I got notification of my new fuel increases. A rise of £70+ per month. My pal's has gone up £97 per month. I honestly don't know how folk are going to manage.
Feeblecat our quote went up from £108 to £248 after a loyalty discount, they quoted £280 before a discount, think instead of fixing at £248 we will go on to the variable at £138 per month and keep our fingers crossed on the price rises, they cancel the triple lock payment for our pension rise and everything goes sky high, like you I wonder how people of all ages will manage, still the government will be laughing with all the vat on the high energy prices.
A guest on Jemery Vine the other day made a very valid point - yes, the price of gas may well have gone through the roof, but that doesn`t affect the cost of our own wind generated power, the solar power from the solar farms, or the cost of nuclear.
All of the vast sums of money invested so we could aim to become self-sufficient in energy - but where`s the benefit to the consumer?
Our pension increase is pitiful too, and is swallowed up at least twice over by the energy price rise alone. If you include all the other price rises it will be swallowed up probably 4 or 5 times over.
The triple-lock was a con anyway, as it made the false assumption that the official inflation figure represented the rise in the cost of living. If you are on a low fixed income, such as just a state pension like us, the cost of living is actually going up by over 20%, not the 5.5% inflation would suggest.
My Ovo fuel prices will go up from 21.99p/unit (elec, renewable as standard on my tariff) to 29.58/unit, and 4.04/unit(gas) to 7.34/unit. What floored me was the increase in elec standing charge from 23.5/day to 47.58/day! I've asked them to explain themselves. Gas standing charge has only gone up from 26.11 to 27.22. I hate the thought of shopping around at the moment, but that standing charge increase is beyond a joke.
------------- Always edited for sloppy typing - when I spot it!
Standing charge increase is largely down to the collapse of so many suppliers. The customers of these companies can't be left with no gas or electricity so a supplier of last resort is appointed.
Extra customers mean extra costs in moving all the sccounts over and all the extra admin dealing with thousands of new customer accounts. In British Gas case this is almost 500,000 customer accounts.
In addition transportation costs and network upgrades are needed and green levies are still being imposed.
Just as an info point Hinckley Point C is being built by Electricitie De France, so guess where that money's going to end up? The price for energy from HPC is fixed for the first few years (as in the government has formally agree to pay it) so, even though wind farm generated energy is expected to become far far cheaper, we will still have to pay the high prices. This is an inevitable consequence of having such key services in the private sector - they cease to be services and become cash cows for necessary things as investments need to be recovered more quickly and specifically than a Business can feasibly make their investors wait.
Quote: Originally posted by Hedgehugger on 04/3/2022
My Ovo fuel prices will go up from 21.99p/unit (elec, renewable as standard on my tariff) to 29.58/unit, and 4.04/unit(gas) to 7.34/unit. What floored me was the increase in elec standing charge from 23.5/day to 47.58/day! I've asked them to explain themselves. Gas standing charge has only gone up from 26.11 to 27.22. I hate the thought of shopping around at the moment, but that standing charge increase is beyond a joke.
My husband was telling me about the standing charge scandal yesterday. Apparently standard charges are capped and the cap has been raised to 47.58p a day. Rather that having any competition, it looks like all the suppliers are planning to raise their standing charge to the maximum allowed.
We're with Bulb Energy. Had a notification from them a few days ago outlining their price rises. I did some checking on comparison sites etc to see if I could get a better deal elsewhere but they all came back with a big fat NO ! So looks like we'll be staying where we are. There's probably not going to be much difference with any of the suppliers now.
Quote: Originally posted by Pixie_Hez on 04/3/2022
Quote: Originally posted by Hedgehugger on 04/3/2022
My Ovo fuel prices will go up from 21.99p/unit (elec, renewable as standard on my tariff) to 29.58/unit, and 4.04/unit(gas) to 7.34/unit. What floored me was the increase in elec standing charge from 23.5/day to 47.58/day! I've asked them to explain themselves. Gas standing charge has only gone up from 26.11 to 27.22. I hate the thought of shopping around at the moment, but that standing charge increase is beyond a joke.
My husband was telling me about the standing charge scandal yesterday. Apparently standard charges are capped and the cap has been raised to 47.58p a day. Rather that having any competition, it looks like all the suppliers are planning to raise their standing charge to the maximum allowed.
It is difficult to have competition in a market where the maximum you can sell a product for is below the cost of production and that maximum price is outside of your control.
If a company launches with a very low standing charge all low users move to that company and they go bust.
This is also why checking comparison sites is a waste of time if you are expecting a cheap rate as all suppliers are offering fixes much higher than the OFGEM fixed rates. Its the only way they can clear costs. They are hoping people will hedge a fix now at a high rate against potential for a huge increase in the OFGEM rate in October 22 and Feb 23.
Quote: Originally posted by daveyjp on 04/3/2022
Standing charge increase is largely down to the collapse of so many suppliers. The customers of these companies can't be left with no gas or electricity so a supplier of last resort is appointed.
Extra customers mean extra costs in moving all the sccounts over and all the extra admin dealing with thousands of new customer accounts. In British Gas case this is almost 500,000 customer accounts.
In addition transportation costs and network upgrades are needed and green levies are still being imposed.
Standing charge has nothing to do with the generation of electric. It is a maintenance charge for meter reader, meter operator, Data Collector, Data Aggregator and several other entities.
Every MPAN has a standing charge allocated so if you times the standing charge i.e. £0.25 with the number of businesses, residences etc that is a lot of money they are raking in each day.
No excuse for increasing the standing charge however suppliers think we are all gullible and they can use it as an excuse to increase profits!
All a supplier does is bill us as they do not even supply the electric to a business or a residence as that is done by the distribution company. Suppliers do not even have meter readers, meter operators etc!
Quote: Originally posted by saxo1 on 05/3/2022
Part of the standing charge is for maintaining the energy network.
saxo1
At a rough guess, the standing charge altogether probably brings £5,475 million per annum if we have 60 million MPANs including businesses & consumers each paying £0.25p per day. That is a lot of money to split between several entities whichever way you look at it.
The increased standing charge is also paying for for refunding customers money from the gone broke energy companies who spent the money & did not ring fence that money. We are all paying for the not fit for purpose energy market of the last 30odd years.
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Topic: Following on from heating post......
via mobile 02/3/2022 at 7:59pm
