Price Cap - Just announced

[swifttwist]

From £1971 to £3549. 80% rise. I have no words.

New figures:

Electricity
£0.52 per kWh
Daily standing charge: £0.46

Gas:
£0.15 per kWh
Daily standing charge: £0.28

@TooMuchToDoTooLittleInclination it looks like this. Cooks twice as fast as my oven, uses waaaaay less electricity! The best £25 I ever spent. Not sure it would work for a whole family though, I live alone.

Well Putin has done a pretty good job of being down economies. He’s achieved that so far and this is only 6 months of being in a long war.

Very worrying.

Bringing down economies.

Considering Vladimir Putin very much likes the trappings of capitalism himself ( yachts and watches etc etc) it's ironic that he is busy destroying it for everyone else by increasing the cost of something which drives so much of our economy to function :(
Obviously this has been very well thought out over the years whilst the west were trying to cosy up to him for cheaper fuel and it's the Ukrainians also paying the price as well.
I think many people in power really walked into his traps rather well.

I understand the cost per therm of energy has increased. But why has the standing charge increased too ??

Apparently to bail out Bulb

Slightly different prices for different areas. Cheaper in N, NE, NW, Midlands, NWales etc.

Our cap in SW is GAS: 14.85p unit/28.49p sc
Elec: 51.71p pkWh/52.64p sc

I got 2yr elec fix in July.17.1p pkWh/12.5p sc

Bail out Bulb and many other tiddlers PLUS paying any credit owed to the customers by previous company PLUS having to take on those customers at a much lower SV tariff I was only paying 7.14p pkWh and 22.4p SC.

That's the reason big companies have to have big money reserves. It's called hedging, as they have to announce prices/tariffs but meantime the actual cost to them might go up but they have to honour the tariffs offered to customers so they lose money on the transaction. They have to have reserves as per Ofgem rules which have been tightened up so that companies have to have a certain ratio of reserves (of money) to customers. Regular customers default on their payments too so they have to account for that.
That's why the stupid idea of not paying in protest will only result in higher prices in the long term AND having your supply cut off.

I started off at the beginning of the year paying a direct debit of £75 per month, it's now £160 and in October looks to be going up to £290 per month. I'm a single parent so only 1 wage. I really don't know how I'll do
It.

£60 to £140 per month for me. And I'm already skint. I'm ill and hanging onto my job by the skin of my teeth. Waiting for the Hospital to sort me out. So no way I can do more hours.

I'm with British Gas and really struggling to use their app, it keeps telling me they don't supply my fuel but they do !
Should I increase my direct debit now so that I don't end up with a huge debit balance ?

@Catsinthesuitcaseagain
What region are you in? Here are the screenshots of prices in each area from October. Gas in the left column, electricity i inn the right column.

Last page. Wouldn't fit on page with others.

Why were Bulb bailed out though? And not other companies? Why Bulb?

And why do companies say they they use greener energy? It’s the same energy flowing through your pipes. The energy company just charges it to me.

So what if I switch to a company that doesn’t use green energy? Surely it’s still the same gas flowing through my house?

Sorry for a dumb question.

For January there is literally 0% chance of it dropping down, its more a question of how high the increases go.

The way Jan's prices will be predicted is by using a combo of two observation windows, one being what would have been the Apr-Oct one combined with the new mid Aug-mid Nov time period. Sadly the prices are already somewhat locked in for January and whats most worrying is the price of gas has shot up quite drastically again over August.

April is far more uncertain since the observation window for that one doesn't start for a while yet and obviously alot can happen in the Russian sphere in that time. IF Russia actually play ball to some extent over the winter that may allow gas price spots/futures to come down as the expectation is they will cut supplies again. However long way to go and the current cap is enough in its own right to cause huge problems.

How long will we have to endure this? Years? Years and years?

£300 is an average, there your rise will be more, sadly.

so many houses are far too reliant on gas central heating, mine included. no option for coal fire etc,,
power cuts turn off the heating.

No idea why they were bailed out but it appears to be a case of the market crashing if they didn't bail them out.
They only source renewable energy blah blah and that's costlier than your typical oil & gas.
People can't afford to be ethical anymore.

@MrsLargeEmbodied coal is devastatingly bad for the environment. We need to do a hell of a lot better on renewables (and should have started much earlier, but David Cameron dismissed it as 'green crap'.

Nuclear is only going to be live here in about 9 years I think?
We did have nuclear plants operated by the French and Norwegians I think, but they pulled out as we wouldn't pay them anymore.

There has been an aversion to nuclear power. As long as people want to be unrealistic, we're fucked. Green energy (wind/solar) is expensive.
You've heard of Russia right? Why do we get our energy from them? Because they use nuclear.

Russia also has extensive reserves of oil/gas.

The Gulf of Mexico is almost drained. Alaska has loads.

The North Sea is still exploring a lot of reserves subsea.