Energy Prices

[Vincent Vega]

On 21/09/2021 at 09:32, Vincent Vega said:

Privatisation of energy and water:

 

[Captain Howdy]

It’s going to be grim next year, energy and oil prices through the roof, forecasted 6% inflation and the inevitable interest rate rise that will go along with it, new tax hikes kicking in from April. Those who live month to month are going to suffer. Not cool. 

[Rico1304]

16 hours ago, dockers_strike said:

Kinell.

 

Energy suppliers are seeking to tie customers to fixed deals costing as much as £4,000 a year, as ministers face growing warnings over “untenable” proposed rises to the price cap this spring.

 

A 12-month fixed deal for a typical household now costs an average of almost £2,500, according to data from comparison website uSwitch.

That is £500 more per year than the £2,000 level that Ofgem, the energy regulator, is expected to increase the cap on variable tariffs to in April.

 

Ovo Energy, the UK’s second-biggest supplier, is offering a fixed-rate deal worth just under £4,200, according to the data. Martin Young, an energy analyst at Investec, said the figure was “staggering” but has predicted energy prices will stay elevated or rise even further next year. He said: “Between the end of November through to the last week, fixed price deals have jumped up.”

 

The figures underline the stark difference between the costs of providing energy and how much suppliers can charge under the cap on bills. In recent months, the cap has lagged behind surging gas prices, shielding consumers from huge price hikes but forcing suppliers to sell energy at a loss.

 

It is expected to rise from £1,277 to £2,000 in the spring, but if fixed deals remain pricier – and families choose to stay on variable tariffs protected by the cap – Mr Young warned that suppliers could be put under even more financial pressure.

 

The cap is currently updated every six months, meaning it is “for all intents and purposes a six-month fixed deal” that consumers can leave at any time. This means suppliers could be left in the lurch if they buy energy in advance for variable tariff customers only for them to leave when cheaper fixed deals become available.

 

Mr Young added: “If you now get to a situation where even well-hedged suppliers are facing these kinds of problems then clearly the price cap itself has structural problems.”

 

It comes as concern is also growing over the financial impact of bill rises on millions of households. During talks earlier this week, energy suppliers urged Kwasi Kwarteng to set up a £20bn fund that would help them spread the cost of surging gas prices.

 

The Business Secretary faces mounting pressure to step in and cushion the impact of rising energy bills on families. One way to ease the burden would be to slash VAT on fuel to zero, an option that was backed by Labour on Wednesday.

 

A report by the Resolution Foundation warned that doing nothing “looks completely untenable”, with the bill rises set to compound what is shaping up to be a “year of the squeeze” for consumers.

 

https://www.telegraph.co.uk/business/2021/12/29/energy-suppliers-offer-fixed-deals-costing-much-4000-ahead-price/

What exactly do you think that article, and the fixed price deal is telling us?  

[dockers_strike]

15 minutes ago, Rico1304 said:

What exactly do you think that article, and the fixed price deal is telling us?  

It tells me you dont have a fucking clue. Other than that, Id advise people not to jump into any fixed price deal and especially not Ovo's 'generous' £4k pa deal.

[Rico1304]

29 minutes ago, dockers_strike said:

It tells me you dont have a fucking clue. Other than that, Id advise people not to jump into any fixed price deal and especially not Ovo's 'generous' £4k pa deal.

Ok, now we’ve got that out of the way.  What exactly are you taking from the article.  I made no comment on it.  

[Section_31]

Keep hearing adverts for some kind of priority list, where you sign up for it if you're old or ill or something so they protect your energy supply. Can't say I've heard them before.

[Rico1304]

2 minutes ago, Section_31 said:

Keep hearing adverts for some kind of priority list, where you sign up for it if you're old or ill or something so they protect your energy supply. Can't say I've heard them before.

Suppliers usually have a vulnerable person, or priority list that means you get things like passwords or braille bills etc but for actual cash you are usually looking at charities. Sometimes their services go viral and what is a local charity gets national exposure.  
 

Could it be warm homes scheme run by government? 

[Rico1304]

This isn’t good news for us.  LPG will continue to be diverted to South America increasing our reliance on Russian and European gas.  If it gets very cold in Europe it’ll be a double whammy. 

[Rico1304]

Just occurred to me that when prices are high having a meter that tells you how much energy you’re using in £ must be a bit of help.   

[Gnasher]

14 minutes ago, Rico1304 said:

Just occurred to me that when prices are high having a meter that tells you how much energy you’re using in £ must be a bit of help.   

 

Yeah it's helpful to be reminded you're not only being ripped off but also paying well over the odds on being ripped off.

[Rico1304]

1 hour ago, Gnasher said:

 

Yeah it's helpful to be reminded you're not only being ripped off but also paying well over the odds on being ripped off.

Are we adding to the list of things you don’t understand? 

[Gnasher]

13 minutes ago, Rico1304 said:

Are we adding to the list of things you don’t understand? 

 

Pre payment meters are a rip off, smart meters may be helpful for people who can't understand a regular meter.

[dockers_strike]

2 hours ago, Gnasher said:

 

Yeah it's helpful to be reminded you're not only being ripped off but also paying well over the odds on being ripped off.

