£400 electricity credit to be paid in instalments - confirmed

molerat

SJMALBA said:

pochase said:

I think £300 would have been more likely and you would not be happy about this. 

How about £900? Any advance on £900...

£666 feels more appropriate

Robin9

MWT said:

Robin9 said:

Alnat1 said:

It might be that different companies deal with it in different ways, it's still a wait and see until the company you are with gives information of how it is going to process the discounts.

Likewise - I'll wait.  I can't see that Edf will take my £58 DD which is less than the £66/67 and credit my bank with £8/9, particularly if I am in debt.

With the £150 Council Tax rebates there were rules that prevented the Councils from applying the rebate to debt when the customer had a DD in place, or had otherwise provided bank details, I wouldn't be surprised to find something similar here as well...

We just have to wait and see...

...otherwise, in your case, they would either be not taking your DD at all and refunding you £8/9, or taking it as usual and then refunding you £66/67 pounds...

All will be revealed in October ! 

ZolaBuddy

tghe-retford said:

MattMattMattUK said:

Rates are no expected to stay high for several years, Cornwall Insights (who have been the most on the ball so far) expect high rates into late 2024, with a slow drop over time. Standing Charges will not be abolished, to do so would be irrational, punish anyone who was not an ultra-low user and the main beneficiaries of such a change would be second home owners. 

Both Cornwall Insight and the BEIS seem to agree that bills will remain high, at least above (the old) average, into 2030 and beyond - ie. forever. Even with additional generation and more capacity. Maybe a drop from this winters numbers but not back to pre-lockdown levels ever again. And Putin is in no rush, the rhetoric I am seeing suggests he is planning for the long haul. We are being prepped for this to be "the new normal" with no amount of nuclear, renewable or even fossil fuel generation ever bringing it back down to former levels. Meanwhile we're expected to switch to heat pumps and electric cars which will only add more pressure to the grid.

But the problem is, the Government can't keep subsidising bills forever. Remember that the money is coming from taxpayers unless you print it - at which point you end up creating even more inflation and higher bills. Your only option herein is to change consumer habits and expectations on their quality of life.

This is my concern also. Given that the government has already spent/wasted (delete as appropriate) many hundreds of billions  getting us through the covid pandemic, and that we now have a cost of living crisis that needs support, it now faces an energy crisis which will also require massive funding from the public purse.

The problem is that for some people they will just believe the government will always bail them out without making any effort of their own to economise. At the same time with an election perhaps less than 2 years away the government can't be seen to pull the plug on this kind of financial aid during the intervening months.

Tough times ahead for most everyone. 

jbuchanangb

So - I have calculated my monthly DD payment so that it stands a chance of covering my energy bills until 1 July 2023, the end of my fixed rate period. As I understand this announcement, my energy company will now receive £400 less from me than required to cover these bills. Or have I missed something here? I need to increase my DD by about £45pm over the 9 months October to June, and I will receive £66/67 back for the first 6 months.

Mobtr

I can’t see the point of reducing the direct debit by the amount or refunding the difference. For those who’s direct debit covers their usage over a year fine maybe, but there are 1000’s whose doesn’t because they can’t afford to pay more & these people will be no better off energy bill wise. My belief is that it should remain on there and if still in credit at the annual review use it to lower payments for the following year.  

[Deleted User]

littlemissbossy said:

I'm with Octopus, I think they'll reduce my monthly DD by £66/£67 so I'll just increase it again.

If you hear anything about how Octopus are going to apply the discount, littlemissbossy, would you please let us know?  I'm with Octopus for both gas and electricity and have a very small amount of credit just now.  Like everyone else, I am expecting a huge jump in future bills.  If my Direct Debit is reduced I'll also increase it.  The future gas and electricity rates sound scary - especially with winter coming.

Do Octopus supply both your gas and electricity, littlemissbossy, and, like me, do you pay a single 'fixed' Direct Debit every month to cover both gas and electricity?

 

Thanks.

GunJack

Robin9 said:

MWT said:

Robin9 said:

Alnat1 said:

It might be that different companies deal with it in different ways, it's still a wait and see until the company you are with gives information of how it is going to process the discounts.

Likewise - I'll wait.  I can't see that Edf will take my £58 DD which is less than the £66/67 and credit my bank with £8/9, particularly if I am in debt.

With the £150 Council Tax rebates there were rules that prevented the Councils from applying the rebate to debt when the customer had a DD in place, or had otherwise provided bank details, I wouldn't be surprised to find something similar here as well...

We just have to wait and see...

