Energy prices

Yes - I got in just at the right time. They raised prices two days later.

Oh, and Iā€™m a huge fan of monthly billing and having Smart meters. I know exactly where I stand.

Aside those households that genuinely canā€™t have Smart meters fitted, I donā€™t know why some households out and out resist them. Iā€™d hate to be in the position of ever being on outdated meters, most of which were fitted in the last century and havenā€™t been calibrated since the day they left the factory.

I find Octopus to be very competitive. Even if they werenā€™t, I make so much from referrals that Iā€™d be mad to switch away from them! This year Iā€™ve averaged around one referral per month, so that covers over half of my usage.

Thatā€™s interesting. Out of curiosity I just obtained a quotation from Octopus. And nearly fell off my chair :dizzy_face:. Iā€™m currently paying Ā£900pa with Pure Planet (fixed until February). Octopus are quoting from Ā£1,146 to Ā£1,502pa using the same anticipated usage (with three tariffs, two of which are fixed for 2 years). Itā€™s a bit scary that my energy bills are going to rise so much in the new year.

Everyoneā€™s energy bills will skyrocket unfortunately. Fixed tariff payments to energy providers while wholesale energy prices have risen substantially means the energy providers (who are still operating) have to claw back losses and cover themselves for the future. Big increases predicted.

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Indeed. I just checked Octopus against my BG tariff and based on my actual useage, Octopus would cost me Ā£124 more per year. Igloo, would cost me Ā£132 a year more.

e-on next/Sainsburys Energy are cheaper based on my useage than Octopus, but still Ā£76 a year more than my BG tariff and they are the two cheapest providers that I could find ahead of the rest. All this of course does depend on your geographical location, because some parts of England certainly, pay more than others.

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Iā€™d love to know exactly how you do this? Iā€™ve tried on numerous occasions to refer people for various things, from energy to banking. Iā€™ve had one person go for a referral on a home security camera and thatā€™s it. You must have the gift of the gab lol!

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ā€œYou get Ā£50 for signing up, no minimum term, no exit fees. If you want to switch away after a month, you can. Itā€™s like picking money up off the floor!ā€.

Thatā€™s sort of how my pitch goesā€¦ :wink: And itā€™s all true!

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Add in the fire a couple of days ago which knocked out the supply cable which brings in electricity from France, causing surging wholesale prices from the normal Ā£40/KWh to Ā£2500/KWh (yes, you read that right!) and a perfect storm is gathering.

Yeah, IFA1 down (0%) but IFA2 supplying still. The drop of renewables (wind especially) is causing a big problem.

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At least weā€™ve got a good relationship with France at the moment. Oh, waitā€¦

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And if this news story is accurate, I wonder how many of those are still currently accepting switches? I know if I were looking to switch energy provider now, I would personally be looking at one of the Big 6, even if it meant paying more.

This bit is the eye-opener for me:

At the beginning of 2021 there were 70 energy suppliers in the UK. Industry sources say there may be as few as 10 left by the end of the year.

If that comes to pass it really does indicate massive structural issues in the energy supply market - I can certainly understand there being a few suppliers that go under, especially those that cut to the bone to be the cheapest - but the vast majority of suppliers going under? Thatā€™s completely dysfunctional.

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I was just watching an interview on BBC News with a woman from Energy UK (I think it was) who said that she didnā€™t recognise those figures (i.e. only 10 remaining) and said that they werenā€™t expecting anything like that.

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Iā€™ll remember where I read that first when it becomes so :laughing:

The problem with these very small energy companies, is that quite literally (apparently) anyone can start up an energy supply business. Iā€™m absolutely not surprised so many small companies have collapsed out of existence in the last few years.

Perhaps itā€™s time to Nationalise the energy market because as it stands, it appears to be a complete joke.

So, who wants to wager whether Bulb Energy are going to keep afloat :thinking:

https://au.news.yahoo.com/uk-energy-company-seeks-funds-201824794.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvLnVrLw&guce_referrer_sig=AQAAADjgBNVNwpAev4kSA4jodkVXNkKETbmx9mPlPo9KgAJpX4p_G0BoPobpmslBqj-w3VvtNOQzJFLqnFrTPT1fhZOIiVnTHaEzfTx8LMa7vMDam9DvhXaeq2Gj5Qq-zNU72J6LZajmZbvpr0ysMjRAA_kBuOE7d_VKuSJBAcokViuc

Theyā€™re practice of randomly increasing peoples bills for no reason had already made me worry they were struggling with having free cash flow. And theyā€™ve been doing that for a while now.

I donā€™t really get the issue though? Are the large providers eating the cost and taking a loss? The cost of gas is the cost of gas and all the smaller providers usually increase the price at match as wholesale prices increase