Page 2 | Energy prices

RandomUser10093 · 01/03/2022 11:02

This reply has been withdrawn

This has been withdrawn by MNHQ at the poster's request.

FourTeaFallOut · 01/03/2022 11:35

I notice a lot of the fixed tariffs which were available yesterday have been axed overnight. What remains is ridiculous. If I were to fix with what remains on Scottish Power today the annual cost would be well over £2k more than I fixed at in January. So it seems any confidence that they had in wholesale gas prices is completely shot, despite them dropping back down from £3.60/therm on Thursday to £2.60 today.

I'm really worried about my dm.

BarbaraofSeville · 01/03/2022 11:44

Why would you pay more over the summer? You only pay for what you actually use based on unit prices. If the Octopus loyalty plans are similar in price to the price cap, then your final costs will also be similar

But the unit prices and possibly standing charges are much higher than the current price cap, and maybe 10-15% higher than the April 22 price cap, which means if you take the fix now, you are paying more than you need to until October, because you could just stay on the price cap.

But what we don't know at the moment is what will happen in October. Prices could fall back and you'll have paid more needlessly, but if the situation in Ukraine continues/gets worse, it's not going to help prices later in the year, which is likely to lead to a further price rise in October, there have been reports of another 30% taking the price cap to over £3k pa. If this is how it goes, any fixed tariff taken out later will be even more expensive than that.

BarbaraofSeville · 01/03/2022 11:47

@FourTeaFallOut

I notice a lot of the fixed tariffs which were available yesterday have been axed overnight. What remains is ridiculous. If I were to fix with what remains on Scottish Power today the annual cost would be well over £2k more than I fixed at in January. So it seems any confidence that they had in wholesale gas prices is completely shot, despite them dropping back down from £3.60/therm on Thursday to £2.60 today.

I'm really worried about my dm.

That was my concern. After staying on the SVR for a while, I've now taken the Octopus loyalty fix, a few days ago, so it would be interesting to see if they are still offering the same price, or if it's been increased (now I'm on a fix, I can't see their other tariffs in my account)

moveblues · 02/03/2022 07:57

What a minefield! Is it worth fixing with this loyalty plan, given cap rises of 24% estimated in October?
I'm not good with maths

userxx · 02/03/2022 08:13

@moveblues Do you know what your bills will be from April if you didn't fix ?

FourTeaFallOut · 02/03/2022 09:09

Can you ring your supplier and ask if you can drop back to the variable rate within the two week cooling off period?
If you can, I would take it now - assuming you can afford it - and then take a week to see what happens to the wholesale gas prices because they have shot up today and if they stay there that fix will be a good deal.

Sacada · 02/03/2022 11:32

BarbaraofSeville Tue 01-Mar-22 11:47:02
FourTeaFallOut

So it seems any confidence that they had in wholesale gas prices is completely shot, despite them dropping back down from £3.60/therm on Thursday to £2.60 today.

I'm really worried about my dm.

The wholesale gas price for delivery tomorrow (Thursday) is (as I write) £4.50.

bonbondelights · 16/03/2022 11:20

This article was helpful and I also use the app to create a budget, they told me early doors to start putting money aside for bills and that has helped ease the load a little

www.financielle.co.uk/the-energy-crisis-4-things-you-can-do/

Tarynb76 · 05/04/2022 21:16

All this energy hike worried me, looked into Utility warehouse and they are below the 5% government price cap, I felt so strongly that families were going to need help that I became a partner and love the feeling that I can help people lower their bills
uw.partners/taryn.bennett

Welsh2479 · 18/04/2022 00:43

@BabyTurtIe

I know energy prices are going up but I just had an email saying based on my usage they estimate I will be paying almost £100 more a month than I am now?! Does that sound right? 😣 how on Earth will people afford this?

We used 4.00 yesterday just in one day! It's terrifying. I don't even want too look tomorrow. We just simply can't afford it don't know what we are going to do.