...otherwise, in your case, they would either be not taking your DD at all and refunding you £8/9, or taking it as usual and then refunding you £66/67 pounds...

All will be revealed in October ! 

The amount of time some energy retailers take to make changes, I'd hope they'll have the detail available in early September, to give the customer time to put it right

littlemissbossy

Deleted_User said:

littlemissbossy said:

I'm with Octopus, I think they'll reduce my monthly DD by £66/£67 so I'll just increase it again.

If you hear anything about how Octopus are going to apply the discount, littlemissbossy, would you please let us know?  I'm with Octopus for both gas and electricity and have a very small amount of credit just now.  Like everyone else, I am expecting a huge jump in future bills.  If my Direct Debit is reduced I'll also increase it.  The future gas and electricity rates sound scary - especially with winter coming.

Do Octopus supply both your gas and electricity, littlemissbossy, and, like me, do you pay a single 'fixed' Direct Debit every month to cover both gas and electricity?

 

Thanks.

@Deleted_User

Yes, Octopus supply me with both gas and elect with a monthly fixed DD.

If you log in to your Octopus account, then click account, scroll down to "view my balance forecast", there is then a button to "enable crystal ball mode".......... that then shows lots of best guess forecasts.

Hope that helps.

PennyForThem_2

ZolaBuddy said:

tghe-retford said:

MattMattMattUK said:

Rates are no expected to stay high for several years, Cornwall Insights (who have been the most on the ball so far) expect high rates into late 2024, with a slow drop over time. Standing Charges will not be abolished, to do so would be irrational, punish anyone who was not an ultra-low user and the main beneficiaries of such a change would be second home owners. 

Both Cornwall Insight and the BEIS seem to agree that bills will remain high, at least above (the old) average, into 2030 and beyond - ie. forever. Even with additional generation and more capacity. Maybe a drop from this winters numbers but not back to pre-lockdown levels ever again. And Putin is in no rush, the rhetoric I am seeing suggests he is planning for the long haul. We are being prepped for this to be "the new normal" with no amount of nuclear, renewable or even fossil fuel generation ever bringing it back down to former levels. Meanwhile we're expected to switch to heat pumps and electric cars which will only add more pressure to the grid.

But the problem is, the Government can't keep subsidising bills forever. Remember that the money is coming from taxpayers unless you print it - at which point you end up creating even more inflation and higher bills. Your only option herein is to change consumer habits and expectations on their quality of life.

This is my concern also. Given that the government has already spent/wasted (delete as appropriate) many hundreds of billions  getting us through the covid pandemic, and that we now have a cost of living crisis that needs support, it now faces an energy crisis which will also require massive funding from the public purse.

The problem is that for some people they will just believe the government will always bail them out without making any effort of their own to economise. At the same time with an election perhaps less than 2 years away the government can't be seen to pull the plug on this kind of financial aid during the intervening months.

Tough times ahead for most everyone. 

Sorry but I have no sympathy for people who 'expect' to keep their house heated at +19 degrees (unless have a diagnosed health problem).  What happened in the 50's when very few had CH?  Yes, coal fires - which heated 1 room and which many had problems being able to afford coal.  But the affordable solution was wear more clothes.  Cannot we do that?

Government cannot subsidise this subisidising initiative.  However it could get its act together, working with the suppliers of gas/electricity, the trade upgrading homes with insulation and alternative energy sources (solar panels, heat pumps, hydrogen enabled boilers, new home builders) to upgrade the housing stock with gov backed insurance that if stuff goes wrong there is a one stop way to get it redressed.

Much better to invest in prevention than a mad scramble to rectify ...

[Deleted User]

littlemissbossy said:

Deleted_User said:

littlemissbossy said:

I'm with Octopus, I think they'll reduce my monthly DD by £66/£67 so I'll just increase it again.

If you hear anything about how Octopus are going to apply the discount, littlemissbossy, would you please let us know?  I'm with Octopus for both gas and electricity and have a very small amount of credit just now.  Like everyone else, I am expecting a huge jump in future bills.  If my Direct Debit is reduced I'll also increase it.  The future gas and electricity rates sound scary - especially with winter coming.

Do Octopus supply both your gas and electricity, littlemissbossy, and, like me, do you pay a single 'fixed' Direct Debit every month to cover both gas and electricity?

 

Thanks.

@Deleted_User

Yes, Octopus supply me with both gas and elect.

If you log in to your Octopus account, then click account, scroll down to "view my balance forecast", there is then a button to "enable crystal ball mode".......... that then shows lots of best guess forecasts.

Hope that helps.

I'll do that, thanks littlemissbossy.