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?

New fixed deals are around £1900 per annum now.

We're with Avro. OH has just photographed our meters. He did give them meter readings two days ago. We were new customers 🙈

Is that right, £226 pm for electricity?

For those worried about credit balances, do you have any previous statements or even contracts detailing the price, hidden in your computers, cloud storage, emails etc?

Along with direct debit amounts, and meter readings, it might be possible to piece together evidence of your credit balance.

I'm not expecting any direct debits to be taken in the short term until we're established with new suppliers as we currently don't have anyone to take money from us.

All we can do is sit tight and wait until our new supplier gets in touch. Probably a good idea to take a meter reading today if possible though.

This is reminding me of 2008. Overnight our gas/electric went from £50 a month to £100. And the water company tried to change my direct debits to twice what they'd been using "projections" which were ridiculous.

le sigh

[quote YodaiamsaidI]@Midnightstar76 was it Green Network energy by any chance,I was the same,got switched to edf and this is what happens[/quote]
That seems an insane jump!

Have you compared your old tariffs to the new ones?

If there is not a massive difference between the old tariffs and the new it may be that either Green Network underestimated your expected usage or EDF have overestimated. I would check what usage EDF have based their calcualtions on to make sure they haven't got it massively wrong.

It is a concern.
I reached the end of my tarriff a few weeks ago- I was paying £126 a month for combined gas& electric ( a main well known suppier) THe cheapest quote they could give me was £226 a month.
I jumped to a cheap small supplier ( £170 a month) but I won;t be suprised if the go bust soon.

Yes @YodaiamsaidI it was GreenNetworkEnergy utterly shocking prices. Read about two more smaller companies to add to the others that have gone bust today.

@CurzonDax : Personally, I would cancel your direct debit with Avro, given that you are already in credit with them.
Ofgem do say it is OK to do this before your new supplier contacts you, should you wish.
No point throwing more money at them if they're not trading.
Sadly, they've just had our monthly contribution

When interest rates shot up in the late 80s people were posting their house keys back through the letterboxes of building socities and banks.
Desperately sad.
This is equally sad people struggling to pay for basics such as utility bills.

Am a wee bit confused by all this, I'm with British Gas(Scottish gas) and on a variable term as I'm on payg smart meters, this was my increase email? It doesn't seem very high like everyone else's or am I just misreading it?

@lalahotpants

Am a wee bit confused by all this, I'm with British Gas(Scottish gas) and on a variable term as I'm on payg smart meters, this was my increase email? It doesn't seem very high like everyone else's or am I just misreading it?

Your gas has shot up 33% which is quite a jump

But that's what's confusing as it's still only 12ish quid a month increase?

I reached the end of my tarriff a few weeks ago- I was paying £126 a month for combined gas& electric ( a main well known suppier) THe cheapest quote they could give me was £226 a month.

Virtually the same as us. We have come to the end of a fix and are looking at a £1000 increase even with the October cap.

Anyone with igloo I got my credit refunded the same day, they do have excellent customer service

It doesn't seem very high like everyone else's or am I just misreading it?

You were already paying over the odds so the cap has limited how much they can increase your rates by.

The people with massive increases (me) were on much lower fixed tariffs that have now come to an end.

@Coogee

It doesn't seem very high like everyone else's or am I just misreading it?

You were already paying over the odds so the cap has limited how much they can increase your rates by.

The people with massive increases (me) were on much lower fixed tariffs that have now come to an end.

Of course that's it, thanks for explaining it, some of these increases people are posting are insane

We are with Avro. I can’t access my bills but I have photographed my meters this afternoon so I have proof of the meter readings.

I’ve screenshot my credit balances and I’m with British Gas. Never can be too careful

We are With Avro and their website is just blacked out just taken meter readings but we were £150+ in credit. I’m going to cancel the 1st Oct dd as the credit will easily cover if and I just don’t trust we’d see that money anytime soon!

Avro and Green Company have folded today. I'm with Avro.

I'm with green just had the email that they've gone bust :(

This is all totally down to the Government not regulating small suppliers properly. When gas prices were low they put customers on fixed low price contracts but didn’t fix their future volumes. The directors will have no doubt been paying themselves handsomely (or they did hedge, and then cashed it in). As soon as prices went up they’ve all folded.

Even when prices go down, every single customer will be covering the costs of these failed suppliers for a long time - it will be passed back through tariffs, that’s how the mechanism works. So when Mr Kwarteng said that taxpayers won’t be propping up these little businesses - that may be true, but consumers will be paying their debts.

Meanwhile everybody will think the big suppliers are ripping them off, but the truth is that because big suppliers hedge/fix their volumes, they can’t pass costs savings on to customers when prices are low, but they do protect them when prices go up. Everybody slated BG when they had to change their employee terms and conditions and engineers took industrial action, but the company was trying to reduce its costs to compete with these cowboy small suppliers who could offer low tariffs when prices were low. None of the big suppliers are perfect by a long stretch, but at least they have business models that don’t spring massive surprises on anybody.

@Mumtofourandnomore

This is all totally down to the Government not regulating small suppliers properly. When gas prices were low they put customers on fixed low price contracts but didn’t fix their future volumes. The directors will have no doubt been paying themselves handsomely (or they did hedge, and then cashed it in). As soon as prices went up they’ve all folded.

Even when prices go down, every single customer will be covering the costs of these failed suppliers for a long time - it will be passed back through tariffs, that’s how the mechanism works. So when Mr Kwarteng said that taxpayers won’t be propping up these little businesses - that may be true, but consumers will be paying their debts.

Meanwhile everybody will think the big suppliers are ripping them off, but the truth is that because big suppliers hedge/fix their volumes, they can’t pass costs savings on to customers when prices are low, but they do protect them when prices go up. Everybody slated BG when they had to change their employee terms and conditions and engineers took industrial action, but the company was trying to reduce its costs to compete with these cowboy small suppliers who could offer low tariffs when prices were low. None of the big suppliers are perfect by a long stretch, but at least they have business models that don’t spring massive surprises on anybody.

Yes agree with this, as the saying goes- if it sounds too good to be true it probably is.

@FreedomFaith

I use bulb and put £60 a month in on a direct debit. Or used to, the prices have increased so its more like £80 now, but we have such a build up of money on the account I don't need to increase yet but might anyway. That's with us wfh too, both of us. Gas and electric on a 2 bed house. Very rarely have heating on, house is quite warm anyway.

Careful. Bulb are at risk of going bust by Christmas. I'm reducing my credit with them fir this reason.

It seems like no one is safe now. We are in NI and haven't seen any information about the companies here yet.

@KingdomScrolls

Food has gone up considerably, we are now paying £168 a month for gas and electric up from just over £100, add on the public sector pay freeze and the NI increase and we will be around £4000 a year worse off

Looking at big hikes in council tax next year too.