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

[Herr Tubthumper]

the rises are being controlled by Ofgem so that they are not even higher, UK gas wholesale prices have risen 3x in a year. we could have no increase then deal with larger companies going bust/bailed out.

But the huge profits and dividends being paid out suggest prices can be lower. I simply do not buy the idea that more cannot be done.

 

[nicko31]

They did, and as far as I'm concerned they should have done so.

The problem is that it costs billions to buy back private companies and as I was lamenting in my original post, there wasn't enough public outrage to convince Labour that spending that money on renationalising was a vote winner. Nevertheless, we probably wouldn't be facing energy bills of £4,200 per household (up from £1,300) if energy was nationalised.

New energy generation needs to be under public ownership, we need energy security and reduce our exposure to global markets. We're being held to ransom and propping up corrupt regimes..

 

[pb21]

Ah I see, so the media are basically terrifying the public by telling everybody "the average house hold will be paying £4,200 a year in January". I dread to think how many old people will die of the cold this winter because of media reporting.

Well yes and no.

This time last year the price cap meant that the the average household was paying ~£1,300 a year, so it will be going up 3.2x.

If a single household was paying £720/year (£60/month), that will be going up to £2,300/year (£192/month).

Also that is based on the price cap, if someone was on a fixed, that is just about to end, the increase will be even more.

 

[Icy Gull]

Variable is still considerably cheaper than a new fixed as far as I can see

Do ya feel lucky Punk?

 

[pb21]

Variable is still considerably cheaper than a new fixed as far as I can see

Do ya feel lucky Punk?

We have just moved, so are on a variable rate. Looked to see what fixed offers there are and a 2-year fixed is currently over twice what the current variable is...

 

[beorhthelm]

But the huge profits and dividends being paid out suggest prices can be lower. I simply do not buy the idea that more cannot be done.

possibly. though the headline profits are simply because the cost base hasnt risen while market prices have. suggest reducing demand would be one way but we cant do much on that. increasing supply isnt a policy anyone will accept. taxes seem popular, wont change price. so more complex policy of changing tax to offset/subsidise consumption is asked for, against policy of inceasing costs to reduce consumption, wile also dealing with knock on effects to investment and future supply.

maybe the socialists are right and we just need government to build everything. after they spend hundreds of billions and in 10-15 years time, we'll be saved. wont help now. its largely government policy (green without backup, no nuclear) thats lead us here though so i dont think thats the answer.

 

[mejonaNO12 aka riskit]

Our fixed rate ended early this year. We were looking at the fix options then. The monthly costs being quoted then were higher than we are paying now on flexible....and my bill jumped up £100 last month

Always go for the best option as it is in that moment in time. Madness to tie yourself into a higher cost (fixed) than you need to be paying for several months on the belief that the bills will eventually go up. You are doing yourself out of money months before you need to.

 

[beorhthelm]

Variable is still considerably cheaper than a new fixed as far as I can see

Do ya feel lucky Punk?

got a comedy offer for fixed rate from British Gas that was £5400. i reckon they're just letting scripts send out offers.

 

[maffew]

Pretty outrageous Johnson / Sunak and Truss can't get around the table and at least collectively agree there will definitely be help for the most needy this winter.

The talk of £4200 will causing a huge level on anxiety for this on the edge.

Johnson appears to effectively put himself on gardening leave whilst squatting no10 and wont make any big decisions over the next month, effectively leaving us without a leader at a time of crisis, that's how it looks/feels from where I am sat, kicking the can down the road for someone else to deal with or not. This is a real emergency now and the response/any measures will be inadequate/too late. General election cant come soon enough

 

[nicko31]

Just got a refill for propane for my BBQ, works out at a whopping 29p/kwh versus 7p kwh cooking indoors. I guess this gas is not protected by the energy cap

 

[Icy Gull]

Our fixed rate ended early this year. We were looking at the fix options then. The monthly costs being quoted then were higher than we are paying now on flexible....and my bill jumped up £100 last month

Always go for the best option as it is in that moment in time. Madness to tie yourself into a higher cost (fixed) than you need to be paying for several months on the belief that the bills will eventually go up. You are doing yourself out of money months before you need to.

