October energy price cap increase estimated at 64%

[Hugasauras]

From Martin Lewis:

'NEWS:
I feel sick writing this!
I've just got the latest price cap predictions from
@CornwallInsight
. A huge spike in the key year-ahead wholesale price means

OCT cap prediction UP 64% (so £3,244/yr on typical bills)
JAN cap prediction UP 4% (so £3,363/yr)

It's horrendous. Especially as we're now near the end of the assessment period that sets Oct's cap, so this is the right ball park.

The Oct prediction is now £450/yr HIGHER than Ofgem mooted in May & that was what Sunak based the £400-£1,200/yr help on.

More will be needed!

Please share. People need to know what's coming to see if they can prepare for it.'

Terrible Just checked our Octopus account and their fixed tariff offering is £500 a month for us.

🙁

Oh dear was this in an email can’t see it on his webpage

I'm actually quite worried about the impact it will have on us and we have always been pretty solidly comfortable, not wealthy but not ever having to be too careful. I can't even imagine how others less fortunate than us are going to manage this winter. It's awful.

It's on his Facebook and Twitter feed at the moment. I imagine it'll make its way onto his website at some point.

www.facebook.com/540806539/posts/pfbid0Mt1Pfqx5eGDgzk9kHG7KZgqoRSfwxnqQ9vBLWZpVDVYAUnwf3wtzpJ9GK2NwfTsWl/?d=n

www.cornwall-insight.com/default-tariff-cap-forecast-climbs-further-as-ofgem-announcement-looms/

These are the estimates from the horse's mouth, so you can see the break down between gas and electricity. At a rough guess, and here I'm quoting more knowledgeable posters on MSE, gas will be about 14p/kWh and electricity up to 43p/kWh.

The gas is eye watering considering this time last winter many were shelter on older fixed tariffs at 2.2p/kWh.

Annoyingly, I don't think we'll see any more talk of insulating the poor from these increases until the autumn budget now given the bloody shit show that has become of our working government now and by then it'll be too late for any practical intervention in the last quarter of the year. But maybe I'm being too cynical.

Why the fuck aren’t the government doing something?

I think you might be right. Someone on the news earlier said the cabinet won’t let the current chancellor do anything to help people with cost of living while the leadership is being decided. Because if he does something good and helpful it gives him an unfair advantage. 🤷‍♀️ So we continue to be impacted by the Tory shit show.

Yeah thanks Tories, you are making the cost of living crisis even worse because you don’t seem to be able to actually govern - which is what you are paid to do.

We will all have to bloody freeze in the winter. Our house is a cold house, despite us getting extra insulation. Sigh…..

Not just that but the treasury dept seems to have been decimated in the great resignation.

"Yeah thanks Tories, you are making the cost of living crisis even worse because you don’t seem to be able to actually govern"
The price of gas electric is all to do with Russia
Russia realises how much power they have over the west and they are going to cripple us
You are free to join the Ukrainian army of you want to do something about it yourself

I'm really worried about this. Can't see where else we can cut our energy use.

We don't have a smart meter just a normal one and today we've used 7 units of electric .on the weekend when everyone was home and washing machine on we used 14units a day. Gas is harder to check as it's outside and also I don't know the maths for converting it!

Our bill has gone from £125 to £299 and we are fixed at £299 for 5 months but am I right in thinking that if we use less they will eventually being it down when they look at our annual usage?

Are you on a fixed tariff decafflatte or is 5 months just when your provider reviews your direct debit?

Oh god. This is going to make life really tough for us 😕

I don't even consider my household to be all that badly off. This is going to be awful for so many people.

We are paying £280 a month now and that’s without using central heating or the tumble drier and hardly having lights on because it’s still so light. I dread to think what it’s going to be like in the winter.

We fixed to try to avoid further hikes. I don't know when they review it..we send in meter readings every month..we pay more than we use during the summer months to build up a credit for the winter months..but they have based £299 on our annual usage at the new prices. But I'm thinking if there's anyway we can consistently lower our usage it may come down.

If that makes sense 🤔

Haven't got statement to hand but if they say for example we use 12000kwh a year of gas and 12000kwh of electric a year and that costs £299 a month, if for the year we get it down to 10000 each a year would that reduce our bill, I don't know?! Maybe I'll have ring them?

They're about to have a nice long summer recess.

If you are on a fixed rate then your direct debit will come down with a reduction in consumption but if you are on the standard variable, the sharp increase in October might mean that the new unit price means you won't see a decrease despite the reduced usage (although it would be much higher if you hadn't reduced your consumption).

Regardless, it's worth regularly updating your supplier with your meter readings, so you know where you are at.

Sorry, xpost. In that case, keep submitting meter readings and you can see a quicker reduction in your dd. I can adjust my payments with Scottish gas the moment I update meter readings.

Ahhh this explains why my fixed tariff offer from Octopus has shot right up!

I saw someone talking about the updated Octopus tariff...17p/kWh for gas 😮

At the risk of being nosey decafflatteplease, your electricity usage is though the roof for someone with gas heating. Are you sure that's right? You'd have to use a hell of a lot more than 14 units a day to arrive at 12000 over the year

2 incomes, 2 kids, no big holidays, 1 car, not entitled to any benefits.
I can't afford that.

No I made the years one up as dont have statement to hand. Was just an example. I'll find the yearly statement and report back. What if it's more than 12000 🤣😱

Useless you have a secret cannabis farm or a fleet of hot tubs, it should be less.