Ofgem announces new price cap, effective October 1st

matt_drummer

BarelySentientAI said:

wrf12345 said:

"Interestingly, the OFGEM data seems to indicate that only around 5% of customers ever chose a zero standing charge tariff, despite the loud voices claiming that this is what most customers want. "

That may be correct but that was at a time when s/c's were less than half the current rip-off figure. Also people tended to stick to what they were used to back then, not so much today.

There are approximately 1/3 the amount of supplier switches now than there were five years ago.  That doesn't match with people "no longer sticking with what they were used to".

Do you research any of your 'statistics'?  These numbers are freely available from public sources.

I think you know the answer to that!

xflare

BarelySentientAI said:

xflare said:

Do you think we will ever see suppliers offer tariffs that take into account OFGEMS recommendations from the public consultation into standing charges?

Which recommendations are you hoping they account for?

The consultation is still open until 20 September, there haven't been any recommendations yet - just a list of options that are being considered.
https://consult.ofgem.gov.uk/energy-supply/standing-charges-domestic-retail-options/

One option I find quite amusing, at least in part because it would give some posters on here apoplexy, is the idea of fixed monthly prepayment.

oh sorry "options" ... you knew what I meant.

BarelySentientAI

xflare said:

BarelySentientAI said:

xflare said:

Do you think we will ever see suppliers offer tariffs that take into account OFGEMS recommendations from the public consultation into standing charges?

Which recommendations are you hoping they account for?

The consultation is still open until 20 September, there haven't been any recommendations yet - just a list of options that are being considered.
https://consult.ofgem.gov.uk/energy-supply/standing-charges-domestic-retail-options/

One option I find quite amusing, at least in part because it would give some posters on here apoplexy, is the idea of fixed monthly prepayment.

oh sorry "options" ... you knew what I meant.

Yeah, I was a bit snarky - but I am genuinely interested in which of the options you hope they progress.  They can't all happen, and some are contradictory, so which do you want?

wrf12345

"There are approximately 1/3 the amount of supplier switches now than there were five years ago.  That doesn't match with people "no longer sticking with what they were used to".

That is because, the last year or so, everyone, until recently, was offering the same rates so not much point switching unless you want TOU or tracker and we are talking more like 10 years ago when Ebico were in their prime. All of which you know, so desperate to keep the energy cartels in easy money for some reason.

BarelySentientAI

wrf12345 said:

"There are approximately 1/3 the amount of supplier switches now than there were five years ago.  That doesn't match with people "no longer sticking with what they were used to".

That is because, the last year or so, everyone, until recently, was offering the same rates so not much point switching unless you want TOU or tracker and we are talking more like 10 years ago when Ebico were in their prime. All of which you know, so desperate to keep the energy cartels in easy money for some reason.

So now your argument is that people are sticking with what they are used to, but that they wouldn't be if the market and prices were like ten years ago?

That could be true, but it isn't ten years ago.  Many things have happened in the last decade.  Some could (and hopefully will) be unwound, but others almost certainly can't be.

Your arguments would be so much stronger if you stopped dumping in conspiracy theories about cartels and fat cats.

mmmmikey

wrf12345 said:

"There are approximately 1/3 the amount of supplier switches now than there were five years ago.  That doesn't match with people "no longer sticking with what they were used to".

That is because, the last year or so, everyone, until recently, was offering the same rates so not much point switching unless you want TOU or tracker and we are talking more like 10 years ago when Ebico were in their prime. All of which you know, so desperate to keep the energy cartels in easy money for some reason.

There's nothing more to the October increases than prices are going up because costs are going up. This is absolutely nothing to do with excess profits or energy cartels. If you are so inclined, you can even read the methodology that Ofgem use to set the prices and see the spreadsheets where they do their calculations.

Some of this emotive "analysis" (to use the word very loosely) is probably best shared at a local Victor Meldrew society meeting. It won't change anything but probably a good way of getting this off your chest.

None of us like price rises but no amount of wailing and gnashing of teeth is going to change things.

rp1974

BarelySentientAI said:
One option I find quite amusing, at least in part because it would give some posters on here apoplexy, is the idea of fixed monthly prepayment.

Good grief,can you imagine?,much pearl clutching would ensue,doesn't bear thinking about.
Might be a good time,for those likely to be affected by such matters to stock up on smelling salts,should such events transpire,lest their overcome by a touch of the vapours.

As ever what's regarded as being "fair",or conversely "unfair" almost always means what suits me best is "fair" and what doesn't suit me best is "unfair",such is the harsh reality of real life,it unfortunately isn't always cuddling kittens and buckets of bunnies.