To think they are lying? ... electricity prices won't be going up by 50% in April ...

[Shouldbeworkingnotreadingtalk]

Keep reading that electricity prices are going to sky rocket by "upto 50%"... so I worked mine out whilst doing some house admin . . I'm shocked at the actual figures ...

We currently pay 21p per KWh of energy used. (Viable rate.) . Predictions once the price cap ends are for unit prices in April is anywhere between 40-48p per unit. . (From googling / Martin Lewis ), I could be reading this wrong ...

Or

I can fix a rate today with my current supply eon for 38p.

Is this maths right? (Well, I know it is!)

Say hypothetically we use a slightly higher than average 9,000 unit a year:

21p x 9000 = £1,890 (£157pm)
48p x 9000= £4,320 (£360pm)

Doesn't include standing charge or vat on those prices either!

That feels like a crazy hike, more like 120% increase (?) - so why aren't we being warned a bit more .... We are a ridiculously heavy user, (big house, tumble drier happy, old inefficient freezers in garage etc, no gas so everything electric,,) so this week I've condensed some freezer space, losing a big old girl that leaked ice, and ordered x2 airers for the washing.....
I'm still looking at many other ways to lower my kilowatt useage - (I've warned the fish their pond pump may have to go on timer ... ).

But my AIBU is that I'm miffed at 50%, surely it's much, much more and we are in for a huge shock?
VERY HAPPY (relieved) to be told I've got it wrong and IABU.

Sadly I think you are right. I recently tried to adjust to a new provider via uswitch as our monthly bill has been changed by +£62 a month on top of what we were already paying, but uswitch said they could not find any better deals!! Scary stuff, it’s a big increase and I’m not sure how some people will manage. Like you I am instead planning to find ways to reduce consumption.

It is correct that there's going to be a huge jump. DH works in the energy industry and it's been known for a long time, it's awful that people aren't being warned by government or media as they've known about it.

I've just logged into my utilities app and latest bill for gas and electric is £500! I guess with wfh we're using a lot more energy than pre Covid but still it's a massive hike, used to pay about £160-180pm. Looks like I'm going to be working in my Oodie today

It’s quite terrifying. We are on the standard variable and pay 130 per month, to fix it would now be £270 per month (I think Martin Lewis is saying there’s no point fixing now). I don’t know if our 130 will increase by more than that in April, it doesn’t seem possible that they could hike peoples bills. We will just about be ok but it will eat up any spare money we have. People will literally die if this goes ahead.

Make sure your calculations change gas units on meter to kWh….

@HTruffle - it's bonkers isn't it? I wasn't initially overly worried as imagined £40-£60 a month type of increase ... But I am now. I used 9,000 in my OP as hypothetical usage for a lot of houses / families, BUT .. . We actually use 14,000 units a month.

I was too embarrassed to write that. (Yes, we have one of the dreaded sex ponds) ... well, we won't have soon, that will be going off on 31st March!

My actual figures look more like this:

.21 x £2940 (£245pm)
.48 x £6720 (£540pm)

So I'm also reviewing what I can reduce. Sex pond obviously being one of the first to go ...

It is very worrying, and the knock on impact on prices of everything else too.

Surely the government has to step in, you can’t expect the average house hold to spend hundreds a month!!!!!

Our bills are going to increase insanely. We can’t afford it. The lock in price is actually more than the variable is now and silly high. Im just gambling and hoping the government will have to do something. It’s scary…

I’m just hoping it will be a massive vote loser for Tories so they’ve be compelled to sort out a solution…..

@OnlyFoolsnMothers

Surely the government has to step in, you can’t expect the average house hold to spend hundreds a month!!!!!

Governments in Europe are coming up with strategies so I assume we will have something similar here.

Thanks so much for this thread, I've just literally switched to a fixed tariff this morning because of it! It's a small increase, but still a LOT less than it could go up to if we stuck on variable at 24p per kw

We currently pay 21p per KWh of energy used. (Viable rate.) . Predictions once the price cap ends are for unit prices in April is anywhere between 40-48p per unit. . (From googling / Martin Lewis ), I could be reading this wrong ...

The current price caps for gas and electricity are 4p and 21p per kwh respectively as things stand and if they go up 50% in April then it will be 6p and 31.3p per KwH. If you want to fix you will be paying more than that and banking on it going up again in October. But I can't see how anyone would benefit moving to a cap above 40p/kWh for electricity.

That sounds similarly to the increase they’ve seen in Spain over the last 12 months. The cost has gone up massively. It was at their all-time worst in summer, I went home to see my parents and my mum wouldn’t run the washing machine or dishwasher until midnight - during the day it was just too expensive to plug anything in. So many families affected by the increase, it was insane. It’s gone down a bit now after a year, but still much higher than it used to be. People are in for a shock.

@OnlyFoolsnMothers

Surely the government has to step in, you can’t expect the average house hold to spend hundreds a month!!!!!

Yesterday Gove said support for energy bills should target 'the poorest' so don't expect much.

@FourTeaFallOut - ahhh, that makes sense about this 50% rise ... so it's going to be .31p in April ? ... I can't seem to find a definitive answer - only speculation. . . Feeling slightly better if thats true, so thank you.... (I'll worry about the October price nearer the time ... )

I’m really frightened by this. I genuinely don’t know how we are going to afford our bills. We are already struggling as it is.

What is a sex pond??!!

You are paying a lot for electricity as it pays for windfarms - who do you think is paying for those if not the public? Generous chinese and danish companies are donating them?

Only working from the assumption the electricity prices go up 50%. And the standing charges won't be going up by 50%, so that element of power bills will remain the broadly same.

@Branster

What is a sex pond??!!

Hot tub 😁

@Branster

What is a sex pond??!!

Hot tub

Thank you foe explaining- I had no idea! 😁

@Branster

What is a sex pond??!!

Hot tub

Inflation in general is going to be our enemy this year. I read on the Boe website it’s forecast to hit at least 6 percent.

I’m shitting it.

@OnlyFoolsnMothers

Surely the government has to step in, you can’t expect the average house hold to spend hundreds a month!!!!!

There’s very limited amounts the government can do. The price is controlled globally.