[News] The Energy crisis

[peterward]

We're in exactly the same boat. Still waiting for the actual Kwh and standing charge price of the new tariff we're to be moved to. Ultimately, those are the only prices that really matter when it comes to looking for the cheapest deals.

Whatever happens, with prices as they are, looks almost certain we're going to be paying more than the tariff we left Avro with. The 12 month fix I got with Avro at the beginning of September was already about a third more than the fix I had with them the year before. And it was still the cheapest I could find!

Ditto.

Was £94 until Aug with Avro, £124 from 9 Aug till Aug 2022 (now gone), I checked Avro a few days before they went tits and it offered cheapest for me £149...... guessing nearer £200 for me now?

But latest deal I had with Avro think was about 17p standing for both gas and electric, elec 17.5pish per kWh and gas around 3.5p per kWh.

Simple and Glow 12m ended up being complicated and Gone 1m!

 

[1066familyman]

An interesting video for those that want to listen to an industry expert ( from about 4:20 in to about 15:30. but feel free to listen to the whole thing


https://youtu.be/2-oUAyD6q9I

Thanks for posting this, very helpful.

My couple of takes:

Short Term - Wholesale Gas prices look to have hit a peak and are slowly coming down, for now.
As ex Avro customer, being moved onto a variable tariff with Octopus, it might be best to sit tight with the new variable tariff for now and see what happens next. Getting a fix now is likely going to be very expensive over 12 months.

Long term - Renewables still the way to go (obviously), despite the recent lack of wind contributing to our own need to buy more gas.
Unfortunately I don't share her optimism on green housing moves over the next decade.
80% of UK homes having individual gas boilers is a shocking figure. I see nothing from this Government likely to change that anytime soon. The latest green housing scheme.... Future Homes Standard... Isn't due to be fully implemented until 2025. Given that similar schemes before have ended up being shelved, I'm not convinced 2025 plans will be met even.

 

[TomandJerry]

"A City firm has been put on standby to take control of a large energy company amid fears that one could collapse soon, overwhelming the existing safety net put in place by the regulator, Ofgem.

The management consulting company Teneo is understood to have held talks with the regulator about acting as “special administrator” under a government scheme, as yet untested, for handling large energy company failures."

Sent from my Pixel 3a using Tapatalk

 

[GOM]

"A City firm has been put on standby to take control of a large energy company amid fears that one could collapse soon, overwhelming the existing safety net put in place by the regulator, Ofgem.

The management consulting company Teneo is understood to have held talks with the regulator about acting as “special administrator” under a government scheme, as yet untested, for handling large energy company failures."

Sent from my Pixel 3a using Tapatalk

Bulb ?

 

[GOM]

Thanks for posting this, very helpful.

My couple of takes:

Short Term - Wholesale Gas prices look to have hit a peak and are slowly coming down, for now.
As ex Avro customer, being moved onto a variable tariff with Octopus, it might be best to sit tight with the new variable tariff for now and see what happens next. Getting a fix now is likely going to be very expensive over 12 months.

Long term - Renewables still the way to go (obviously), despite the recent lack of wind contributing to our own need to buy more gas.
Unfortunately I don't share her optimism on green housing moves over the next decade.
80% of UK homes having individual gas boilers is a shocking figure. I see nothing from this Government likely to change that anytime soon. The latest green housing scheme.... Future Homes Standard... Isn't due to be fully implemented until 2025. Given that similar schemes before have ended up being shelved, I'm not convinced 2025 plans will be met even.

Short term I agree, also an ex-Avro customer.

Long term I'm hopeful, I think the penny has dropped with the majority now. I can understand you not sharing the expert's opinion based on past performance, but let's hope for future performance rather than dwelling on that. Emma Pinchbeck, the lady in that video, is very knowledgeable about her industry and I would like to trust her opinion/information. However neither of us has a crystal ball only opinions so I guess we will see.

 

[1066familyman]

Short term I agree, also an ex-Avro customer.

Long term I'm hopeful, I think the penny has dropped with the majority now. I can understand you not sharing the expert's opinion based on past performance, but let's hope for future performance rather than dwelling on that. The lady in that video is very knowledgeable about her industry and I would like to trust her opinion. However neither of us has a crystal ball so I guess we will see.

I'm not for one minute doubting her knowledge, I've just become conditioned to not sharing that level of optimism, based on past promises from this lot in charge on numerous things.

 

[LamieRobertson]

Ouch

UK natural gas prices have continued their blistering rise, surging almost 40pc to a new all-time high.

Prices jumped 39pc to above 400p a therm – an unprecedented level – as the supply crisis show no sign of easing.

 

[METALMICKY]

Bulb ?

So if it's Bulb is there any value in reclaiming the credit they hold on my account? I ask the question on the basis that there was a sound bite from money expert Martyn Lewis suggesting people take a screen shot of your account credit balance and download a copy of most recent statement.

 

[beorhthelm]

interesting angle on this. much of the surge in pricing is because China is importing far more, so much is common knowledge. less well known, they have blocked imports of coal from Australia because the Aussies insisting on more investigation in to Covid orgins. so we're facing energy price hikes because China having a huff.

