Energy Bills

MCOS

Prior to 01/10/22 I was £600+ in credit with my energy company. (Dual fuel)

Should I still be paying for my energy prior to the 1st October at the old rate? They have after all had my money, so in theory "have I not paid for my energy in advance?"

[Deleted User]

MCOS said:

Prior to 01/10/22 I was £600+ in credit with my energy company. (Dual fuel)

Should I still be paying for my energy prior to the 1st October at the old rate? They have after all had my money, so in theory "have I not paid for my energy in advance?"

Think of it like this. For an average Ofgem consumer, energy prices have doubled since last October.

You need to sit down and calculate your future costs based on the new tariff rates. If, say, your new total cost is £3000 then you should then deduct the £600 credit which leaves a balance of £2400. For the supplier to achieve a zero balance on your account by the 30th September 2023 then you will need to pay the supplier £200 per month.

The supplier will then apply the £67/66 payment to your DD payment for the next 6 months but it will still apply the £200 credit to your account. From April your DD would revert back to £200.

Sadly, energy usage and costs are not static. If we have a cold Winter, then the estimated cost could well increase if usage increases.

All energy consumed prior to 30th September will be charged at the agreed tariff rate. If your supplier was to re-pay you the £600 today then it follows that your new monthly payment would revert to £250/month.

QrizB

MCOS said:

Should I still be paying for my energy prior to the 1st October at the old rate?

The short answer is no, you shouldn't. You haven't purchased 1000kWh of energy "on account".

 You pay for the energy you used up to the end of September at the old rates, and the energy used after that date at the new ones.

mellowmick

Afternoon all.
Not sure if this is in the correct section but here goes.
I am with British gas for Gas & Electric. I fixed back in july after watching Martins video at about 37% higher at the time to stop the october and january hikes.

After all the updates British Gas have mailed me to say I can save about £27 per year by switching to their "Variable Tariff".

My fixed unit rates are : Gas: 10.296p per kWh  Electricity: 35.314p per kWh

The fixed standing charges are : Gas: 30.645p per day Electricity: 47.825p per day

The variable unit rates if i switch are : Gas: 10.295p per kWh Electricity: 35.313p per kWh

The variable standing charges are : Gas: 28.485p per day Electricity: 42.679p per day

In the offer it says there is a £75 exit fee for each fuel if i switch  

Surely this is not what has been said? I was under the impression that exit fees were to be waived?

To swap to the variable as i read it will cost me £150 to save about £27 per year?
I have until the 31st Of October to switch too.

Any advice greatly welcomed

ariarnia

someone posted a link to the website where they said if you switch because of the government guarantee there would be no exit fee. might be worth a quick live chat with their customer service to get it in writing (take a screen shot or email yourself the chat)

BUFF

Previously BG have not applied exit charges if you were moving to another of their tariffs, only if you were moving to another supplier did they apply them. check to see if there is similar wording.