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.

The price of gas electric is all to do with Russia

1 we didn't need to be reliant on Russia for energy yes it's kinda late now to be doing anything about this but going back in time this should never have been allowed to become the case. We've never had a good relationship with Russia it was bloody stupid to put us in that position!

2 this isn't the sole cause of high prices it's also partly to do with privatising of the energy industry back in 1990 - another stupid move

3 we pay vat on energy, vat was meant to be a tax on luxuries energy isn't a Fucking luxury! The very least the govt could very easily do is abolish vat on energy

4 in general terms with cost of living rise the govt could also fairly easily inc nmw to an actual living wage taking the real cost of living into account, ditto raising benefits - and yes the money IS there - cos it's always bloody there for tax breaks, political bribes etc

5 I've got my energy use as low as I can get it but standing charges are ridiculously high which again the govt does have the power to regulate

I recently fixed based on Mse/Martin Lewis advice but I'm still worried sick how the hell I'm gonna cope come winter. I'm disabled and being cold causes me to be in more pain and less mobile. I also have ocd and cannot reduce my hot water use more than I already have.

Review due sep which I think a lot of companies will be doing ahead of October hikes

I'm not sure of my usage I need to check that with someone I have a few readings to go off but not had the heating on since march

Thinking I need to "invest" in things like another hot water bottle, electric blanket, heated throw (heat the person not the room) already got one hot water bottle and a flask

We shouldn't have to Fucking live like this and yes I am now not only incredibly angry with this absolutely fucking useless incompetent govt but I'm finding it increasingly difficult to bite my tongue in real life with those I know who did vote Tory and especially those that are now bitching all over sm speaking as if they didn't vote for them!

My tariff (edf) is

Electricity 49.65p daily charge 44.66p per kWh

Gas 27.22p daily charge 13.207p per kWh

What do people expect the government to do?

At this point they should bloody well at the very least

Cancel vat on energy
Inc nmw
Inc benefits
(Even a small inc would help!)
Invest in energy production in THIS country - wind farms, tidal power, solar power as well as any fossil fuel resources we may be able to access

Although if I'm being totally honest I think they should renationalise!

The energy companies are not impoverished! If you believe that I've a bridge to sell you! They absolutely could be behaving much better at this time

I was moved to Octopus when Avro collapsed. Suddenly my monthly bill is almost quadrupled. £111 to £424. I'm a single parent on UC of £624. I'm already careful, lights turned off, not using tumble dryer, dishwasher infrequent. I don't know what else I can cut back in. I had a really bad breakdown in the new year and had to quit my degree course. Going to have to restart it just to get the loan and grant which is double UC. No holiday at all for myself and daughter, just six weeks stretching ahead of boredom and questions about why all her friends can go on holiday but we can't. As for the further raise in October, well that's Xmas screwed...

Its horrific. I don't know how people will cope. I considered us alright off, but this is another huge increase, we will stop being able to absorb it very soon.

The government can do something, France have done something haven't they? Why can't we?

I'm sick of this shit show of morons sat in their massive houses earning £££ on the side and saying they can't do anything. Its disgusting. People are going to starve and freeze this winter.

The problem is every tax cut or benefit rose has to be funded somewhere. We already have substantial national deficit. I personally don't want to pay more tax or see health, education emergency services etc suffer funding falls to fund our energy bill. I think the only thing we can do is ride it out whilst looking at alternative sources.

"riding it out" will literally kill some people, make others Ill, put more in debt....

I'm £1500 in credit & after adding all the £1200 I will get & my DD each month I worked out in a year I would still be underpaid & that's before the increase in October, the government need to do something, other countries like France have managed to not have massive increases, why can't we?

Because they pushed past the distaste for nuclear energy and invested in their domestic system and insulated themselves from substantial global swings.

Martin Lewis ? Would that be the Martin Leis who was forever urging people to change their energy tariff from British Gas, EDF, etc. to a company working out of someone's garden shed. Then when said company went bust (and had to be bailed out by taxpayers), everyone else (who never changed) having to pick up the bill for those companies' debts, and pay more on our own bills (currently about an extra £100 a year). I believe it is.

Not sure what that has to do with him highlighting the new cap forecast by an unrelated company he has nothing to do with?

Erm yes, saving all the people switched money, which is you know, his job.

Its not his fault they went bust and nor can he do anything about the current situation. I imagine if he could we wouldn't be in such a shitty position.

Possibly a daft question but does anyone know if the predicted October price hike is 64percent on top of the April hike or ontop of the previous price cap?

It's on top of the April cap.

So the average user is currently paying £1970 annually at the April cap rates and would be paying £32xx (can't remember the actual figure now) come October.

Obviously how much you are actually paying depends on your own consumption but the average figure gives a guide to the scale of the increase.

£3244

Single parent with one 12 yr old DD. This time last year my electricity cost £30 in June, its £78 this year and I've stopped using the tumble drier.

I'm going to invest in Oodie copies from Primark when they come out, got DD one for Christmas last year and it's super warm and thick Bedroom Athletic slippers and hope that keeps us warm.

Im due to start a new role in January, it was meant to be a bit of a pay increase on what I'm on now but that's being wiped out by the cost of living increase. Its meant to be flexi 3 days WFH but I think I'll be going into the Office instead to save the heating. That is of course, if I can afford the petrol.

I am taking a reading on the first and last day of each month. That way I can work out exactly what I am using versus what they charge. It has worked out in my favour as it goes but it certainly means you can avoid unnecessary hikes even with the cost increase as you know what you have used as opposed to what they want to say you used.

I should clarify we were being charged over £500 a month - up from £380 before the hike.

Surely that isn’t your actual current usage though, they’ve averaged it over the year? Using that much in the summer would be insane. We are on the price cap and used £48 worth last month, and I work from home!

Can you get a smart meter? Then it just sends the readings for you, less work. The display unit tells you the cost as well.

I can but the technology doesn’t work if you change supplier. I would prefer to do it independently

I use tumble dryer and dishwasher , I am not on fixed tarriff , my bill was £145 . i live in four bed house with three children. i use oven all the time . Something does not add up , i enquired and i have been told i have smart meter and readings up to date.

The only thing i am careful that all my electric appliances are triple A rated and i use eco cycles. I think that makes a difference

Is £145 your direct debit, to even out usage over the year or is that the bill for your usage in a summer month?

To an extent, but the UK is getting totally shafted. I'm in Australia and I pay 26.6 cents per kw for electricity and 7.2 cents for gas. That's about 14p and 4p per kw. They also just gave us a $400 credit.

Sorry to ask a stupid question, but I've just spent a fair while Googling and I can't seem to find the answer. If I know my annual usage, is there a way that I can work out what my bill is likely to be on the price cap? I'm lucky to still be on an old fixed deal, and I feel pretty clueless (and terrified!) about what will happen when it comes to an end in the autumn.

Is that PLUS the standing charge? Sorry I know you're only estimating, but this is really helpful as I'm completely clueless...