Price Hike/Drops?

clairesilverspar · 14 October 2016 at 11:02AM

Hi

After today receiving the second price hike from my energy company in less then 3 months (this hike is up >30% on the standing charge alone), amounting to more than an extra £170 per year on my bill, I'll be switching suppliers. I understand this is the risk of a variable rate, and the company have been ok so far, so I'm not complaining too hard, I'm just going to switch to a cheaper supplier.

It made me think though. I'm lucky enough that this is the largest hike I've seen in my energy prices.
What was the largest hike you've had?
Did you then decide to switch?
Have your bills ever dropped in price?

footyguy · 14 October 2016 at 11:08AM

clairesilverspar wrote: »

Hi

After today receiving the second price hike from my energy company in less then 3 months (this hike is up >30% on the standing charge alone), amounting to more than an extra £170 per year on my bill, I'll be switching suppliers. I understand this is the risk of a variable rate, and the company have been ok so far, so I'm not complaining too hard, I'm just going to switch to a cheaper supplier.

It made me think though. I'm lucky enough that this is the largest hike I've seen in my energy prices.
What was the largest hike you've had?
Did you then decide to switch?
Have your bills ever dropped in price?

Which supplier is this that have just increased their standing charge by >30% ??? :huh:
- apparently on top of another price rise within the last 3 months??? :huh:

Anyway, don't just look at one aspect of the tariff.

Consult a comparison site and find the best deal for you - and they are usually fixed deals currently (and have been for the last 12-24months at least)

Back in 2008, when BG boss infamously toild their customers to wear an extra jumper, prices did actaully rise by >30% (combined over 2 increases)

clairesilverspar · 14 October 2016 at 11:26AM

GB Energy. Increase on 21st August which equated to approx. £40 per year, but wasn't enough to prompt me to switch, and then I've received a notice today that there will be another increase on 13th November. This means they're no longer the cheaper option for me by a long way, and I'll be switching.

I'm in the cheap energy club, so I'll be using the comparison on here to find the best deal. I know this is the risk of a variable tariff, and I don't mind switching when I need to, but I don't feel I can sign up to a fixed tariff while we're renting - the best ones have exit fees and we're not sure how much longer we will be in this house.

I was just curious, as I thought 36% was quite a big rise, and I wondered if anyone else had experienced anything just as surprising.
I think I remember that BG one being in the news.

bumpercars99 · 14 October 2016 at 11:43AM

Energy contracts aren't like phone or broadband or something when it comes to cancellation on moving house.

They are barred from charging cancellation fees if you move house during a fix so fix away!

clairesilverspar · 14 October 2016 at 11:51AM

Ahhh! I wasn't aware of this. Thanks!

footyguy · 14 October 2016 at 2:07PM

clairesilverspar wrote: »

GB Energy. Increase on 21st August which equated to approx. £40 per year, but wasn't enough to prompt me to switch, and then I've received a notice today that there will be another increase on 13th November. This means they're no longer the cheaper option for me by a long way, and I'll be switching.

I'm in the cheap energy club, so I'll be using the comparison on here to find the best deal. I know this is the risk of a variable tariff, and I don't mind switching when I need to, but I don't feel I can sign up to a fixed tariff while we're renting - the best ones have exit fees and we're not sure how much longer we will be in this house.

I was just curious, as I thought 36% was quite a big rise, and I wondered if anyone else had experienced anything just as surprising.
I think I remember that BG one being in the news.

Oh yes, just caught up with the latest news

http://www.moneysavingexpert.com/news/energy/2016/10/gb-energy-supply-cranks-up-tariffs-by-30---but-you-can-beat-the-hike

As the article says

If you’re on GB Energy Supply’s standard variable tariff, you’ll now be paying as much as those on 'big six' standard tariffs - but you could save £100s/year on your energy bills by switching.

If, as you say, you are already signed up with the CEC, you should be getting alerted both to this and the fact you were paying OTT way before this latest increase.

But might want to double check your CEC account if you've not received any such alerts.

clairesilverspar · 14 October 2016 at 2:32PM

I think I may have my alerts set so as to e-mail me only when I can save X amount. I think I made X too high to have got anything before today. I will double check though.

Also, the CEC didn't seem to have the new tariff prices entered - probably since it was so recently announced - so my tariff is still showing as a fairly cheap one. It now appears to have updated, so I should be able to get a more accurate comparison.

I'll check the other comparison sites too, just to make sure I'm covering all of the bases, but last time CEC came out as being more accurate and having cheaper deals.
Thanks

Autumnella · 15 October 2016 at 3:12PM

Why are you on a variable tariff?

dogshome · 16 October 2016 at 12:34PM

Moving home is not quite the 'Get-out-of-jail-Free' card so far as exit fee charges are concerned, that it used to be.

First Utilty broke the mould by applying exit fee's to home movers some time ago, and so far as I'm aware depite protests to *Ofgem they got away with it

* I wrote to Ofgem pointing out that renters were not in charge of their own destiny, and could at a Landlords whim with the correct notices, find themselves having to move out with just 2 months notice.

Price Hike/Drops?

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