[News] Energy bills to top £4200 at the start of next year

[Marty___Mcfly]

Widely reported tonight that the government may well set the domestic price cap, via Ofgem, at today’s average £1,971 until March 2024.

If that pans out, at a stroke it’ll do away with the £3,549 and ever higher numbers forecast from the growing mini industry of ‘energy analysts’ trumping each other daily and grabbing the spotlight.

The eye catching £4,400 thread title would need revision

Perhaps this isn’t a good time to sign up to an incredibly expensive fixed deal!

View attachment 151588

Great news! Just corrected that graph for you-

 

[Bold Seagull]

Businesses, schools and hospitals - something similar, but funded differently. Has to happen, hospitality businesses which were on (much better than domestic) commercial energy contracts which naturally came to an end, have talked of £8,000 becoming £60,000. Now, not forecast. Otherwise, mass liquidations and unemployment.

Newsnight right now covering a Leicester textiles business where the energy bills are rising from £0.4m to £2.1m. 200 folk being made redundant as it closes.

Those 200 will then all be going back to school needing more heated classrooms etc

 

[Icy Gull]

Delighted if this happens even though I’ll have a total of £200 exit fees from my high fixed rates on gas and electricity.

I always have been a really shit gambler

 

[Weststander]

Liz Truss getting off to a great start and keeping to her word? New era dawning?

Hope so, let's so.

 

[Weststander]

This would be a welcome move but needs to be combined with strong windfall taxes on the energy providers so we do not see a situation where taxpayers money is further contributing to record multi billion profits.

I agree, but on the energy producers/wholesalers.

 

[Weststander]

Those 200 will then all be going back to school needing more heated classrooms etc

Genuinely, it did cross my mind about their working conditions and more.

 

[GT49er]

OVO energy crooks - or shysters at the very least. Although I am in credit with my DDs at the moment, they think I'll be £1200 in debit in 12 months time. To save me from falling into debt, they will kindly increase my DD by £100, almost doubling my monthly payments. Click here if you agree. If you don't click here, we'll do it anywaay. Hmmmm .

Now for the good bits. If I don't want my DD to increase, I can pay off the debt they think I will incur in 12 month's time by paying it off in full NOW! You can go on-line and adjust the DD yourself ..................... but surprise, surprise, the system only lets you pay more than they've decided they want, but not a penny less! I guess they're scrambling to get as much in before everybody finds out exactly what restrictions the government imposes - if the government imposes a moratorium on price rises for a period, they'll be desperate to get their price rise in first I guess - hence it's going to be done in ten days.

 

[Denis]

Delighted if this happens even though I’ll have a total of £200 exit fees from my high fixed rates on gas and electricity.

I always have been a really shit gambler

I fixed in May on a really good rate, with EDF. Unfortunately there are £150 x2 exit fees I:e. £300!! I guess I’ll have to stick with it?

 

[Icy Gull]

I fixed in May on a really good rate, with EDF. Unfortunately there are £150 x2 exit fees I:e. £300!! I guess I’ll have to stick with it?

Surely May was cheaper than the current variable rate though?

 

[Denis]

Surely May was cheaper than the current variable rate though?

Unfortunately not. It is a 2 year fix from June1st. It was a 24% increase. So on Martin Lewis’s advice on fixing on anything under 40%, I did. Having increased my monthly payment, I am now £420 in credit. So unless they cancel early exit fees, I’ll just have to keep it. I am very careful with my energy usage and don’t incur very high bills.

 

[Westdene Seagull]

OVO energy crooks - or shysters at the very least. Although I am in credit with my DDs at the moment, they think I'll be £1200 in debit in 12 months time. To save me from falling into debt, they will kindly increase my DD by £100, almost doubling my monthly payments. Click here if you agree. If you don't click here, we'll do it anywaay. Hmmmm .

