Energy Price Increases After Hours

[Zidane]

We got a letter today from Scottish Gas (British Gas), my current deal is around £1540 a year, if I leave it to go on to standard variable rate it will rise to £2269, but they're offering me a deal on a like for like basis, fixed until July 2023 for £3602!!!

Over doubling the unit rates and about 20% on standing charges!

Been onto comparison sites, which come back saying due to rising energy prices there are fewer deals available at the moment.

How the hell are already struggling families going to afford this hike in prices!

I've had my head buried for a while, but how has this been allowed to happen? Are prices being affected in other countries?

 

[David76]

That is ridiculous. I'm dreading what our prices will be.

if I leave it to go on to standard variable rate it will rise to £2269, but they're offering me a deal on a like for like basis, fixed until July 2023 for £3602!!!

Over doubling the unit rates and about 20% on standing charges!

Martin Lewis was saying the other week not to take up any offers like this and wait.

 

[Pip]

I've had the same - revert to British Gas variable rate and pay 50% more, or as a valued customer transfer to a new, recommended fixed deal until July 2023 at more than double what I pay now. I'm sure it has gone up about 40-50% so why the more than 100% increase deal offers?

The government/OFGEM needs to step in.

 

[Gemma]

Pretty much an identical experience as you Zidane. Having been on a fixed tariff for the last year, my combined gas/electric payment has almost trebled. A real eye-opener, and nothing better on comparison websites. It's going to be a struggle for sure.

 

[Wanted]

Same here. Currently, pay £1200, as for the like for like the deal the cheeky buggers want £2700.

It's a lottery as the price cap is only going to go up when that gets reviewed in a couple of months time, so the standard variable will go up, although to what extent is anyone's guess.

My fixed rate runs out at the end of February, just crossing fingers the worst of the cold snap is out of the way so I can ease right back on the central heating.

 

[Jason]

The anticipated standard tariff price increase (and much more) is already baked into the fixed price tariffs currently available. The hope is that over the summer months wholesale prices will reduce and better fixed price deals will be available later in 2022.

 

[Birdman]

Martin Lewis was saying the other week not to take up any offers like this and wait.

That's exactly what I'm doing at the moment.

Heating your house shouldn't be something you have to worry about in 2022.

 

[Dylan]

Dreading the announcement later today

Channel 4 reporting that the new cap will be 50% higher than it currently is

This could be the final straw, I can see protests in the streets if the government just sits back and does nothing

 

[Gemma]

Channel 4 reporting that the new cap will be 50% higher than it currently is

I hope not!

How are people supposed to afford that? £200+ a month for basic regular users.

(that'll be about £250-£300 a month for prepayment meter users then)

Hopefully, the announcement today isn't that high but also the government actually do something to help people out or there is going to be in a lot of people in a financial mess.

 

[Hera]

Energy price cap for 22 million households to rise by 54% from April, Ofgem confirms. Standard tariff customers to pay £1,971 a year, prepayment meter customers £2,017 a year.