Predicted energy price rises

T

TitanTim

Elite
Hi all,

I'm currently with British Gas for my Gas and Electric and usually go for a dual energy fixed rate tarrff. This ended last month and received a new quote for a fixed rate tariff until the end of 2023. My last yearly tariff was for £1134 and the new tariff is for £1697 for this year :o based on past useage so a fair hike in cost. British Gas did put a bit of a spin on the new tariff and that it might be wiser to go for a fixed rate considering the projected fuel price rises predicted for this year. Their current variable rate tariff is much cheaper around £1200 for the coming year but no guarantee it won't rise substantially so I've gone for the fixed rate so if fuel prices really do hike after the fuel price cap is lifted in April I stand a better chance of being protected on a fixed rate. Having said that since the beginning of the month going by my smart meter my useage cost seems to be a bit eyewatering and is basically double each day compared to my old tariff :( I don't have the heating on that much at all cetainly not all day and the temp is usually set to 19C so not overboard and usually only have the heating on for an hour in the morning, hour in the late afternoon and an hour at most in the evening if required, hot water is on for an 30 minutes or so.

Starting to think whether it was wise going for a fixed rate or took a chance with a variable rate. I did do a price comparision on the fixed rate with a number of suppliers but they are all pretty much similar.

Any thoughts apart from sticking more jumpers on :)

Tim.
 
It is a tough time to reach the end of a good fixed rate tariff. I had a great fixed rate with Avro until they crashed in Novembre last year... I guess they were too good to last... :cry:

I since have been automatically switched to Octopus and am on a default variable rate and kept it this way as the fixed rate quotes are terrible right now, I guess the suppliers are trying to compensate losses they make on old fixed rates with the new ones. I just hope the gouvernment can get their stuff together and figure out a good long term (20+ years) energy strategy which is hard to do when their only goal is to survive the next four years :thumbsdown:
 
axelleveau said:
It is a tough time to reach the end of a good fixed rate tariff. I had a great fixed rate with Avro until they crashed in Novembre last year... I guess they were too good to last... :cry:

I since have been automatically switched to Octopus and am on a default variable rate and kept it this way as the fixed rate quotes are terrible right now, I guess the suppliers are trying to compensate losses they make on old fixed rates with the new ones. I just hope the gouvernment can get their stuff together and figure out a good long term (20+ years) energy strategy which is hard to do when their only goal is to survive the next four years :thumbsdown:
Click to expand...

I think I'm going to ride it out until April and see what happens after that then switch to an alternative supplier if prices remain stable on a variable tariff. It will cost me 75 quid though if I want to get out the current contract :thumbsdown: As you say it's tough at the moment without a crystal ball :|

Tim.
 
Cost of living costs are becoming pretty awful at the moment with the seemingly never ending increases coming our way, as always council tax, and water rates will rise in April as well as the incoming national insurance costs, food and fuel going through the roof..going to make it a very uncomfortable year ahead for lots of families. :(
 
My fixed rate with Octopus came to an end in November last year, the general advice was to drop onto their variable rate due to the price cap, which is what I have done, hopefully after April I won’t need the heating on and be using less electricity, by the summer prices may settle down and I’ll be able to find a decent fixed rate for next winter.
 
What is the rate you get now now? With my fixed rate ending April it looks it will go from 14p per kw to 31. That is more than double :o

Last months bill was £485 as I am having building work done :x
 
My old tariff was,
Gas: £501.04
Standing charge:
25.697p per day
Unit rate:
3.379p per kWh

Electricity: £633.45
Standing charge:
22.705p per day
Unit rate:
17.325p per kWh

The new tariff what I've opted for cheapest like for like is
Gas: £762.86
Standing charge:
27.494p per day
Unit rate:
5.497p per kWh

Electricity: £935.11
Standing charge:
26.464p per day
Unit rate:
26.386p per kWh

So a bit of a jump, but reading an article this morning there's predictions the average variable rate rising to £2000 or over per household :o but I don't know much scaremongering that is.

As mentioned this with Council Tax, food prices, NI and general cost of living rising I don't know how people will manage.

Tim.
 
An electrician had to come around to run 2 20a cables as they were blowing the fuses all the time on the 13a sockets.

Environment friendly building with sip panels, so no concrete involved. But a hell of a lot of heavy machinery
 
TitanTim said:
My old tariff was,
Gas: £501.04
Standing charge:
25.697p per day
Unit rate:
3.379p per kWh

Electricity: £633.45
Standing charge:
22.705p per day
Unit rate:
17.325p per kWh

The new tariff what I've opted for cheapest like for like is
Gas: £762.86
Standing charge:
27.494p per day
Unit rate:
5.497p per kWh

Electricity: £935.11
Standing charge:
26.464p per day
Unit rate:
26.386p per kWh

So a bit of a jump, but reading an article this morning there's predictions the average variable rate rising to £2000 or over per household :o but I don't know much scaremongering that is.

