Gas and electricity bills to soar

[Cosmos123]

This is worrying as it will push many into fuel poverty.
Rising food prices and empty shelves.
Is anyone worried?

Will look them up...

Worryingly, I've just tried to log into my energy account, which is Avro, one of the ones that are rumoured to be in trouble.

I was supposed to get a new statement last week and nothing is loading up. Could it be game over for them?

Oh that does not sound good.

I swapped to bulb two weeks ago 🤷‍♂️

@BarbaraofSeville yes the mortgage comparison is a good one. Will ponder while I try and stop my switch!!

@coolhwip

Sorry can someone explain fixed tariffs to me? We’ve always just had standard tariffs.

We are in a 3 bed end terrace and pay £36 for gas and £30 for electricity, although we’ve never given a meter reading since we moved in 2014.

The meters are outside so maybe the companies are accessing themselves?

Do your bills have E for estimated or R for reading on them. That will.tell you when they've read the meter.

@userxx

I swapped to bulb two weeks ago 🤷‍♂️

That is a bummer.

10 year ago there was enough coal capacity in UK to not let this happen..alas, due to govermental policies - green levys and taxes, there are only 2 coal power stations left in UK and the country is reliant on imports of gas or on weather (lol!)..so Russia and weather..I mean..who could have predicted it...hmmmmmm

Note- I used to work in a coal power station that was decommisioned last year..EVERYONE bloody knew it could happen...but no..gas is cheap the goverment said, we have interconnectors amd wind farms..lol

Hope pensioners get an uplif on their cold weather payment!

Primark warm pyjamas, a bedspread over the duvet. Out heating is then off until morning.

@Pottedpalm

Hope pensioners get an uplif on their cold weather payment!

I don't. It should be for those struggling (whether on benefits or not), not an age bracket.... Plus, a large chunk of Brexit votes came from 'pensioners'!!

@Pottedpalm

Hope pensioners get an uplif on their cold weather payment!

I also wish that - it has been at the same level for years and is still only about £4 per week per household. Actually it is not cold weather payments which are given to those on means tested benefits - it is winter fuel allowance which is given to pensioners and some people on benefits. Perhaps it would be better not to suggest it - so many people are condemnatory of helping ANY pensioner on the basis they are all 'rich' and spend their WFA on cases of wine and cruises (I wish).

For once I am glad we have electric heating not gas. I am seriously considering solar panels now though as electricity prices are climbing too.

Well aware that GB relies on other countries.

My fixed term is due to to end in November and our suppliers current tariffs are really high (double gas price per kWh compared to what we pay now)

I’m resigned that there will be an increase so will switch to a fixed that has the lowest increase but limiting this to one of the big companies. E.on looks like the best fit at the moment.

I’m avoiding the variable/relying on the price cap as that is based on an average user and the price per kWh is what to look at not the expected annual cost. So the £1277 being bandied about is not the value of the cap but a cost for a specific profile.

I will try and get a new fixed with no exit fee so if there is a price drop in spring I can take advantage of it but right now I’m hedging my bets things will get worse before they get better.

And also gas per kWh is still so much cheaper compared to electricity per kWh so I’m still glad I’m not fully electric.

I switched to Eon 2 yr fixed with no exit fee. It's 20 extra a month on our cheap 2 year fix with ovo which has just expired. I'd rather have stuck with ovo but their new fix was just mad.

Definitely get on MSE both to find a tariff and for ways to cut your usage. We are not on the cheapest tariff and pay £47 a month for gas and electricity combined, even with wfh - I am always shocked at how much some posters on MN seem to use.

@gibletjane

Buckle up, it’s going to be quite a ride for the next decade or so. Food prices up, energy prices up, all raw materials prices up, housing up, rent up, employment down, wages flat, increased social fracturing and disharmony, increased taxes, reduced freedoms.

I don't understand how house prices will keep rising against this backdrop?

It’s because the unprecedented levels of QE are finding their way into asset markets, especially hard assets, like property, which are seen as an inflation hedge. Plus, with interest rates pinned o almost zero, borrowing is cheap. Those with assets already, or higher incomes, borrow to invest. Not everyone has suffered financially due to covid, international government responses to it, and central bank monetary stimulus. Some have done extremely well out of it.

However, property will not be immune to a very nasty correction in the coming few years. Those borrowing now should consider this is their plans.

@Neveranynamesleft

Bulb are now under the spotlight apparently....

Oh shit. That's who I'm with!

I'm with bulb.. can't get any info today

I'm with Bulb - they sent me a £1100 bill a few days ago and claimed i’d spent £300 on gas in August

@Wotwhywhen your comment about having a bag packed for homelessness breaks my heart. Life is so unfair. We have billionaires with multiple largely empty luxury properties and then people who are literally choosing between fuel and food.

I sincerely hope and pray that you don't need that bag.

Just logged on to my accout and all my statements have gone now too

@Misty9

So if my octopus fix is up in 2 months (I misread the date!) then am I better off locking in another fix now, or then?

I'd say so!

And they might let you lock in early. I'm with Octopus, and although my current deal doesn't end till 12 November, a couple of months ago, they let me lock into a new deal to start on 13 November, but fixed for 2 years at the price that was available at the time.