Green Energy UK - what's the catch?

Mstty

jefferson89 said:

wittynamegoeshere said:

I doubt that Martin and many others would be happy if the govt does absolutely nothing.

Previously they've lobbed cash around by the £100s per household, so those on fixes have done very well - they haven't had a rise in their bills and have got free money.  But there's no reason why it has to be done this way, they could choose to subsidise the per unit charge if they wanted to.  Obviously this would be unfair on many, also it would subsidise rich people who use lots of energy disproportionately.  But someone always wins whatever the scheme, and things being unfair or illogical hasn't been an obstacle in the past - e.g. the furlough scheme paid well-off people massive amounts of money.

I'm not predicting anything, merely pointing out that absolutely nothing is set in stone.  By taking a fix now we are paying a premium to protect ourselves.  But we don't really know what we're protecting ourselves against.

I reiterate that I've already signed up to GEUK. Obviously I hope it turns out profitable, otherwise I wouldn't be signing up for it.  But very much with my eyes open and I won't be blaming anyone else if it ends up getting complicated or costing me money. 

I think I am with yourself, i think i am going to take the game and join GEUK.  Can someone tell me, if you fix on a certain tariff, is everything fixed? i.e The unite price and the Standard charge for the length of the contract?

With GEUK i am being offered: 
Electricity: 48.12p SC and 38.20p per kwh @ 1976 units = £930.46 yearly. / Gas: 31.31p SC and 11.75p per kwh @ 8000 units annual = £1054.25.  Making it £165.40 per month.

I decided to just check my British Gas account and today I am being offered: Fixed Oct 23v1:
Electricity: 47.247p SC and 51.591p per kwh @ 1976 units = £1,191.89 yearly. / Gas: 29.292p SC and 15.593p per kwh @ 8000 units annual = £1,353.91.  Making it £212.15per month.

So ensuring my maths is right its a no brainer to try GEUK right?

Saving of £600 a year nearly....I know we would take it if we hadn't fixed earlier this year even all the info considered in this thread.

jefferson89

Mstty said:

jefferson89 said:

wittynamegoeshere said:

I doubt that Martin and many others would be happy if the govt does absolutely nothing.

Previously they've lobbed cash around by the £100s per household, so those on fixes have done very well - they haven't had a rise in their bills and have got free money.  But there's no reason why it has to be done this way, they could choose to subsidise the per unit charge if they wanted to.  Obviously this would be unfair on many, also it would subsidise rich people who use lots of energy disproportionately.  But someone always wins whatever the scheme, and things being unfair or illogical hasn't been an obstacle in the past - e.g. the furlough scheme paid well-off people massive amounts of money.

I'm not predicting anything, merely pointing out that absolutely nothing is set in stone.  By taking a fix now we are paying a premium to protect ourselves.  But we don't really know what we're protecting ourselves against.

I reiterate that I've already signed up to GEUK. Obviously I hope it turns out profitable, otherwise I wouldn't be signing up for it.  But very much with my eyes open and I won't be blaming anyone else if it ends up getting complicated or costing me money. 

I think I am with yourself, i think i am going to take the game and join GEUK.  Can someone tell me, if you fix on a certain tariff, is everything fixed? i.e The unite price and the Standard charge for the length of the contract?

With GEUK i am being offered: 
Electricity: 48.12p SC and 38.20p per kwh @ 1976 units = £930.46 yearly. / Gas: 31.31p SC and 11.75p per kwh @ 8000 units annual = £1054.25.  Making it £165.40 per month.

I decided to just check my British Gas account and today I am being offered: Fixed Oct 23v1:
Electricity: 47.247p SC and 51.591p per kwh @ 1976 units = £1,191.89 yearly. / Gas: 29.292p SC and 15.593p per kwh @ 8000 units annual = £1,353.91.  Making it £212.15per month.

So ensuring my maths is right its a no brainer to try GEUK right?

Saving of £600 a year nearly....I know we would take it if we hadn't fixed earlier this year even all the info considered in this thread.

Mstty said:

jefferson89 said:

wittynamegoeshere said:

I doubt that Martin and many others would be happy if the govt does absolutely nothing.

Previously they've lobbed cash around by the £100s per household, so those on fixes have done very well - they haven't had a rise in their bills and have got free money.  But there's no reason why it has to be done this way, they could choose to subsidise the per unit charge if they wanted to.  Obviously this would be unfair on many, also it would subsidise rich people who use lots of energy disproportionately.  But someone always wins whatever the scheme, and things being unfair or illogical hasn't been an obstacle in the past - e.g. the furlough scheme paid well-off people massive amounts of money.

