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

[BBassic]

Starting to get slightly concerned that Bulb are going to hit me with a massive outstanding bill.

We've been paying in via DD £130 a month for a year or so but they've only ever been charging between £80-£90 which means we're nicely in credit.

But £80-£90 doesn't tally, in my head, with the money that other people seem to be paying.

 

[pb21]

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

Ovo are offering me the following 2-year fixed 'deal':

Electricity

Unit rate: 66.21p/kWh
Standing charge: 55.04p/day

Gas

Unit rate: 19.71p/kWh
Standing charge: 27.52p/day

 

[Blue3]

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.

Yes but as you said your self capitalism will go along with it if suitably incentivised which means it needs to return a profit it’s Capitalism’s only aim, if left to capitalism would the NSH have been set up.

The profits being taken by the oil and gas industries are obscene meanwhile if our next PM is Truss has proposed a reduction in NI payments! I don’t have words to describe how this not the time to reduce payments to the most needy people

 

[KZNSeagull]

A question: If the UK started storing gas again, using it's own supplies, why would the price go down? Surely the gas would still be sold to the energy suppliers at the market rate?

 

[nicko31]

Ovo are offering me the following 2-year fixed 'deal':

Horrible numbers

If I'm right heating oil is outside the price cap. I just got my mothers tank filled and it was £890 for 1000l, equates to 8.5p kwh, less than half that of gas

 

[nicko31]

A question: If the UK started storing gas again, using it's own supplies, why would the price go down? Surely the gas would still be sold to the energy suppliers at the market rate?

We'd be filling the storage at the worldwide market rate. If anyone uses bottled gas maybe good time to be buying up supplies

 

[KZNSeagull]

Chap from Utilita is on R5 now talking to Naga about social tariffs, an idea that has been mooted by others at select committees as well.

 

[Icy Gull]

I am with EDF

If I went fixed rate today it would be 17.33 per KW on Gas

The rate I have is 12.577 per KW on Gas

Variable is currently 7.319

On my old fixed rate that ended in June it was 2.55 per KW

The Electricity rate would be 58.09 per KW

The rate I have is 43.09 per kw

Variable is currently 29.49 per kw

Variable is 100% the way to go as things stand today .........but I am currently using virtually no gas or electricity so I can leave the final decision to when it starts to get chilly…as the exit fee is £100 on both gas and electricity

Very interested as to how this compares with others on here.

 

[wuntbedruv]

I was kicked over to Octopus when Avro went bust, I used to pay £68 a month for gas and electricity and was in £280 credit at the switch.

Now on a 12 month fixed deal @£261 a month.

68p a day combined with unit charges of 48.2p per and 15.7 per kwh

At least, if prices drop I have no early exit fees

 

[herecomesaregular]

I'm on Economy 7 Electric only but I renewed a fixed 2 year mid April with OVO as:

Peak unit rate 41.93p per Kilowatt hour kWh
Off-peak unit rate 31.68p per Kilowatt hourkWh
Standing charge 40.57p a day

 

[mejonaNO12 aka riskit]

I am with EDF

If I went fixed rate today it would be 17.33 per KW on Gas

The rate I have is 12.577 per KW on Gas

Variable is currently 7.319

On my old fixed rate that ended in June it was 2.55 per KW

The Electricity rate would be 58.09 per KW

The rate I have is 43.09 per kw

Variable is currently 29.49 per kw.

What I worry about, looking at the above, is even with the sharp rises in cost predicted, how long would it actually take before you have financially 'broken even' or made money compared to if you had just stuck in variable throughout.

ie say the fix is £200 and variable is £100 (obviously just taking figures for example). If it takes even 7 months for the variable rate to be higher than the new fix, you are £700 down. Then, say for example, having fixed is saving you £100 over what variable is, you would need 7 months before you've even broken even. 14 months on from the original decision

More than happy to be told my maths/logic makes no sense

 

[Icy Gull]

What I worry about, looking at the above, is even with the sharp rises in cost predicted, how long would it actually take before you have financially 'broken even' or made money compared to if you had just stuck in variable throughout.

ie say the fix is £200 and variable is £100 (obviously just taking figures for example). If it takes even 7 months for the variable rate to be higher than the new fix, you are £700 down. Then, say for example, having fixed is saving you £100 over what variable is, you would need 7 months before you've even broken even. 14 months on from the original decision

More than happy to be told my maths/logic makes no sense

Two year fixed though….