Fuck me, that BG Call Centre loon still singing the praises of Smart Meters that have so far cost the end consumer £11 BILLION and he thinks they're a good reminder of how much energy you're using?

 

Jesus! I hear now the 2G and 3G networks which many Smart Meters use is going to be switched off soon. And guess what? Your 'smart meter' will go dumb again and yet more cost falls to the end consumer to fix it!

 

And the divvie BG Call Centre Manager thinks consumers need a reminder of how much energy they're using and the 'smart meter' is good for that!

[Rico1304]

32 minutes ago, dockers_strike said:

Fuck me, that BG Call Centre loon still singing the praises of Smart Meters that have so far cost the end consumer £11 BILLION and he thinks they're a good reminder of how much energy you're using?

 

Jesus! I hear now the 2G and 3G networks which many Smart Meters use is going to be switched off soon. And guess what? Your 'smart meter' will go dumb again and yet more cost falls to the end consumer to fix it!

 

And the divvie BG Call Centre Manager thinks consumers need a reminder of how much energy they're using and the 'smart meter' is good for that!

Oh, it’s aimed to rile me. Ok. 
 

Anyway, first question.  How are metering and associated costs (the meter worker, parts etc) funded by 90% of the industry?  
 

Second one.  When 2G and 3G are turned off most S1 meters will have fully financed and will be due for replacement. How do S2 meters communicate?  

Third one: Further back you said something like ‘each meter costs £350’  how did you pay yours?  
 

Forth one: How would you have solved the issues that SM solves?  I won’t need to list those as you’ll know.   
 

Should keep you going.  

[George Costanza]

According to the forecasts the price is still going to steadily increase throughout this year before dropping dramatically in 2023.  A tough year ahead for a lot of people.  As always this country is way behind where it should be for a so called developed nation as we still rely far too much on Gas

[Rico1304]

3 minutes ago, George Costanza said:

According to the forecasts the price is still going to steadily increase throughout this year before dropping dramatically in 2023.  A tough year ahead for a lot of people.  As always this country is way behind where it should be for a so called developed nation as we still rely far too much on Gas

Agree. The worst is yet to come. Another couple of suppliers will go pop in the next few weeks and no one yet has any clear idea what to do with Bulb (although I’ve heard one rumour that won’t please anyone).  
 

Nuclear is the easiest answer but we are just too scared of it.  I blame Mr Burns. 

[Champ]

Ok, my current tariff is about to expire (SO Energy) and they’re recommending a 2 year fix which is 50% more than I’m paying now with dire warnings of what I might face should I just drop onto a variable rate. Really?

 

Is it time to invest in ground source technology?

[TheBitch]

13 hours ago, Rico1304 said:

Agree. The worst is yet to come. Another couple of suppliers will go pop in the next few weeks and no one yet has any clear idea what to do with Bulb (although I’ve heard one rumour that won’t please anyone).  
 

Nuclear is the easiest answer but we are just too scared of it.  I blame Mr Burns. 

I’m with Bulb. Tell me more. 

[Mook]

My boiler won't turn off.

 

Perfect.

[Captain Howdy]

9 minutes ago, Mook said:

My boiler won't turn off.

 

Perfect.

Ouch

[Captain Howdy]

32 minutes ago, Champ said:

Ok, my current tariff is about to expire (SO Energy) and they’re recommending a 2 year fix which is 50% more than I’m paying now with dire warnings of what I might face should I just drop onto a variable rate. Really?

 

Is it time to invest in ground source technology?

people I talk to seem to be oblivious to it all, next year is going to be brutal.

[dockers_strike]

43 minutes ago, Champ said:

Ok, my current tariff is about to expire (SO Energy) and they’re recommending a 2 year fix which is 50% more than I’m paying now with dire warnings of what I might face should I just drop onto a variable rate. Really?

 

Is it time to invest in ground source technology?

I wouldnt sign up for any fixed rate deal right now. I believe OVO were offering a fixed price deal at around 4 grand?!

 

People need to do some research but and while it may be a big hit coming off any deal onto Standard Rate tariff, Id say roll onto the SR.

 

Ground source technology? Nah. Watch Roger's vids.

 

 

 

[Rico1304]

1 hour ago, TheBitch said:

I’m with Bulb. Tell me more. 

I’m afraid I’d have to kill you afterwards. That wouldn’t be fair to the world. 

[Rico1304]

1 hour ago, Champ said:

Ok, my current tariff is about to expire (SO Energy) and they’re recommending a 2 year fix which is 50% more than I’m paying now with dire warnings of what I might face should I just drop onto a variable rate. Really?

 

Is it time to invest in ground source technology?

It depends on your circumstances but I’d be loathe to sign to fixed term now.   Obviously if you do you know more or less what you’ll pay and with the variable it could go up  even higher. 
 

Ground source is better suited to new built highly insulated properties.  I wouldn’t recommend it anywhere else and even then it takes some getting used to.   

[John102]

We only turn the heating on in the evening for a few hours, when baby is back from Nursery. Last month still come to £220. The summer cant come quick enough.