I'm not predicting anything, merely pointing out that absolutely nothing is set in stone.  By taking a fix now we are paying a premium to protect ourselves.  But we don't really know what we're protecting ourselves against.

I reiterate that I've already signed up to GEUK. Obviously I hope it turns out profitable, otherwise I wouldn't be signing up for it.  But very much with my eyes open and I won't be blaming anyone else if it ends up getting complicated or costing me money. 

I think I am with yourself, i think i am going to take the game and join GEUK.  Can someone tell me, if you fix on a certain tariff, is everything fixed? i.e The unite price and the Standard charge for the length of the contract?

With GEUK i am being offered: 
Electricity: 48.12p SC and 38.20p per kwh @ 1976 units = £930.46 yearly. / Gas: 31.31p SC and 11.75p per kwh @ 8000 units annual = £1054.25.  Making it £165.40 per month.

I decided to just check my British Gas account and today I am being offered: Fixed Oct 23v1:
Electricity: 47.247p SC and 51.591p per kwh @ 1976 units = £1,191.89 yearly. / Gas: 29.292p SC and 15.593p per kwh @ 8000 units annual = £1,353.91.  Making it £212.15per month.

So ensuring my maths is right its a no brainer to try GEUK right?

Saving of £600 a year nearly....I know we would take it if we hadn't fixed earlier this year even all the info considered in this thread.

Do you mind me asking who you are with matt and the type of offer your on?

Also do you know the answer to this question: Can someone tell me, if you fix on a certain tariff, is everything fixed? i.e The unit price and the Standard charge for the length of the contract? or can they change the rate you are signing up to?

Mstty

jefferson89 said:

Mstty said:

jefferson89 said:

wittynamegoeshere said:

I doubt that Martin and many others would be happy if the govt does absolutely nothing.

Previously they've lobbed cash around by the £100s per household, so those on fixes have done very well - they haven't had a rise in their bills and have got free money.  But there's no reason why it has to be done this way, they could choose to subsidise the per unit charge if they wanted to.  Obviously this would be unfair on many, also it would subsidise rich people who use lots of energy disproportionately.  But someone always wins whatever the scheme, and things being unfair or illogical hasn't been an obstacle in the past - e.g. the furlough scheme paid well-off people massive amounts of money.

I'm not predicting anything, merely pointing out that absolutely nothing is set in stone.  By taking a fix now we are paying a premium to protect ourselves.  But we don't really know what we're protecting ourselves against.

I reiterate that I've already signed up to GEUK. Obviously I hope it turns out profitable, otherwise I wouldn't be signing up for it.  But very much with my eyes open and I won't be blaming anyone else if it ends up getting complicated or costing me money. 

I think I am with yourself, i think i am going to take the game and join GEUK.  Can someone tell me, if you fix on a certain tariff, is everything fixed? i.e The unite price and the Standard charge for the length of the contract?

With GEUK i am being offered: 
Electricity: 48.12p SC and 38.20p per kwh @ 1976 units = £930.46 yearly. / Gas: 31.31p SC and 11.75p per kwh @ 8000 units annual = £1054.25.  Making it £165.40 per month.

I decided to just check my British Gas account and today I am being offered: Fixed Oct 23v1:
Electricity: 47.247p SC and 51.591p per kwh @ 1976 units = £1,191.89 yearly. / Gas: 29.292p SC and 15.593p per kwh @ 8000 units annual = £1,353.91.  Making it £212.15per month.

So ensuring my maths is right its a no brainer to try GEUK right?

Saving of £600 a year nearly....I know we would take it if we hadn't fixed earlier this year even all the info considered in this thread.

Mstty said:

jefferson89 said:

wittynamegoeshere said:

I doubt that Martin and many others would be happy if the govt does absolutely nothing.

Previously they've lobbed cash around by the £100s per household, so those on fixes have done very well - they haven't had a rise in their bills and have got free money.  But there's no reason why it has to be done this way, they could choose to subsidise the per unit charge if they wanted to.  Obviously this would be unfair on many, also it would subsidise rich people who use lots of energy disproportionately.  But someone always wins whatever the scheme, and things being unfair or illogical hasn't been an obstacle in the past - e.g. the furlough scheme paid well-off people massive amounts of money.

