[News] The Energy crisis

[Neville's Breakfast]

LBC’s business person said we’ll be automatically transferred to whoever’s taken on their customer list.

I can’t be arsed to shop around just yet. Martin Lewis today mentioned, again, that he simply can’t recommend any deals just now. Best not to make a hasty decision, his instinct is that this is the high water mark or nearing of it, of prices. Thereafter they’ll be a gradual move downwards.

That’s a big call from Lewis. There is a distinct lack of October Russian transit bookings through Poland and the Ukraine. This is a crucial time as it is the last chance to add to very low European storage levels before winter. Putin is playing a blinder in brinksmanship against the EU.

 

[SuperBrighton]

I renewed with Avro recently on another 12 month fixed that will kick in on 7th Oct.

Have a big credit balance too, which I was hoping would handy against the new increased tariff.

Anyone know what'll happen next? Will my credit be safe and the new tariff with whoever takes it over?

Give this a read: https://www.moneysavingexpert.com/n...n-ceases-trading---here-s-everything-you-nee/

You will be moved over to a new supplier and your credit will be safe. The tariff you move to probably won't be great though.

 

[1066familyman]

Give this a read: https://www.moneysavingexpert.com/n...n-ceases-trading---here-s-everything-you-nee/

You will be moved over to a new supplier and your credit will be safe. The tariff you move to probably won't be great though.

Ok, thanks.

 

[Weststander]

That’s a big call from Lewis. There is a distinct lack of October Russian transit bookings through Poland and the Ukraine. This is a crucial time as it is the last chance to add to very low European storage levels before winter. Putin is playing a blinder in brinksmanship against the EU.

I've been aware of this for a long time, Putin does hold an amazing hand with all the natural gas.

I remember a news article years ago about Austria, who could be hit really badly, holding a year's worth of natural gas in a vast holding facility .... just in case.

 

[southstandandy]

With a warm winter predicted hopefully may get away without even putting the heating on next January at all. Only had it on for 4 to 5 weeks last Feb/March. Thank god our climate is so relatively warm.

 

[Weststander]

I work for igloo and as yet we haven't gone bust. Clinging on for dear life, but not bust yet. Not going to lie, work is incredibly hard going at the moment. Looking to escape it with a win tonight lol

Hopefully Lamptey & Co will warm the chill from working in that Igloo.

 

[Neville's Breakfast]

I've been aware of this for a long time, Putin does hold an amazing hand with all the natural gas.

I remember a news article years ago about Austria, who could be hit really badly, holding a year's worth of natural gas in a vast holding facility .... just in case.

I’ve just seen an analyst saying that Germany and Austria are particularly at risk as their storage levels are very low. Prices in those markets will have to rise further to compete for scarce supply. One big issue that has excacerbated regional factors (such as low storage and the renewables transition) is the global lack of availability of LNG as so much of it has gone to China since last Winter. It doesn’t help of course that Russia is simply not supplying Europe with pre Covid levels of gas.

 

[maltaseagull]

"John Redwood

(@johnredwood)

Price controls do not work. Energy bills will go up despite them. Taxpayers will have to help bail out companies damaged by them.

September 20, 2021"

Thanks, John. (Tory MP)

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Wholesale gas prices have soared by 250% since the beginning of the year, including a 70% rise since August, according to the Oil & Gas UK trade body.

How would a labour MP resolve that?

Tax the rich ?

In addition the link from France has been damaged and a drop in wind power generation.

No simple answers and a national issue not a political one.

 

[Paulie Gualtieri]

You don’t understand energy pricing. That’s why you think people have provided links when they haven’t. I can’t give you a one word answer because I haven’t seen your figures. Perhaps they don’t exist. As I say, I’m happy to have this debate when you can provide figures. Until then it’s just hot air.

Expensive hot air


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[peterward]

Well that went well.

I was with Igloo Energy (who are about to go bust by all accounts), who kept landing exponential price rises on me.

A month ago I moved to Avro Energy, who a few minutes ago went into Administration.

I'm with you brother and share the pain.

Been Avro for 3 years. Stable gas/elec KWh my fix that expired in Aug was £94pm, got bumped to £124 in Aug, checked 3 days ago Avros cheapest was now £149.

After seeing news today they've gone tits I tried uSwitch, no deals at all, next moneysupernarket, offered 4 deals all with smaller non big six and cheapest on my kWh was £220!!

£94-£124-£220 in 5 weeks!

If it helps, I'd signed up previously to the Martin Lewis MSE energy club/finder thing, did a search there and they had EON (big 6) for £174 and cheaper at £150 they had that Utility warehouse crowd, but they also require you to take their broadband and mobile.

Gonna do as you and wait and see which company we're sent to, but not sure what to do about my DD which is due out on 30th?? Will new company get the money? If Avro are bankrupt not sure if it's wise sending them money?

Other consideration is the ofgem price cap raise will happen in October (hasn't happened yet). So max price you can be charged is going up 12% in Oct and you can bet it will.

What an expensive mess, my old man swears by Octopus energy but I may just do the Eon deal on MSE if our new provider is more than £175pm for me.