Now for the good bits. If I don't want my DD to increase, I can pay off the debt they think I will incur in 12 month's time by paying it off in full NOW! You can go on-line and adjust the DD yourself ..................... but surprise, surprise, the system only lets you pay more than they've decided they want, but not a penny less! I guess they're scrambling to get as much in before everybody finds out exactly what restrictions the government imposes - if the government imposes a moratorium on price rises for a period, they'll be desperate to get their price rise in first I guess - hence it's going to be done in ten days.

I had that problem with NPower years ago - I just cancelled the direct debit via my banking app and paid the bill when it came in.

 

[Marty___Mcfly]

Latest leaks are that the cap is likely to be around £2500 average bill with the £400 handout reducing it to £2100, which is just over the current cap. Price freeze would run through this winter and next.

 

[GT49er]

I had that problem with NPower years ago - I just cancelled the direct debit via my banking app and paid the bill when it came in.

Did they keep supplying you, and how often did they send a bill?

 

[Ethelwulf]

Latest leaks are that the cap is likely to be around £2500 average bill with the £400 handout reducing it to £2100, which is just over the current cap. Price freeze would run through this winter and next.

Think there taking off the green levy as well so it stays around 1950-2000

 

[Westdene Seagull]

Did they keep supplying you, and how often did they send a bill?

Yep - and every three months - they did ask for regular meter readings though.

 

[Ethelwulf]

Delighted if this happens even though I’ll have a total of £200 exit fees from my high fixed rates on gas and electricity.

I always have been a really shit gambler

You will not have to pay the exit fees the suppliers will put you straight on to the same as everyone else think that will be part of the announcement fingers crossed

 

[Bodian]

OVO energy crooks - or shysters at the very least. Although I am in credit with my DDs at the moment, they think I'll be £1200 in debit in 12 months time. To save me from falling into debt, they will kindly increase my DD by £100, almost doubling my monthly payments. Click here if you agree. If you don't click here, we'll do it anywaay. Hmmmm .

Now for the good bits. If I don't want my DD to increase, I can pay off the debt they think I will incur in 12 month's time by paying it off in full NOW! You can go on-line and adjust the DD yourself ..................... but surprise, surprise, the system only lets you pay more than they've decided they want, but not a penny less! I guess they're scrambling to get as much in before everybody finds out exactly what restrictions the government imposes - if the government imposes a moratorium on price rises for a period, they'll be desperate to get their price rise in first I guess - hence it's going to be done in ten days.

Octopus did something similar. System was ostensibly very good in that I could set the DD myself - but not to the level I wanted; only within their 'guidelines'

Their email telling me I could set the DD said that they were putting their 'customers in control of their payments'. I just contacted them and told them that if I was 'in control' they should set it at the rate I wanted. They did.

 

[darkwolf666]

You've got to love government - broadly leaked that the energy cap would be at the existing level of £1971, then leak again that it will actually be at the higher rate of £2500.

I guess they then have 48 hours to gauge the response from the analysts and public at large to decide which number to go with. If they go with the £2500 it's not a "freeze" as such, but the public will more than likely fall for it, as it's "not as bad as it could have been".

Still an increase that will affect the most vulnerable the most - as per usual!

Let's see, come Thursday...

 

[Weststander]

I had that problem with NPower years ago - I just cancelled the direct debit via my banking app and paid the bill when it came in.

I do that early doors when I’m leaving an energy company when I’m in credit.

From experience they take an age to repay a credit balance.

 

[beorhthelm]

You've got to love government - broadly leaked that the energy cap would be at the existing level of £1971, then leak again that it will actually be at the higher rate of £2500.

I guess they then have 48 hours to gauge the response from the analysts and public at large to decide which number to go with. If they go with the £2500 it's not a "freeze" as such, but the public will more than likely fall for it, as it's "not as bad as it could have been".

Still an increase that will affect the most vulnerable the most - as per usual!

Let's see, come Thursday...

did government leak either number or journo speculation? i dont think the first number based on anything other than the last price cap. considering wider effects of long term cost, support for business, maybe a higher number with additional support for lower incomes will be btter than lower average number.