 

[southstandandy]

Time to get the magnets out and some sticky tape on my meter!

 

[mejonaNO12 aka riskit]

Two year fixed though….

hmmm. I've just looked and EDF would want me to basically fix at £450 compared to the £220 I pay now (jumped from £150 on the last calc)

Knowingly fixing myself for 2 years at that and 'losing' £230 a month until it's worthwhile doesn't feel like great economics to me, even though we know our bills will rise.

I think we will be riding it out.

 

[Neville's Breakfast]

What I worry about, looking at the above, is even with the sharp rises in cost predicted, how long would it actually take before you have financially 'broken even' or made money compared to if you had just stuck in variable throughout.

ie say the fix is £200 and variable is £100 (obviously just taking figures for example). If it takes even 7 months for the variable rate to be higher than the new fix, you are £700 down. Then, say for example, having fixed is saving you £100 over what variable is, you would need 7 months before you've even broken even. 14 months on from the original decision

More than happy to be told my maths/logic makes no sense

It makes perfect sense and is the reason we have remained on variable rates. I organized a fixed rate with Ovo in July 2021 however they kept telling me our property was on an old computer system because the account had migrated previously from another provider. They eventually told me the account would be set up in October and they would use my initial readings and agreed fixed rates. I received no communication from them and at that stage they had not opened the online account. I then went into hospital until December and when I came out they denied all knowledge of the earlier conversations. I didn’t imagine them. I had all the quotes and details written down. Anyway, I wasn’t prepared to fix on a higher rate than previously agreed so we are on variable and are staying that way and reducing energy usage instead. Whatever you do now the cheap fixes have gone, so it is a punt either way.

 

[mejonaNO12 aka riskit]

We are fortunate. I don't earn a BAD wage and my wife has part time work. Thankfully one of the kids is finishing nursery this year so that's some money back.

Yesterday I called around some of my various suppliers (Sky, O2, BT etc). Not pleading poverty but just seeing if there was anything I could do on cutting costs where possible. I imagine they are getting loads of these and were all really helpful. In the end I ended up moving o2 phones to Sky and also agreeing an additional discount with Sky and BT.

I hadn't held much hope as I wasn't morally willing to lay on a thick sob story (as there are people REALLY struggling) and I already had mega discounts in place (thank you Martin Lewis) but worth a try

Total monthly saving of £40 for about 30 mins on the phone. Yes it won't plug the gap caused by the energy increases but certainly worth the calls.

Just to add to this. I went back to BT and said "you know that extra discount you have just given me, can we backdate that to the start of my current deal". They said yes. People are trying to help at least. Yes I know they are big horrible companies but it's a nice sign.

 

[Since1982]

A few thoughts. My energy usage ytd is 36% lower than the same period last year but the cost is 9% higher and that includes 2 months at the start of the year on my old fix.

Octopus have a neat if scary tool on their app which allows you to forecast your bills based on your historic usage, last 5 years weather in your area, best views on price cap. At the start of the week that suggested I needed to increase my monthly payments from £200 to £300 a month net of the govt £400. Today that figure has increased to £150 extra per month. My payments at the start of the year were £125 and I have a £600 credit on my account all of which gets eaten up over the next 12 months as well. Its terrifying if you are already struggling, and not much better if you know you can find a way to pay for it albeit at the expense of other things.

 

[A1X]

EON announced £3.6bn profits today.

Yay capitalism!

 

[Weststander]

EON announced £3.6bn profits today.

Yay capitalism!

But they’re ploughing it all back into new infrastructure, green energies

 

[Denis]

I fixed for 2 years, EDF, hoping that I’ve done the right thing.
Gas standing charge, 27.22p per day, unit rate 9.738p per kWh