IMPORTANT NEWS FOR THOSE ON ENERGY FIXES

Astria

[Deleted User] said:

Astria said:

goldygash said:

QrizB said:

goldygash said:

Any ideas? Should I just move them back to the SVT? 

It's your parents' choice, but personally I wouldn't stick with a fix that's higher than the October Ofgem cap.

That’s my view too. It just caught me off guard with talk about prices going up in April. Thought I’d missed something.

At one point someone mentioned a review on the 31/12, but since then the price cap has been removed and replaced with the price guarantee (which is apparently similar to the cap but different in some way) for 2 years, so I don't think we'll be seeing a price cap change in either January nor April, so good luck increasing prices.

The initial contracts between the government and the suppliers run from 1 Oct to 31 Dec - so there will be some sort of review prior to that - but we've been promised that the cap won't change.

Up to you how strong you think that promise is.

about as strong as a chocolate fireguard next to a furnace?

Ultrasonic

goldygash said:

Ultrasonic said:

Just to be certain, do you mean more expensive than the Ofgem October cap, or possibly the new EPG 'cap' announced last week?

The EPG cap

OK, I think at least one reply above was on the basis of your meaning the Ofgem cap. If unit prices are between the EPG and the Ofgem cap then on 1 October they will be reduced to the EPG. Any difference in cost then will depend on the standing charge for the current fix. The BG view may be that you'll be paying the same amount so there is no reason to throw away the added securing of the cap. Staying on the fix will though mean paying more for the remainder of September.

Doc_N

Astria said:

[Deleted User] said:

Astria said:

goldygash said:

QrizB said:

goldygash said:

Any ideas? Should I just move them back to the SVT? 

It's your parents' choice, but personally I wouldn't stick with a fix that's higher than the October Ofgem cap.

That’s my view too. It just caught me off guard with talk about prices going up in April. Thought I’d missed something.

At one point someone mentioned a review on the 31/12, but since then the price cap has been removed and replaced with the price guarantee (which is apparently similar to the cap but different in some way) for 2 years, so I don't think we'll be seeing a price cap change in either January nor April, so good luck increasing prices.

The initial contracts between the government and the suppliers run from 1 Oct to 31 Dec - so there will be some sort of review prior to that - but we've been promised that the cap won't change.

Up to you how strong you think that promise is.

about as strong as a chocolate fireguard next to a furnace?

True that there's a promise from Truss to fix the price for 2 years. True that this lot break their promises regularly (triple lock, anyone? 40 new hospitals? Lower prices with Brexit?).

But also true that if she breaks this one there's an absolute cast iron certainty that this will be the last Tory sh*tshow for a very long time!

Mike360

The_Green_Hornet said:

Mike360 said:

deano2099 said:

TheAble said:

LauraJayne_2 said:

Ballymoney said:

Not sure why Martin’s advice for those on a fix is to do nothing?! That means overpaying between now and Oct 1st. Bizarre advice.

Agreed, I think Martin needs to stop giving people such poor advice. It more sounds like those on fixes should be trying to shift to standard variable rates with immediate effect

Also your fix's contractual end date has value. May be nice to rely on in case the govt changes the goalposts.

Yup. People seem to be jumping to make the same mistake a second time: assuming the government won't change their mind. A fix reduced down to the SVT has the advantage of reverting to the fix price if the government support stops for any reason. Jumping back to the SVT means paying full price if the government support stops. 
If we get a cold winter and blackouts I can absolutely see the level of support being dropped in order to strong-arm people into reducing usage.
Your fix is contractually guaranteed. The government subsidised rate is not. 

Not sure I would agree that my fix is contractually guaranteed. The government have stepped in with an announcement of a price freeze and my fix will be altered as a result. They could do it again.

Do we know that fixes will be altered or whether the suppliers will simply apply a rebate at billing time to reflect the government subsidy?

My supplier not been in touch yet so don't know.

michaels

Doc_N said:

Astria said:

[Deleted User] said:

Astria said:

goldygash said:

QrizB said:

goldygash said:

Any ideas? Should I just move them back to the SVT? 

It's your parents' choice, but personally I wouldn't stick with a fix that's higher than the October Ofgem cap.

That’s my view too. It just caught me off guard with talk about prices going up in April. Thought I’d missed something.

At one point someone mentioned a review on the 31/12, but since then the price cap has been removed and replaced with the price guarantee (which is apparently similar to the cap but different in some way) for 2 years, so I don't think we'll be seeing a price cap change in either January nor April, so good luck increasing prices.

The initial contracts between the government and the suppliers run from 1 Oct to 31 Dec - so there will be some sort of review prior to that - but we've been promised that the cap won't change.

Up to you how strong you think that promise is.

about as strong as a chocolate fireguard next to a furnace?

True that there's a promise from Truss to fix the price for 2 years. True that this lot break their promises regularly (triple lock, anyone? 40 new hospitals? Lower prices with Brexit?).

But also true that if she breaks this one there's an absolute cast iron certainty that this will be the last Tory sh*tshow for a very long time!

Honoring the price freeze requires purchasing energy from abroad using pounds. If you look at what is happening to the exchange rate you can see that the ever increasing mountain of pounds is not provinv thar attractive to the people who have energy to sell.

Just as children have to learn that if you can't afford something you can't have it, so does Ms Truss