4K. We’ve gone for it as no exit fees so can leave whenever 

Thanks - I get it now!  Being stupid!
Yes it now says I should switch as it’s 98% more - bargain 😮

Mine was 94% more but encouraged me to strongly consider it - madness. Annoying thing is we looked at doing 2 years last year but it seemed expensive at the time - if only I’d known 🙄

Doc_N

roomontheend said:

Please could someone give me some advice. I have used the energy calculator today and it say that it is 134% so 'Too High' ( I so agree) but what do I do now.  Does it mean too high so dont fix or too high get it fixed asap?

Last year I was paying £150 pm then it went up to £279 pm (currently paying) and is estimated to go to £659pm.  I feel sick just thinking about it. Thats a rise from £1800 per year to £7634.

Is that British Gas by any chance? They're quoting me an extra 135% over and above the likely 1 October price cap rates for a one year fix.

Not biting at anything like that increase for two reasons:

There's still a possibility that the government will be forced by political pressure to freeze the price cap. The scheme proposed by the energy companies would be attractive because it severely limits the immediate cost.

This analysis in today's Telegraph, which makes a lot of sense: https://www.telegraph.co.uk/world-news/2022/08/23/ukraine-russia-war-6-months-happen-next-prediction-map/

There's a paywall, but the relevant extract on gas prices is this: 

"Industrial metals and oil are down by a quarter. Wheat prices have almost halved since day one of Putin's invasion, and are back to pre-war levels. This may surprise shoppers. The prices on the shelves are the legacy effect of past actions. Past is not prologue. We will be in outright deflation across much of the global goods market by mid-2023.

Putin has lost his gas war. Today’s crazy prices are caused by a global scramble to lock up supplies of LNG from Qatar, the US, and Australia before winter. East Asia and Europe are in a bidding war. Once the panic subsides, gas prices will fall, and perhaps faster than almost anybody imagines today.  

German storage is 80 per cent, ahead of seasonal norms, and ahead of target. Germany has cut gas demand by 14 per cent. Its industry is learning to live with a lot less of it. Europe is a mixed bag but unless there is a polar vortex, it will muddle through this winter.

The world does not need Putin’s gas as much as we all thought, and he presumed. With a nip in Japan and Korea, a tuck in China and India, and three notches of the belt in Europe, the gas market is coming back into fundamental balance. Even if he cuts off all flows in October to try to force a settlement on his terms, it will not change much. The worst is already ‘in the price’.

Besides, Vladimir has taught us not to waste gas, nor to rely so heavily on weaponised hydrocarbons. He has shot his golden goose."

akh43

I am in the same position with Sainsburys, currently paying £86.78 and the smooth tariff would increase this to £283.35 - a huge £196.57 a month more 😲but Martin's calculator says 94% and strongly worth considering so think I will fix as although the current  SV price is only £145 after the Dec/Jan/April increases by my calculation it would be around £394 so no brainer as no cancellation fees. 

Like the previous poster I too considered the 2 year fix when I transferred from Igloo, but as I had never fixed for 2 years with a new provider I decided to go for 1 year and regretting it now 😔on the bright side at least I got 1 year of lower prices and am a lot in credit on my account.

Trynsave2

I decided to fix on 10th Aug, grabbing the Utility Warehouse fixed 34 that was highlighted in the weekly email. They are now offering v.37. Can't believe how quickly deals are being pulled and replaced.
Based on Martin's prediction for Friday I'm glad I jumped when I did, but tomorrow is day 14 so out of time to change my mind on Friday morning. Although I really feel for everyone at the moment, if the Government do step in at the eleventh hour I am going to be narked if I end up paying over the odds when they have had weeks to decide on a strategy to help folks through this.

Doc_N

"Would industry plan to slash energy bills work?"

https://www.bbc.co.uk/news/business-62668998

Fingers crossed!

Sea_Shell

Doc_N said:

"Would industry plan to slash energy bills work?"

https://www.bbc.co.uk/news/business-62668998

Fingers crossed!

Isn't that just another "loan not loan" or "buy now, pay later" scheme, dressed up with different words? 

pochase

Somehow I don't get it. 

All of this collides with some of the rhetoric of the Conservative leadership campaign. Liz Truss has ruled out windfall taxes saying she "absolutely won't support" them. Rishi Sunak said help should be focussed on the poorest. His successor as chancellor, Nadhim Zahawi, echoed that view on Wednesday. There is a view among economists that the section of society that amassed savings during the pandemic should use some of that to pay these bills.

to continue 2 paragraphs down

There is no certainty that the new prime minister will go with this plan. If the industry is getting support, questions will arise about bonuses, dividends, and executive pay across the sector. But unlike in January, the industry is speaking with one voice on what they think is required. Raising the energy cap to the equivalent of a second household mortgage, they say, simply cannot happen.

Really? It is not certain that the new PM will do it, when I just reported most likely they will not do it?

Same as Libdem and Labour plans it makes now the energy supplier look good. They won't lose a single pence with this plans, either the energy prices go down and everybody pays over the next years, or the government (that is us pay).