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Gas and Electricity Prices

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

  1. MikeMA

    MikeMA pfm Member

    When I checked a few days ago with Shell, my own supplier, the standard variable tarif was the cheapest, though that may change if or when the price cap is raised
     
  2. Bob McC

    Bob McC Living the life of Riley

    It is until the next cap rise.
     
  3. Mike Reed

    Mike Reed pfm Member

    Makes sense, though presumably, you can always choose another tariff as I guess there'd be no exit fee for an SVR account.
     
  4. Bob McC

    Bob McC Living the life of Riley

    Once it's all set up and any credits or debits settled then yes.
     
  5. Richard Lines

    Richard Lines pfm Member

    Good Evening All,

    Just been notified by Octopus that their Go tariff will go from 5p/kwH off peak/ 14.46pkWh on peak to 5p/kWh off peak/ 24.6855p/kWh on peak, an increase of 71%. It won't apply to me until 15th January 2022...................

    Alters the maths for battery storage..........

    Regards

    Richard
     
  6. Mike Reed

    Mike Reed pfm Member

    They reminded me with renewal prices some 6 weeks before the end of my fixed deal, so I'm amazed they can give you around 16 or 17 weeks' notice, esp. as no-one, even Octopus, knows wholesale costs a week ahead. Actually, those on peak costs are not far removed from what I signed up to 8 days or so ago, and I'm not off-peak.

    I'm also on gas, so if you know any battery technology which can store this, let me know, as I couldn't quite fit a gasometer into my garden. :)
     
  7. gingermrkettle

    gingermrkettle Deep vein trombonist

    Sunamp? Especially with solar panels.
     
  8. Bob McC

    Bob McC Living the life of Riley

    Igloo are now talking to administrators.
     
    calorgas likes this.
  9. Funk

    Funk pfm Member

    Can I sanity check this with you lot...

    I'm on a fix until mid-Dec - have asked Octopus for a new fix option. Here's the comparison:

    [​IMG]

    If I stay on my current tariff until December it saves me £25/mo over the new tariff.

    I'm trying to work out whether it's a better bet to sacrifice that £25/mo saving between now and Dec in order to hedge against prices rising even further by the end of the year when I'll need to move to a new tariff regardless. If I've calculated correctly it would only require the monthly price to increase a further £6/mo before I'll end up paying more than I'm saving over the next quarter.

    I think it's worth it as I can't see prices getting any better between now and the end of the year... It also fixes costs for me for 2 years.

    Am I doing the right thing going to the new tariff early?
     
  10. Ponty

    Ponty pfm Member

    Let’s hope the discussions don’t get too heated.
     
    Mike Reed and Snufkin like this.
  11. Bob McC

    Bob McC Living the life of Riley

    Two years?
    Do it!
    Martin Lewis has an energy crisis special tv programme tomorrow night on itv that might give some insights.
     
  12. Ponty

    Ponty pfm Member

    It’s a gamble but I would (and did). I can’t speak for gas but those electricity figures seem high to me. Eon 2 year fix is 21.13p (last week). Duel fuel should be cheaper.
     
  13. Funk

    Funk pfm Member

    Cheers chaps, it does seem logical to me. Re. EON, switching means I'll have to either commit to or be harangued for a smart meter which I have no interest in at this stage. Sticking with Octopus still seems to come out cheapest looking at the comparison sites. Also their CS is very good (that alone is often worth its weight in gold when it comes to the debacle of some energy suppliers) and I've had several referral bonuses which is helpful - a handful more of those will offset the price increase anyway.

    I'm just checking if there's any early exit fee on the new tariff as it's not explicitly mentioned.
     
    Ponty likes this.
  14. Funk

    Funk pfm Member

    Just confirmed no exit fees if I want to move so I've hit the button on that new tariff. Thanks for the sanity-check!
     
  15. calorgas

    calorgas Ratty bumpkin

    Thanks for the heads up, I'm one of their customers. I think I'll be spending this evening selecting a different supplier.
    At least there are no exit fees with my current deal so I can take the leap painlessly.
     
  16. Snufkin

    Snufkin pfm Member

    I am banking on a global recession brought on by excessive debt, low interest rates and the Covid crisis. If I am correct energy prices will tank, if I am wrong then my gas and electricity bills will remind me every month of what an idiot I am!
     
    Mike Reed and Ponty like this.
  17. Funk

    Funk pfm Member

    The good thing about Octopus is that I can bail out without fees if something better comes along...
     
    Bob McC likes this.
  18. cooky1257

    cooky1257 pfm Member

    That's some price hike...I fixed for 24m with Octopus a few months back; per kWh is @ 3.32p gas, 20.09p elec standing charge 26.59p/23.5p respectively.
     
  19. Mike Reed

    Mike Reed pfm Member


    Could be wrong here, but I notice '12M' on your current deal, Funk. Your renewal for Dec. would normally start at the expiry on your current one, so I can't see why you've jumped already.

    My 12M fixed with Octopus ends 2nd Oct., but the 24 M I secured 10 days ago has been acknowledged to start on the 3rd Oct. Bit baffling (to me).

    The actual energy prices haven't gone up by an unexpected amount, but the standing charges have escalated. Why? St. charges are nothing to do with energy. I can guess that by hiking these instead of the real increase needed for energy, people will think they're cheaper. I know this is cynical, but it's the st. charges which have shot up for Octopus. Okay, maybe 5p extra a day but the principle and suspicion remain.
     
  20. kensalriser

    kensalriser pfm Member

    I too am trying to work out if I should fix now. I was with Utility Point and have been moved to EDF standard variable. The few fixed deals left seem a lot more expensive, at the moment anyway.
     

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