As mentioned this with Council Tax, food prices, NI and general cost of living rising I don't know how people will manage.

Tim.
Click to expand...

I called uswitch and the chap was saying that his British Gas Light deal for elec at 29.97 was fantastic as it was under 30p.

Why would I sign up today for that when I have 14p until the end of April.
 
I think for those coming to the end of their contract now it's difficult to make an informed decision whether to stick with a variable or fixed rate as there are too many unknowns. Starting to think I would have been better off moving to a variable rate but if the predictions are correct and govt sits on its hands then I might in the long term be better off, who knows. I think after April see what the rates settle at and pay to get out my current contract if prediction of sky high costs don't materialise.

Interestingly entering my details into USwitch they're advising to stick to my current fixed rate tariff until the end of 2023. Doing a comparison there's not much cheaper and the likes of Scottish Power it would be 300 quid more and ESB Energy 260 quid more over the same 2 year fixed rate contract I'm currently on.

Thinking back to the 60s when I was a kid all we had was a coal fire and no central heating :)

Tim.
 
TitanTim said:
Thinking back to the 60s when I was a kid all we had was a coal fire and no central heating
Click to expand...

I fitted a wood burner a couple of years ago,(should have done it 30 years ago) luckily being a joiner I can get plenty of off cuts for free to keep it burning, I wouldn’t like to think I was buying bags of wood from the supermarket to keep it burning as it wants restocking about every half an hour.
 
Chippie said:
TitanTim said:
Thinking back to the 60s when I was a kid all we had was a coal fire and no central heating
Click to expand...

I fitted a wood burner a couple of years ago,(should have done it 30 years ago) luckily being a joiner I can get plenty of off cuts for free to keep it burning, I wouldn’t like to think I was buying bags of wood from the supermarket to keep it burning as it wants restocking about every half an hour.
Click to expand...
Chippie Chippie Cheap Cheap. (heard my momma singing that last night) :wink:
 
Chippie said:
I fitted a wood burner a couple of years ago,(should have done it 30 years ago) luckily being a joiner I can get plenty of off cuts for free to keep it burning, I wouldn’t like to think I was buying bags of wood from the supermarket to keep it burning as it wants restocking about every half an hour.
Click to expand...
The laws on woodburning stoves have changed recently. Only fully seasoned hardwood should be used, apparently. How the hell they can police this I have no idea.
Typical Government. Encouraging the use of woodburners for years as it was deemed to be 'carbon neutral', then realising people were burning all sorts of sh*t on them so changing the rules to make it more difficult, and expensive, to use. :roll:
I miss my woodburning stove; want another. I have a bit of a 'log fetish', especially if they are free. :D
 
TitanTim said:
The new tariff what I've opted for cheapest like for like is
Gas: £762.86
Standing charge:
27.494p per day
Unit rate:
5.497p per kWh
Click to expand...
The way they calculate gas usage is a con, done deliberately to confuse.
They charge per kw/h but it is metered by volume; either m3 (or ft3 if an old meter). To convert accurately is virtually impossible, as the calorific value of the gas is part of the conversion calculation. The calorific value of the gas coming in changes slightly all the time, so they work on an 'average'. :roll:
 
N4LLY said:
My flat only has Electric. With EDF at 27.02p per kWh

Is that a good price ?
Click to expand...

That's roughly what I'm paying now on my new fixed rate tariff, so if yours is a variable then.potentially it will rise after April :?

Tim.
 
Pondrew said:
TitanTim said:
The new tariff what I've opted for cheapest like for like is
Gas: £762.86
Standing charge:
27.494p per day
Unit rate:
5.497p per kWh
Click to expand...
The way they calculate gas usage is a con, done deliberately to confuse.
They charge per kw/h but it is metered by volume; either m3 (or ft3 if an old meter). To convert accurately is virtually impossible, as the calorific value of the gas is part of the conversion calculation. The calorific value of the gas coming in changes slightly all the time, so they work on an 'average'. :roll:
Click to expand...

There's not much I guess anyone can do about that as a consumer except use less energy, you do wonder if this a fiendish plan to meet global warming targets, just price everyone out of the market so they reduce their carbon footprint :cry:

Tim.
 
I have LPG so that is fixed at 32p per litre for the next two years.

My Electric is with Outfox the market at 16p kWh and paying £88 per month on my fixed deal which ended on Dec, they asked me to fix at 27p kWH so an increase to £146 per month, I just left it and went onto the variable tariff, this is what Martin Lewis has recommended.

I would have fixed if they had said the variable tariff is 21p kWh and if it does down by X amount we will reduce your fixed tariff by the same amount so always paying that 6p per kWh premium.

The first thing to happen is VAT needs to be removed along with the green levies in each bill - that will save people 13% of their costs each year which is a start.
 
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