Energy firms face 3 week deadline in review of direct debit hikes

Abella12

I work in football at a high level and understand the way they are required to 'balance the books' , let's not pretend this is not a similar scenario and why the defence in energy companies ? I am afraid like any business the public pays for , you take the good with the bad. Example; food prices going up now even though they made hugh profits during covid/lockdown....they are not prepared to reduce profits ......simple. 

Thrugelmir

Abella12 said:

I work in football at a high level and understand the way they are required to 'balance the books' , let's not pretend this is not a similar scenario and why the defence in energy companies ? I am afraid like any business the public pays for , you take the good with the bad. Example; food prices going up now even though they made hugh profits during covid/lockdown....they are not prepared to reduce profits ......simple. 

Unlike football. Trading companies need to make profits to reinvest into future long term projects. Football is a rich persons plaything. 

pochase

Abella12 said:

pochase said:

prowla said:

In my case I've shifted from a failed provider and I think it's acceptable for there to be a settling-in period for payment amounts to stabilise.

In my case my new provider recommended a new payment amount and I went with it; I'll take stock and see if it's right.

The thing which isn't right, though, is allowing the vendors to engage in profiteering.

Raising the cap to allow price increases (of course they are going to raise prices right up to the cap) whilst the cartel of companies are posting record profits cannot sit squarely with the role of a regulator having a duty to the public.

The idea too that standing charges have to be increased to pay for something which isn't part of the standing service is just plain skulduggery.

Where exactly do you get the idea that all the suppliers are making record profits? Can you maybe link a few balance sheets showing the profits? And we are talking here the supply sector of a company, if Shell for example makes profits in other sectors that does not count as record profit in supplying energy to the end user.

Has your "failed" supplier and the other 30 companies that bust just made so much profit that they just cashed out and did not want to deal with the business any longer and are just going to spend their profit?

Sorry but I agree , we are living in GB and nearly in a recession ?  Sorry but I suggest these company bosses maybe take a paycut ? maybe your one of them...suprise , horror 🙀 Britain is a very privileged country but companies want to maintain their profits regardless .......we all have to cut back then so should the people at the top. There are a few people on here who would make prime politicians ......I don't vote so no bias whatsoever.

Up to now I thought suppliers don't accept new customers on SVT because they are making losses, but it seems I am completely wrong and they just don't know what to do with even more profit if they take them on.

As you wrote, they want to maintain their profit..... and not increase it.

Mstty

Let's be clear there is profit on the current price cap prices it has been mentioned in other threads but I think it was low like 1-2%. But there isn't mega profit.

There are some energy companies taking on new customers but they aren't actively advertising this e.g. phoning Octopus.

Where there isn't profit is the forced customer from failed energy companies and Seller of Last Resort. Those, it has been suggested on this board, are taken on at a loss.

This does explain why customer service has taken a dive, no money in SoLR and new customers to employ more staff and stay even on the books.

Very simplified but then that's the way I work👍