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  • FIRST POST
    • joshly
    • By joshly 3rd Mar 18, 11:32 AM
    • 142Posts
    • 11Thanks
    joshly
    Would you change supplier?
    • #1
    • 3rd Mar 18, 11:32 AM
    Would you change supplier? 3rd Mar 18 at 11:32 AM
    My current supplier is working out about £63 a year more expensive than Scottish Power are offering on a I year contract with a £30 exit fee.

    But I have just started a 2 year price freeze with the current supplier. No exit fees.

    Scottish Power could put their tariff rates up next year.

    I compared the tariffs on my actual usage.

    Is that the sort of saving that would make you change supplier?
Page 1
    • JJ Egan
    • By JJ Egan 3rd Mar 18, 11:41 AM
    • 10,506 Posts
    • 4,439 Thanks
    JJ Egan
    • #2
    • 3rd Mar 18, 11:41 AM
    • #2
    • 3rd Mar 18, 11:41 AM
    £63 for a two year fix and no exit fees .
    I WOULD STICK .
    • AndyPK
    • By AndyPK 3rd Mar 18, 11:44 AM
    • 2,905 Posts
    • 816 Thanks
    AndyPK
    • #3
    • 3rd Mar 18, 11:44 AM
    • #3
    • 3rd Mar 18, 11:44 AM
    you could consider it a £63x2=£126 saving.

    you are unlikely to loose £126 in the 2nd year if you shop around?
    • Hengus
    • By Hengus 3rd Mar 18, 12:54 PM
    • 5,931 Posts
    • 3,651 Thanks
    Hengus
    • #4
    • 3rd Mar 18, 12:54 PM
    • #4
    • 3rd Mar 18, 12:54 PM
    The question is ‘what is your annual cost’? If, say, the annual cost is £720/year, then a £126 increase in year 2 is equivalent to:

    126/720 x 100 = 17.5% in your Bill. BUT.....

    The wholesale cost of energy only accounts for 40p in every £ that we pay. So it follows - all other things being equal - that a 17.5% increase would equate to:

    126/288 or an increase in wholesale prices by over 40%

    The GOLDEN RULE is that suppliers will never offer a fix of any length that they believe will lose them any money.
    • Tom99
    • By Tom99 3rd Mar 18, 1:32 PM
    • 2,257 Posts
    • 1,529 Thanks
    Tom99
    • #5
    • 3rd Mar 18, 1:32 PM
    • #5
    • 3rd Mar 18, 1:32 PM

    126/288 or an increase in wholesale prices by over 40%
    Originally posted by Hengus
    It went up 400% yesterday
    • Hengus
    • By Hengus 3rd Mar 18, 1:48 PM
    • 5,931 Posts
    • 3,651 Thanks
    Hengus
    • #6
    • 3rd Mar 18, 1:48 PM
    • #6
    • 3rd Mar 18, 1:48 PM
    It went up 400% yesterday
    Originally posted by Tom99
    Yes, for one day or so only because the UK does not stockpile much more than 3 days worth of reserves. We were eating in to our reserves so, as markets do, they put up their prices for a desperate customer. That said, the wholesale cost of gas is rising. This what Bulb told its customers when it announced a 2.8% increase last month:


    Quote Since July 2017, wholesale energy costs have increased by around 11% unquote

    The important thing to note is that a11% increase in wholesale cost does not translate to a 11% increase in your energy bill.
    • Anthorn
    • By Anthorn 4th Mar 18, 2:45 PM
    • 3,675 Posts
    • 950 Thanks
    Anthorn
    • #7
    • 4th Mar 18, 2:45 PM
    • #7
    • 4th Mar 18, 2:45 PM
    My current supplier is working out about £63 a year more expensive than Scottish Power are offering on a I year contract with a £30 exit fee.

    But I have just started a 2 year price freeze with the current supplier. No exit fees.

    Scottish Power could put their tariff rates up next year.

    I compared the tariffs on my actual usage.

    Is that the sort of saving that would make you change supplier?
    Originally posted by joshly
    My own personal criteria is a saving of £52 per year so yes I would switch. But there are other factors to consider such the length of the contract and exit fee.

    However personally I am leaning heavily towards 100% renewable energy which in my region is Outfox The Market with a saving of £84 a year. But I am at the same time leaning heavily towards Co-operative Energy because I am a member of several co-operatives as well as Co-operative Group and that costs an extra £37 a year. Decisions! Decisions!

    The above probably illustrates that for some people price and savings is a lesser consideration.
    • Hengus
    • By Hengus 4th Mar 18, 5:09 PM
    • 5,931 Posts
    • 3,651 Thanks
    Hengus
    • #8
    • 4th Mar 18, 5:09 PM
    • #8
    • 4th Mar 18, 5:09 PM
    My own personal criteria is a saving of £52 per year so yes I would switch. But there are other factors to consider such the length of the contract and exit fee.

    However personally I am leaning heavily towards 100% renewable energy which in my region is Outfox The Market with a saving of £84 a year. But I am at the same time leaning heavily towards Co-operative Energy because I am a member of several co-operatives as well as Co-operative Group and that costs an extra £37 a year. Decisions! Decisions!

    The above probably illustrates that for some people price and savings is a lesser consideration.
    Originally posted by Anthorn
    A fair and reasonable point. As I am sure you know, consumers that pay for green energy have no guarantee that the kWhs that they use are actually green in origin.
    • Robisere
    • By Robisere 4th Mar 18, 5:19 PM
    • 2,284 Posts
    • 3,084 Thanks
    Robisere
    • #9
    • 4th Mar 18, 5:19 PM
    • #9
    • 4th Mar 18, 5:19 PM
    I've just been proposed a saving of £55 a year to switch from EDF to a small new supplier. I won't switch, because I have had an excellent relationship with EDF for a long time now. They have a very good, very efficient website that accepts my regular meter readings and acts upon them within a 48 hour moximum. There is a chatline which works and responds quickly and great customer service. Plus I have the Online Saver Aug 2018, which is bound to be upgraded soon. Lose all that for an unknown service and less than £5 a month? No thank you!
    I think this job really needs
    a much bigger hammer.
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