Energy Prices

[Mups]

We keep hearing about the energy companies putting their prices up again from 1st October,  so is everyone Fixing their prices now, before the increase,  or is it a waste of time?
I believe prices are increasing again in December too.

This happens every winter doesn't it,  and I am never sure what to do for the best. 
Is it best to Fix - or not?    And what are the advantages/disadvantages either way please?

Thanks.

[Vlad]

I have fixed, I cannot see any chance of prices going down in the near future.

[klondike]

I took a fix too. At least then you know where you are. Fortunately this one has no penalty for quitting it early should some miracle occur and prices plummet.

The October increase is a done deal as none of the energy providers seem to charge less than the cap and they can't go over it.

[Mups]

I took a fix too. At least then you know where you are. Fortunately this one has no penalty for quitting it early should some miracle occur and prices plummet.

The October increase is a done deal as none of the energy providers seem to charge less than the cap and they can't go over it.

Apparently the price cap will go up again in Jan '25.

What is the point in setting a price cap if they can alter it anytime they choose?

[klondike]

It's set by the regulator every 3 months.

Octopus offer a tariff where your price tracks wholesale prices. Obviously they still make a profit from it. Apparently it worked out 30% cheaper last quarter. Shows how much profit they must make from the capped prices. There is now no competition in the energy marked and their profit margin is set by the regulator. Obviously this is all fine and dandy with no backhanders involved at all.

[GrannyMac]

I'm with Octopus, well in credit, I need to sort out a fix!  

[Mups]

I'm with Octopus, well in credit, I need to sort out a fix! 

Yes, I'm with them too, GrannyMac.

I 'fixed'  this afternoon,  for 12 months.
 
I got in a muddle (as usual),  so had to phone them in the end,  but all done now.   
Hope I've done the right thing.

Thanks for everyone's opinion on this. 

[muddy]

I am with them too .
Will call them tomorrow .
Thank you for posting this .

[dextrous63]

Me too.

[Scrumpy]

I am with OVO energy.. A couple of days ago I took up their 2year fixed price offer.. 
 At the moment I am in credit at 700.. 

Since the big energy increases I have been very careful with my gas/electric.. 
I used to shower every day.. Not any more.. I have a washdown at the hand basin..
I only wash my hair once a week.. Using dry shampoo in between.. As a matter of fact it looks healthier..
I am careful with my heating.. unless I have visitors..
I use throws when siting in the living room.. and warm clothing..

It's like going back to my childhood when mum lit a coal fire in the afternoon when us girls were coming home from school.. The coal hole was never full.. 

[klondike]

This is an extract from the email I got when my previous fix was ending..



And this is the email today after selecting the new fixed tariff

Hello Mark,

We continually review your account balance and monthly payments to help keep your account on track.

It looks like your current payments might not be enough to keep your account healthy, so we're suggesting an increase to your monthly payments.

Current monthly payment New monthly payment The difference
£102.55                          £120.36                      +£17.81
The increase is based on a combination of:
Your current energy usage
Your current balance
The future costs of your energy
Our Balance Forecast tool can help you see how your monthly payments affect your account balance over time — if you're thinking of changing your monthly payments you should take a look first. If you'd like to set your payments to a different amount, you can do that on your account.

If you're happy with our recommendations, you don't need to do anything. We'll adjust your payments automatically, starting from 28 September.

What if I can't afford the increase?
If you're having difficulty making payments, please get in touch by replying to this email. Have a look at this blog post which outlines all the help available from the Government, Octopus, and others (and details on how to access it).

If you're struggling to pay your bills, please reply and let us know. We've also put together this blog post which outlines all the help available and how to get it.

Just reply to this email if you think we've got something wrong, or if you'll have difficulties making the new payments, and we'll get back to you promptly.

Kind regards,

Greg James
Account Health Manager

PS. Did you find this email helpful? I'd appreciate your feedback — whether positive or negative — via this short survey. It's quick and easy, every bit of feedback helps us improve.

And my current account is...

Your energy account
Your balance
£250.94   

That's £250 in credit.

I really CBA to phone them so I've set it to £109.64 and replied to their email telling them that I'll look after the payments myself.

[Mups]

All these energy companies are crafty buggers.

This new fixed tariff is costing me £130.05 per month, Klondy,  and I have £261  in the account.

[Alex]

I'm with Scottish Power, I've never changed since they were MANWEB  !    I do search for cheaper car and house insurance, breakdown cover too, but always found the leccy and gas 'intentionally' difficult to understand so I stay put !

Theyve sent me an e-mail  " We'll be in touch between 6th and 17th September to explain what this means for you and to let you know your tariff options  "   Something else to worry about 

[Diasi]

I pay-as-I-go with a variable Direct Debit. If my energy bill is £90 I'll pay £90 & if it's £150 I'll pay £150.

The same way that I pay when I shop.

As for the £300 WFA that I won't get, I can mitigate that by ditching the grand kids Xmas money.

I have to say that I never thought it would be a Labour Government that snatched it away but all the money clawback measures to date have mainly impacted pensioners, with inheritance tax, capital gains tax etc. 

[Scrumpy]

We, my family, have decided against Christmas presents this year. We have decided to spend a few days away as a family sometime after Christmas.. We did this last year and it worked out fine.. The cost was divided by the number of persons.. No-one paid more than anyone else..
It was brilliant..