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Gas and Electricity Prices

Discussion in 'off topic' started by gordonscobie, Sep 14, 2021.

  1. gordonscobie

    gordonscobie pfm Member

    I see that gas and electricity prices are set to rocket. Wholesale prices have apparently gone up. I did a comparison on one of the comparison sites and was told that no cheaper price could be found for my current supplier. Well, that was a relief. I am with Octopus Energy and have been for three years.

    They respond to any emails that I send within an hour or so and I have been quite impressed with them overall. Their website is also quite simple and easily navigated. They are not like my previous supplier who were a nigtmare.

    So, I thought I would let other folks know. They have sent me an email asking if I have any friends who would like to sign up, and this gives a further £50 discount. So, just in case anyone needs it here is the link.

    Inflation is set to hit 4% by the end of the year, I think mostly down to food and energy going up. And I think energy is going shoot up quite a lot.


    Apart from checking prices regulary and switching does anoyone on PFM have other tips for reducing energy costs.

  2. twotone

    twotone pfm Member

    Aye switch your boiler off.
  3. Bob McC

    Bob McC Living the life of Riley

    And £50 to you too of course…
    Nic Robinson, Funk and gordonscobie like this.
  4. Bob McC

    Bob McC Living the life of Riley

    Energy saving tip
    Don’t empty your pans, bath or washing up water until it has gone cold. Let it heat up your house not the drains.
  5. Ponty

    Ponty pfm Member

    It’s a shocker. Going through this myself. Looked at Octopus but more expensive than current supplier (Sainsbury’s EON) who offer a 2 year fix with no exit fee so can move if prices fall (fat chance).

    Top tip would be to get rid of any multi box Naim system, or at least don’t leave the damn thing on 24/7! Glad I heat the house with wood. Cheap energy is a thing of the past. In fact cheap anything is coming to an end, welcome to inflation.
    StressedRabbit likes this.
  6. matt j

    matt j pfm Member

    Mine has just gone down, BG reduced the dual fuel DD from £56 to £42pm.
  7. Bob McC

    Bob McC Living the life of Riley

    Because they over estimated your consumption when setting the monthly direct debit?
  8. Mike Reed

    Mike Reed pfm Member

    Timely, o.p., as I received a renewal option email on Aug. 18th + 'your quote', which I assumed was the price for renewing my 1 year fixed to Oct. 1st Like you, I've been very impressed by every aspect of Octopus after being referred by my daughter, but was let down by the vague email details above. I re-inspected the email 3 days ago, and still couldn't work out how to renew my quote. Phoned today and the 24 month fix (their only advertised one) had gone up by £100.

    I booked it anyway and initiated a complaint. Okay, I can leave/change at any time, but at a monthly cost 66%+ more and commensurately higher annual cost on the same consumption. You've cheered me up saying that they're still very competitive, though their variable tariff is a LOT cheaper; however, I hate change and have never had a variable contract.

    A bit naughty to offer me prices without a warning that either it's limited or purely an estimate.
  9. matt j

    matt j pfm Member

    Yes, but according to them I was already paying the lowest amount. Every time I send them a meter reading it asks me if I really want to submit it as it doesn't look right.
  10. Bob McC

    Bob McC Living the life of Riley

    But their quotes do not yet factor in the incoming rises on variable rates that’s why it’s a no brainer to fix now.
    Mike Reed and Ponty like this.
  11. Ponty

    Ponty pfm Member

    Anyone thinking about it should fix now IMHO, as in right now. Deals are being pulled / increased constantly. Just make sure there is no or a minimal exit fee.
  12. mjw

    mjw pfm Member

    Just had an email from Utility Point, (I paraphrase) ‘can’t sustain your (and likely many others’) agreed tariff so we’ve thrown in the towel. Under current regs, your new supplier will be in touch’.
  13. Bob McC

    Bob McC Living the life of Riley

    Energy providers People’s Energy and Utility Point have both gone bust today.
  14. Jamie

    Jamie pfm Member

  15. gninnam

    gninnam Is it a hobby or a disease

    Just checked my current and the options and everyone is more expensive by around £20 per month minimum.
    My current tariff stops at the end of the month so stayed with the same company and gone for the next best tariff (£23/month more) - better than what the usual search sites come up with though
    Good news is we are around £800 in credit so this will off set the increase......(need to claw some of it back into my bank account me thinks)
  16. Bob McC

    Bob McC Living the life of Riley

    Ben&Ted likes this.
  17. mansr

    mansr Objectionist

    Compared to a year ago, electricity prices are already up by 50% or so. The Ofgem cap increase is just the second stage of the rocket.

    Class D amps?
    gninnam likes this.
  18. Ponty

    Ponty pfm Member

  19. Mike Reed

    Mike Reed pfm Member

    Methinks also, but with current interest rates, why bother?
    Yes, I believe there's another rise in October, but maybe that's just the cap changing. Read an article in my paper yesterday which quotes wholesale price increases over the last year; frightening! On either elec. or gas it was a near 5 fold rise and 3+ for t'other.

    Octopus has no exit fees so I do have flexibility to lock in or transfer out should the energy price situation start reversing (I say with little optimism).
  20. Sue Pertwee-Tyr

    Sue Pertwee-Tyr neither here nor there

    We’re with Ecotricity. We’re in the fortunate position that we don’t need to make the savings, so have decided that supporting the push for renewables is more important to us than shopping around for the cheapest tariff.

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