I get what you’re saying but as we use very little gas in the summer and it’s a small penalty to cancel but if/when variable goes up dramatically the rates you’ll get on fixed will also be much higher than they are/were. As this cluster**** is predicted to go on for a couple of years you are going to be gambling whichever way you jump, so having some certainty with a two year fixed rate is the gamble I’m taking

Since I took it out in late June the fixed rate has gone up by 1/4

 

[herecomesaregular]

I get what you’re saying but as we use very little gas in the summer and it’s a small penalty to cancel but if/ f years you are going to be gambling whichever way you jump, so having some certainty with a two year fixed rate is the gamble I’m taking

Since I took it out in late June the fixed rate has gone up by 1/4

I know M Lewis was saying don't do a fixed but I renewed on another 2 year fixed in April (I'm electric only so it was hard to compare on predictors because they focus on gas) and just turned off my hot water from then and until .... I can't stand it at some point in winter. Luckily, I love cold showers (very good mentally) and I just boil the kettle for the washing up. It's no great hardship at all (at the moment, true). My parents always go on about having no hot water and a bath only once a week as children, putting on clothes in the winter indoors etc it is actually better for you... the elderly accepted..... and they're right, modern generations expect all their luxuries and are quick to cry and moan poverty about not being able to wear a tshirt and shorts inside in winter because it's too cold can we turn the heating up please). Currently turning off the heating has put me £300 in credit (Ovo won't reduce the dd) but i don't mind as they pay 5% on credit balances.

 

[LamieRobertson]

The very latest from that Lewis guy

https://www.moneysavingexpert.com/u...eap--fixed-energy-deals-currently-worth-it--/

 

[Blue3]

possibly. though the headline profits are simply because the cost base hasnt risen while market prices have. suggest reducing demand would be one way but we cant do much on that. increasing supply isnt a policy anyone will accept. taxes seem popular, wont change price. so more complex policy of changing tax to offset/subsidise consumption is asked for, against policy of inceasing costs to reduce consumption, wile also dealing with knock on effects to investment and future supply.

maybe the socialists are right and we just need government to build everything. after they spend hundreds of billions and in 10-15 years time, we'll be saved. wont help now. its largely government policy (green without backup, no nuclear) thats lead us here though so i dont think thats the answer.

The problem is fundamentally our political system which works on a five year plan when 50 year plan was needed the answer so they told us was to give the problems to someone else let capitalism sort things.

In the UK we have an outdated political system making decisions for the most part that are to maintain capitalism which has led us to the decline and ultimately fall of the current world order

Capitalism has increasingly failed to predict, plan and respond to crises over the past 30 years each time a sticking plaster has been applied until the next crisis and the reason it’s failed is a simple one at it’s basic core capitalism is only about making money and expecting capitalism to be the panacea for all the worlds problems by successive governments has failed.

Sadly the societal and political systems that are taking advantage of this are all totalitarian who have learned to use capitalism to make money but not to run the state.

 

[beorhthelm]

The problem is fundamentally our political system which works on a five year plan when 50 year plan was needed the answer so they told us was to give the problems to someone else let capitalism sort things.

In the UK we have an outdated political system making decisions for the most part that are to maintain capitalism which has led us to the decline and ultimately fall of the current world order

Capitalism has increasingly failed to predict, plan and respond to crises over the past 30 years each time a sticking plaster has been applied until the next crisis and the reason it’s failed is a simple one at it’s basic core capitalism is only about making money and expecting capitalism to be the panacea for all the worlds problems by successive governments has failed.

Sadly the societal and political systems that are taking advantage of this are all totalitarian who have learned to use capitalism to make money but not to run the state.

half right. our political systems are short term and capitialism goes along with that. however capital and markets will happily plan ahead and build if suitably incentivised. what we have done in policy is tell markets we only accept certain energy, hence UK not building sufficent nuclear, or Germany closing theirs, building forests of wind turbines without suitable backup. could say business are better for long term planning with more continuity and incentives than 4-5 year cycles governments have. dont think that would be accepted by many but something differnt to form strategic plans is needed.

 

[Icy Gull]

The very latest from that Lewis guy

https://www.moneysavingexpert.com/u...eap--fixed-energy-deals-currently-worth-it--/

Moving towards go for fixed it seems

 

[LamieRobertson]

Moving towards go for fixed it seems

Aye..but a lot are only open to existing customers…i am with OVO and hes indicating its just outside worthwhile to fix….although its close…personally I’ll look to make a decision in early October as mine expires in November

 

[Icy Gull]

Aye..but a lot are only open to existing customers…i am with OVO and hes indicating its just outside worthwhile to fix….although its close…personally I’ll look to make a decision in early October as mine expires in November

I looked at fixing earlier than my then fixed rate that expired on 30 June in early May. I looked at the cost and thought “feck me, no way” Wish I had now as I ended up fixing at nearly a third more in late June

 

[LamieRobertson]

I looked at fixing earlier than my then fixed rate that expired on 30 June in early May. I looked at the cost and thought “feck me, no way” Wish I had now as I ended up fixing at nearly a third more in late June

I had the choice to fix for three years rather than the two that i chose..doh

In a couple of months and it’ll be a chat round the table for the occupiers of la maison ….over either i get given more to pay the bill and/or for example my son cuts his two showers a day to one etc

 

[nicko31]

Does anyone have a figure what the Kwh rates are for elec and gas on these fixed rate deals?