 

[beorhthelm]

Other consideration is the ofgem price cap raise will happen in October (hasn't happened yet). So max price you can be charged is going up 12% in Oct and you can bet it will.

prices rises already announced, should included in published tariffs..

 

[Weststander]

I'm with you brother and share the pain.

Been Avro for 3 years. Stable gas/elec KWh my fix that expired in Aug was £94pm, got bumped to £124 in Aug, checked 3 days ago Avros cheapest was now £149.

After seeing news today they've gone tits I tried uSwitch, no deals at all, next moneysupernarket, offered 4 deals all with smaller non big six and cheapest on my kWh was £220!!

£94-£124-£220 in 5 weeks!

If it helps, I'd signed up previously to the Martin Lewis MSE energy club/finder thing, did a search there and they had EON (big 6) for £174 and cheaper at £150 they had that Utility warehouse crowd, but they also require you to take their broadband and mobile.

Gonna do as you and wait and see which company we're sent to, but not sure what to do about my DD which is due out on 30th?? Will new company get the money? If Avro are bankrupt not sure if it's wise sending them money?

Other consideration is the ofgem price cap raise will happen in October (hasn't happened yet). So max price you can be charged is going up 12% in Oct and you can bet it will.

What an expensive mess, my old man swears by Octopus energy but I may just do the Eon deal on MSE if our new provider is more than £175pm for me.

This year for us, despite probably using less energy, I've been an energy supplier tart. Monthly DD's:

Green £98 - deal came to an end in Jan, then they tried to take the p@ss with an astonishly standard tariff price increase. THEY WENT BUST TODAY.
Igloo £137 up to July - which was way above our usage, but even before this crisis, suppliers seem so aggressive these days with exaggerated DD amounts.
Igloo emails in July & August telling me it was increasing to £151, then £158 and so it went on. ON THE VERGE OF INSOLVENCY APPARENTLY.
Avro from Aug - £126. Pleased with that, but ......... THEY WENT BUST TODAY.

Bored of it all now, I'll relook at the situation in say November.

 

[drew]

My supplier, Green, now gone tits up although I was expecting so have my required meter readings and also screen dump of my account showing my credit balance.

I use Look After My Bills so as per their advice, will sit tight until I'm allocated to another supplier and they'll then do their bit for the best deal.

 

[Lyndhurst 14]

Most of these companies are not energy producers but energy traders. When the utility companies were privatized and deregulated it paved the way for foreign ownership and companies like these. Essentially all they do is sign you up and bill you each month, something anyone could do. Be it electricity or gas, the distribution network is already in place and the actual production is done by other people, they are merely adding another layer (and profit) without adding anything of value to the process. Obviously the shortage of gas is hitting many other countries and to a degree is beyond government control, but it is exacerbated by, for want of a better word, all these spivs who have now become involved

 

[banjo]

Just had an email telling me my energy supplier has gone into liquidation.

 

[Bodian]

Most of these companies are not energy producers but energy traders. When the utility companies were privatized and deregulated it paved the way for foreign ownership and companies like these. Essentially all they do is sign you up and bill you each month, something anyone could do. Be it electricity or gas, the distribution network is already in place and the actual production is done by other people, they are merely adding another layer (and profit) without adding anything of value to the process. Obviously the shortage of gas is hitting many other countries and to a degree is beyond government control, but it is exacerbated by, for want of a better word, all these spivs who have now become involved

Yes - I was trying to explain this to a mate yesterday. They were worried about all the 'energy companies' going bust - and I tried to stress that the producers and distributors were not affected, just the JCL traders, and if they all went bust, we'd all end up back with British Gas.

 

[MattBackHome]

My supplier, Green, now gone tits up although I was expecting so have my required meter readings and also screen dump of my account showing my credit balance.

I use Look After My Bills so as per their advice, will sit tight until I'm allocated to another supplier and they'll then do their bit for the best deal.

We're in exactly the same boat. Pretty scathing email from their CEO announcing the closure; seems to me theres enough evidence to lay the blame for this utter fiasco squarely in one place and one place alone.

 

[BBassic]

We're in exactly the same boat. Pretty scathing email from their CEO announcing the closure; seems to me theres enough evidence to lay the blame for this utter fiasco squarely in one place and one place alone.

Foreigners and the poor? And especially poor foreigners?

 

[Bozza]

Most of these companies are not energy producers but energy traders. When the utility companies were privatized and deregulated it paved the way for foreign ownership and companies like these. Essentially all they do is sign you up and bill you each month, something anyone could do. Be it electricity or gas, the distribution network is already in place and the actual production is done by other people, they are merely adding another layer (and profit) without adding anything of value to the process. Obviously the shortage of gas is hitting many other countries and to a degree is beyond government control, but it is exacerbated by, for want of a better word, all these spivs who have now become involved

Absolutely - and it's clear there seems to be almost no significant barriers to entry, stopping almost anyone setting themselves up as an energy "supplier".

I'd never heard of "Arvo Energy", and would assume they were pretty small, but it seems they had nearly 600,000 customers. Amazing.

 

[Wrong-Direction]

Martin Lewis says if you were in credit and the company goes bust, you are protected and the new company will owe you. I'm about £200 in credit with octopus and their website is down..

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