October 22 price cap announcement

The_Green_Hornet

Correct me if I'm wrong, but everyone had the opportunity to fix their prices much lower than this earlier in the year 

The question is why did the majority just sit on their hands and do nothing?

Was it because of the poor advice given out by the likes of Martin Lewis and other influencers?

pochase

wrf12345 said:

"If they ban standing charges, then who would cover the costs of maintaining the network? "
It will come out of the unit charge, which may or may not need to increase, depending on how you treat the energy companies, reducing their profit from 3 percent to 0.3 percent would probably pay for it - they keep telling us it is an emergency situation.
Reducing council tax always gives people the option to change properties to get the rebate and would possibly encourage older people into smaller houses. Councils are laughably inefficient and would have to absorb the lack of income. It is not quite as bad as it sounds as most of their money still comes from central govn.

The new cap is £3549, so 3% (it is only 2%, so you are 50% off)  is 106.47. 90% (2.7%) of this £95.86.

Can you explain how the 95.86 can pay standing charges of £270 (0.46 and 0.28 daily).

Mstty

The_Green_Hornet said:

Correct me if I'm wrong, but everyone had the opportunity to fix their prices much lower than this earlier in the year 

The question is why did the majority just sit on their hands and do nothing?

Was it because of the poor advice given out by the likes of Martin Lewis and other influencers?

I suspect most regulars have or have  seriously considered it with their current deals.

The visitors they have probably just come to the realisation of the problem they are faced with.

jimjames

Not sure if this should be a separate thread but interesting looking at the cap prices it appears that prepay cap prices are now lower than both DD and standard credit. Eg North West
£1655.14 PP
£1766.80 SC
£1665.67 DD

Updated Price calculator here

https://r6fd51uoetngaqh-db202106081427.adb.uk-london-1.oraclecloudapps.com/ords/r/apex_live/energy-price-calculator/home

vision2009

The answer to this criminal rip off is to re nationalise all energy. The government won’t do it because there are too many people making obscene profits at our expense and lives will be lost. It’s all about the money as usual. Shameful country.

subjecttocontract

I'm convinced the Gov' will set a price cap of around £2000 for everyone and pay anything above that figure, however high it goes. The cost will be added to the national debt.

The alternative is anarchy, riots, complete breakdown of law and order which no Gov' will allow.

Of course there will still be many households who will need help just as they do now.

JoeCrystal

vision2009 said:

The answer to this criminal rip off is to re nationalise all energy. They won’t do it because there are too many people making obscene profits at our expense and lives will be lost. Shameful country.

Who is making the profits? The energy suppliers aren't, though or just holding on. I expect more energy suppliers to go bust in the upcoming months and years.

MattMattMattUK

subjecttocontract said:

I'm convinced the Gov' will set a price cap of around £2000 for everyone and pay anything above that figure, however high it goes. The cost will be added to the national debt.

The other night I was convinced I won the lottery, then I woke up. The probability of both is roughly equal (winning the lottery, not waking up).

subjecttocontract said:

The alternative is anarchy, riots, complete breakdown of law and order which no Gov' will allow.

No that is not the alternative, people will be cold, it will be unpleasant and deepen the recession/depression, but law and order will not break down. 

subjecttocontract said:

Of course there will still be many households who will need help just as they do now.

There are households that need help, but the unfortunate situation is we cannot afford to help everyone, or even the majority, a drop in living standards will happen and is unavoidable, just as has happened to previous generations with previous recessions, then the economy bounces back. We will survive, you will be wrong, just like all the other doom mongers when there is a recession. 

brewerdave

vision2009 said:

The answer to this criminal rip off is to re nationalise all energy. The government won’t do it because there are too many people making obscene profits at our expense and lives will be lost. It’s all about the money as usual. Shameful country.

And it would cost 100s of £billions to buy out the foreign companies that own most of the UK power industry !! Unless you do it without paying whereupon UK becomes a pariah state like Venezuela !

brewerdave

subjecttocontract said:

I'm convinced the Gov' will set a price cap of around £2000 for everyone and pay anything above that figure, however high it goes. The cost will be added to the national debt.

The alternative is anarchy, riots, complete breakdown of law and order which no Gov' will allow.

Of course there will still be many households who will need help just as they do now.

Have you ever listened to our Tory lords and masters ? You are living in Corbynland !!