Energy Price Increases After Hours

[Spikey]

It's the Spring Statement today so everyone will be watching to see if the Chancellor pulls something out of his hat. A VAT rate of minus 50% might help.

 

[Steve]

We are currently on a fixed tariff with EDF which runs out on 30/11/22.

EDF sending me mixed messages saying we should move to the variable rate as its the cheapest option currently but they have also advised us that my prices won't change until our tariff ends then and when it ends we'll be switched to the variable tariff which is linked to the price cap.

I can't get through to their advisers not sure what to do.

 

[Pip]

Trying to finally submit final readings I took on Thursday to the British Gas website for electricity and gas - but then it asks if the electricity is an Economy 7 meter?

Really annoying that the site keeps crashing too. Surely they should have prepared for this when they knew customers were going to be submitting readings.

 

[David76]

E7 meters are usually found in homes that use electricity for heating and hot water, rather than gas. With an Economy 7 tariff your electricity will be charged at two rates - a day rate and a night rate. You pay a cheaper rate for electricity for seven hours at night (off-peak) and a higher one during the day.

 

[Ray Gin]

I used £103 on March and I got an email saying my direct debit has changed to £255 from 1st May

Getting smart meters installed soon and going to submit another reading at end of April. Seems far too much an increase. Only 2 people living here

 

[indigo]

Just announced what they expect to happen in October.

October price cap rise = 42%, putting typical usage at £2,800 per year

My latest bill, £175 a month currently paid, despite being in a small amount of credit they want to increase my direct debit to £225 a month!

 

[Dylan]

MOre help is on the way, not just with energy bills but the whole cost of living crisis. The penny finally seems to have dropped with the government

• Chancellor Rishi Sunak has set out measures to address the rising cost of living, as the government seeks to draw a line under Partygate
• One-off payments of different amounts will be given to the most vulnerable - the elderly, those with disabilities, and those with the lowest incomes
• All households will receive a £400 discount on energy bills
• Eight million of the lowest income families will also get a one-off payment of £650, Sunak says
• He confirms a temporary windfall tax on oil and gas giants to fund the payments - a move called for by the Lib Dems and Labour
• There will be a one-off disability cost of living payment of £150, and pensioners will get £300
• The UK's energy regulator Ofgem says typical household energy bills are set to rise by £800 in October, to £2,800 a year

 

[Franco Pinion]

Step in the right direction but I don't think it will be enough for many already struggling.

 

[Sad Professor]

This new load of cash the government are giving out is like bailing water out of a sinking boat but ignoring the leak.

It will only help a little, and since it's a one-off, will only help a little only once. What happens next year when, whoops, the prices either don't go down much or don't go down at all?

The 'cost of living crisis' could probably be more accurately termed 'the profit crisis', as it's all being driven by companies who insist on making increasing profits each year. Never mind that they are making ludicrous profits, it must always be more. Their greed long ago got out of control and we're increasingly paying the price. Many greedy companies could see their profits halved and they'd still be making obscene sums of money.

Short term greed is so flipping vile and insidious. It always has been and always will be. History has shown time and time again how damaging and short-sighted it is.

 

[Bandit]

British Gas has increased its profits by 500% so far, Shell just reported profits of £9.4 billion up from £4.54 billion in 2021, BP's profits have tripled to £6.95 billion, and now people's bills are projected to go up by 77% come October.

If the government doesn't do something substantial, not £600 or £700 per household, there are going to be mass protests and possibly riots...normal people can't afford to pay £3500+ for their energy bills on top of everything else that is increasing.