Energy Renewals

[BubbaP]

Electricity only
Current
Unit rate 25.11p per kWh
Standing charge 23.03p a day

Offered
1 year fix
Unit rate: 60.69p/kWh
Standing charge: 52.01p/day

2 year fix
Unit rate: 77.91p/kWh
Standing charge: 52.01p/day

Variable
Unit rate: 28.46p/kWh
Standing charge: 43.39p/day

Gulp

 

[Bazzatron]

I've gone from £160pm to £250. Armageddon in October and that's looking like £400. We're all completely screwed.

 

[bobmac]

I've gone from £160pm to £250. Armageddon in October and that's looking like £400. We're all completely screwed.

Bad news I'm afraid...

https://www.themoneyedit.com/household-bills/energy/october-energy-price-cap

The increase in April 2022 was 54%
The increase in October is predicted to be 82%
The increase in January 2023..... 19%
The increase in April .....10%

£160 + 54% = £246 Apr-Oct.
£246 + 82% = £448 Oct-Dec
£447 + 19% =£533 Jan- Mar 2023

You better start looking down the back of your sofa

 

[larmen]

What I find annoying is that they express their caps in total costs, like GBP 1971. Why can't they talk about the kWh price for electricity and gas, as well as the standing charges. that way I can work it out much easier.

360 kWh at ~0.5 = 180 for electricity a month. * 12 = 2160. Add standing charges at 150ish which are also going up and are not avoidable.

Gas fluctuates more but we also were able to cut down a bit more.


Based on my numbers I don't think I would try and fix anything at this point.

 

[bobmac]

What I find annoying is that they express their caps in total costs, like GBP 1971. Why can't they talk about the kWh price for electricity and gas, as well as the standing charges. that way I can work it out much easier.

360 kWh at ~0.5 = 180 for electricity a month. * 12 = 2160. Add standing charges at 150ish which are also going up and are not avoidable.

Gas fluctuates more but we also were able to cut down a bit more.


Based on my numbers I don't think I would try and fix anything at this point.

Take a look at your gas and elec bill for March or earlier.
Add 54% to give you your current price.
Then add a further 82% to that figure for Oct-Dec
Then add another 19% for Jan-Mar
So if your March bill was £100.....
Add 54% = £154 for Apr
Then add 82% = £280 for Oct
Then add 19% = £333 for Jan

 

[SwingsitlikeHogan]

I've gone from £160pm to £250. Armageddon in October and that's looking like £400. We're all completely screwed.

Not all of us it might appear - given the urgency with which those who can help the vast majority cope are applying to the pending crisis. It’s as if these few are holding on to the hope that the crisis might just go away…and are in denial that the pending and subsequent caps are done deals unless they act.

It is unfortunate that those few who can help and what they might do cannot be mentioned, never mind discussed. But we know who they are and we should not forget.

 

[road2ruin]

I'm presently paying £350.00 per month in an effort to build up enough credit to get through the winter. Once the temperatures do drop we'll try and live in as few rooms as possibly and turn the radiator thermostats down to the frost protection setting for winter to avoid heating areas of the house that we don't need. I've always been on a decent wage plus my wife works so we've always been able to put away a nice amount of money a month for rainy days and holidays however that money is going to be swallowed up and that's before we have next years re-mortgage. Awesome.

 

[Lord Tyrion]

I'm presently paying £350.00 per month in an effort to build up enough credit to get through the winter. Once the temperatures do drop we'll try and live in as few rooms as possibly and turn the radiator thermostats down to the frost protection setting for winter to avoid heating areas of the house that we don't need. I've always been on a decent wage plus my wife works so we've always been able to put away a nice amount of money a month for rainy days and holidays however that money is going to be swallowed up and that's before we have next years re-mortgage. Awesome.

One of the issues with these recent rises is the increase in the standing charge. Even if you / we shiver in one room the bills will still have rocketed. That's brutal.

 

[jim8flog]

You better start looking down the back of your sofa

Is that for things to burn?

 

[Oddsocks]

Electricity only
Current
Unit rate 25.11p per kWh
Standing charge 23.03p a day

Offered
1 year fix
Unit rate: 60.69p/kWh
Standing charge: 52.01p/day

2 year fix
Unit rate: 77.91p/kWh
Standing charge: 52.01p/day

Variable
Unit rate: 28.46p/kWh
Standing charge: 43.39p/day

Gulp

The variable I think for higher users the variable rate will be better, for low volume users the fixed rate will suit.

Someone in the know is still telling me stay out of contract but I’d be telling porkies if I said my back side isn’t a little twitchy

 

[nickjdavis]

Looking at the cap announced today my monthly bill is going to increase to around £670....and if the forecasts for January are correct then I'll be paying over £1000 a month....

 

[Lord Tyrion]

Looking at the cap announced today my monthly bill is going to increase to around £670....and if the forecasts for January are correct then I'll be paying over £1000 a month....

It's madness, it's like having a second mortgage. The country will go into debt meltdown, businesses will crash (no cap at all for their bills), it really is very scary. Even for those who can afford to pay if will mean money not spent elsewhere, impacting leisure, hospitality etc. The numbers are too big for 95% of the country to pay and have no impact on them.

 

[larmen]

Just looking and at last year's consumption we are up to 630 peak, 3 times of what we peaked so far.

 

[larmen]

Did I understand that correctly that instead of a 80% increase next month plus whatever happened after that in February we are getting a roughly 27% increase, with that figure guaranteed until September 2024?

 

[fundy]

Did I understand that correctly that instead of a 80% increase next month plus whatever happened after that in February we are getting a roughly 27% increase, with that figure guaranteed until September 2024?

Pretty much yes, assuming youre on mains gas and electricity. Also that the £400 discount over the next 6 months will still be applied to bills

If youre on heating oil there will be unspecified "equivalent support"

 

[fundy]

Martin Lewis @MartinSLewis
2m


IMPORTANT FIXED TARIFF INFO: I'm hearing fixed tariffs will have the same unit rate reduction as variable tariffs (ie roughly 30% off). So it looks like, unless you fixed at over the new Oct price cap level, your fix will be cheaper than moving to variable. More to check on this

 

[GB72]

Martin Lewis @MartinSLewis
2m


IMPORTANT FIXED TARIFF INFO: I'm hearing fixed tariffs will have the same unit rate reduction as variable tariffs (ie roughly 30% off). So it looks like, unless you fixed at over the new Oct price cap level, your fix will be cheaper than moving to variable. More to check on this

OK so that is interesting from a totally selfish point of view. As i fixed on the 2021 prices for 2 years, I may get a 30% reduction in my bill even though I am paying a reasonable rate.

 

[fundy]

OK so that is interesting from a totally selfish point of view. As i fixed on the 2021 prices for 2 years, I may get a 30% reduction in my bill even though I am paying a reasonable rate.

strikes me as strange I have to say, guess final details will become clearer in the next few days (likewise what support there is for heating oil)

 

[GB72]

strikes me as strange I have to say, guess final details will become clearer in the next few days (likewise what support there is for heating oil)

I need a top up soon so a bit of a cut on that would be rather nice as well.

 

[fundy]

I need a top up soon so a bit of a cut on that would be rather nice as well.

new tank going in next week and needs filling, sooner rather later ideally