I'm not predicting anything, merely pointing out that absolutely nothing is set in stone.  By taking a fix now we are paying a premium to protect ourselves.  But we don't really know what we're protecting ourselves against.

I reiterate that I've already signed up to GEUK. Obviously I hope it turns out profitable, otherwise I wouldn't be signing up for it.  But very much with my eyes open and I won't be blaming anyone else if it ends up getting complicated or costing me money. 

I think I am with yourself, i think i am going to take the game and join GEUK.  Can someone tell me, if you fix on a certain tariff, is everything fixed? i.e The unite price and the Standard charge for the length of the contract?

With GEUK i am being offered: 
Electricity: 48.12p SC and 38.20p per kwh @ 1976 units = £930.46 yearly. / Gas: 31.31p SC and 11.75p per kwh @ 8000 units annual = £1054.25.  Making it £165.40 per month.

I decided to just check my British Gas account and today I am being offered: Fixed Oct 23v1:
Electricity: 47.247p SC and 51.591p per kwh @ 1976 units = £1,191.89 yearly. / Gas: 29.292p SC and 15.593p per kwh @ 8000 units annual = £1,353.91.  Making it £212.15per month.

So ensuring my maths is right its a no brainer to try GEUK right?

Saving of £600 a year nearly....I know we would take it if we hadn't fixed earlier this year even all the info considered in this thread.

Do you mind me asking who you are with matt and the type of offer your on?

Also do you know the answer to this question: Can someone tell me, if you fix on a certain tariff, is everything fixed? i.e The unit price and the Standard charge for the length of the contract? or can they change the rate you are signing up to?

Yes everything is fixed SC, price per kWh and term so Sept 2023 for the sparkling tariff.

I am with Eon Next as a refugee from Symbio when they went bust.

I fixed in March this year for 2 years and they delayed my fix til 1st April. We only have electricity so 29.24p kWh and 51.52p SC.

There is one caveat if Ofgem were to abolish the standing charge even standing charges on fixed rates would be abolished I believe 

Ultrasonic

wittynamegoeshere said:

There is a risk that the October price rise might not actually happen.  We'll have a new PM, they might decide to just ignore the formula this time around.

Have any of the Conservative leadership candidates said anything to make you think this is a possibility? It seems extremely unlikely to me, and noting that there is an existing government plan in place to provide support in handling the cost increases.

Whatever happens needs to be viable from an energy supplier perspective. We can't somehow just ignore higher wholesale energy prices.

MWT

Mstty said:

There is one caveat if Ofgem were to abolish the standing charge even standing charges on fixed rates would be abolished I believe 

It applies the other way around as well, if there is a change in the VAT rate (either direction) or a new type of Government charge added to the energy costs then it is part of the standard supply licence conditions that the supplier can change the prices to that extent even on fixed tariffs.

I don't recall that it has happened to date, but it is a theoretical possibility...

jvjack

Dont think Martin mentioned Green Energy uk but couldnt follow all. Maybe he did.
Its all about the no one knows what will happen thing though and he gives nice way to think of it at 23:40 mins in.

https://www.bbc.co.uk/sounds/play/m00199zn 

wittynamegoeshere

MWT said:

Mstty said:

There is one caveat if Ofgem were to abolish the standing charge even standing charges on fixed rates would be abolished I believe 

It applies the other way around as well, if there is a change in the VAT rate (either direction) or a new type of Government charge added to the energy costs then it is part of the standard supply licence conditions that the supplier can change the prices to that extent even on fixed tariffs.

I don't recall that it has happened to date, but it is a theoretical possibility...

I have wondered what would happen to fixed tariffs if, as suggested by many, the govt was to abolish the 5% VAT.

By the sounds of it everyone would get a reduction, but I wonder if any have "The only way is up" clauses in their terms?

Even if they could get away with it, they'd be rightly hauled over the coals by the media.

MWT

wittynamegoeshere said:

... but I wonder if any have "The only way is up" clauses in their terms?

Even if they could get away with it, they'd be rightly hauled over the coals by the media.

No such terms exist, so I wouldn't worry on that score.

t0rt0ise

Truss is saying she will remove the green levies on energy bills if she is PM. I'm guessing that your fix would be reduced in that event, but of course they may not reduce it.

danco

Everyone mentioning Green Energy seems to refer to their Sparkling tariff, but I think the Tide tariff may well turn out cheaper. Of course it depends how much energy you use between 4 and 8 p.m. For me I am on electricity only, and heating is charged through the service charge on my block of flats, so is separate from my electricity bill.