 

[drew]

So if it's Bulb is there any value in reclaiming the credit they hold on my account? I ask the question on the basis that there was a sound bite from money expert Martyn Lewis suggesting people take a screen shot of your account credit balance and download a copy of most recent statement.

Any credit on your account should transfer to your new supplier.

 

[Nobby Cybergoat]

interesting angle on this. much of the surge in pricing is because China is importing far more, so much is common knowledge. less well known, they have blocked imports of coal from Australia because the Aussies insisting on more investigation in to Covid orgins. so we're facing energy price hikes because China having a huff.

Relations with China are unlikely to get better anytime soon and could get much worse. Russia likewise

Probably we want to be reducing our exposure to international "events" affecting our everyday lives

 

[The Maharajah of Sydney]

interesting angle on this. much of the surge in pricing is because China is importing far more, so much is common knowledge. less well known, they have blocked imports of coal from Australia because the Aussies insisting on more investigation in to Covid orgins. so we're facing energy price hikes because China having a huff.

Well yes that was the case until they finally relented yeterday.

 

[pb21]

It's OK, Vlad has saved us:

https://www.bbc.co.uk/news/business-58815665

 

[Paulie Gualtieri]

I was on a BG fix until November and moved to another 2 year fix with BG 3 weeks ago. A marginal increase c£15-20 per month (dual fuel) for two years.

I don’t see this as massive impact however have been with BG for 5 years (on fixes) so assume have been paying more over this period anyway.

Never given these new entrants a second though, in hindsight still can’t say for sure If this was driven by trust or hassle?


Sent from my very expensive gated community

 

[Pevenseagull]

It's OK, Vlad has saved us:

https://www.bbc.co.uk/news/business-58815665

Well that's reassuring....

 

[mwrpoole]

likewise and [MENTION=21158]Weststander[/MENTION] too.

says their tarrif will be cheaper by £10 than the cap/standard variable rate, cheaper than current fixed rates,and they claim cheaper than you can find at any of the big 6??

But still no price per kwh announced for either Gas or Elec to us Avro imports? dont really want to move but will certainly check those claims as I found a deal with Eon through Martin Lewis site that based on my kwh usage per year was a bit cheaper? but need to compare the kwh prices and standing charges.

Octopus claim you wont be able to move until November or if you try it will likely fail, they look like a pretty cool company, like what I see, but price will ultimately dictate. Will be them or one of the big 6, no more small providers for the forseeable future.

I've just had the details through, bit of an increase:

Avro Gas was 2.49375p per kWh Octopus will be 4.01p
Standing Charge was 16.8p per day Octopus will be 26.11p per day.

Avro electricity was 15.44p per kWh Octopus will be 21.37p
Standing Charge was 16.8p per day Octopus will be 24.03p

So Gas up 55% & Electricity 38% - expected the gas rise but not electricity.

Standing Charges are up 55% & 38% respectively.

 

[peterward]

I've just had the details through, bit of an increase:

Avro Gas was 2.49375p per kWh Octopus will be 4.01p
Standing Charge was 16.8p per day Octopus will be 26.11p per day.

Avro electricity was 15.44p per kWh Octopus will be 21.37p
Standing Charge was 16.8p per day Octopus will be 24.03p

So Gas up 55% & Electricity 38% - expected the gas rise but not electricity.

Standing Charges are up 55% & 38% respectively.

Sorry for delay in reply, only just seen your post...... my last Avro tariff was Simple and Glow 12m, which had higher unit costs than those, however my new Octopus tarrif which they call Flexible Avro, is cheaper in just about every component than what theyre offering you??

I dont live in Sussex, so it may be location based, but your 1.5p per Kw/h extra for Electricity seems a bit steep.

fyi

 

[1066familyman]

Sorry for delay in reply, only just seen your post...... my last Avro tariff was Simple and Glow 12m, which had higher unit costs than those, however my new Octopus tarrif which they call Flexible Avro, is cheaper in just about every component than what theyre offering you??

I dont live in Sussex, so it may be location based, but your 1.5p per Kw/h extra for Electricity seems a bit steep.

fyi

View attachment 141770

It could be location based.

We're in Sussex and have exactly the same new tariff charges that mwrpoole is quoting.

Ours is also called Flexible Avro.

 

[mwrpoole]

Sorry for delay in reply, only just seen your post...... my last Avro tariff was Simple and Glow 12m, which had higher unit costs than those, however my new Octopus tarrif which they call Flexible Avro, is cheaper in just about every component than what theyre offering you??

I dont live in Sussex, so it may be location based, but your 1.5p per Kw/h extra for Electricity seems a bit steep.

fyi

View attachment 141770

Mine is the Flexible Avro as well. I’m in Kent so perhaps location based prices.

 

[Worthingite]

It's probably worth repeating for everyone to stay on the standard variable tariffs your suppliers put you on after your fixed rates expire - at the moment they are cheaper than diving into a new fixed rate by a few hundred quid a year at present!!! My in laws made me run the rule over their British gas tariff offerings yesterday, and sticking on the SV was easily the best choice.

We're still working at igloo, for now at least, winding everything up and generating the final bills before they go off to e.on in a few weeks. Although that said, I'm leaving early to take up a position with the Ombudsman Services, picking the pieces of the energy industry wreckage apart!!! Should be interesting at least!!!