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Post by slowpokeinvestor on Sept 9, 2021 10:11:34 GMT
Im with Bulb energy who have been very good for the last 2 years however today I recieved another e mail advising another energy cost increase. Roughly a 10% rise! based on my consumption. Last month I had another increase. Ive not compared providers yet , I would be interested to know who everyone else uses , what the service has been like and how your provider compares to the competition. BTW , ive used up my contacts to try referals I'm also experiencing a rise in costs recently. Even though there has been no increase in consumption. If only they would justify these price hikes!!
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keitha
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Post by keitha on Sept 9, 2021 10:22:02 GMT
I'm also experiencing a rise in costs recently. Even though there has been no increase in consumption. If only they would justify these price hikes!! I don't work for them but I can justify it Wholesale price of Gas has doubled this year so they need to increase price to stay in business The increase in Gas prices is pushing the cost of Electricity up, We currently have a lot of Power stations undergoing planned or unplanned maintenance. The Wholesale price of electricity is currently about 25P per kWh and will hit nearly 50P in the afternoon peak ( 4-7 ) at the moment it's rare it drops below 10p. IMHO this makes the days of the 5p per unit overnight charge to top up EVs etc limited. there is no economic sense in buying at 10p and selling at 5p.
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Post by overthehill on Sept 9, 2021 11:04:34 GMT
There are a steady stream of Regulator fines for retail suppliers, they don't hit the headlines or you have to use FOI requests. I always understood that wholesale energy was bought as a futures contract but it is funny how price increases happen a lot quicker than decreases. The concept of having to charge customers more in the winter than summer due to supply and demand is extremely convenient, I'm not convinced. It is not iphones where a 100 numpties want the 50 phones left at any price. There are plenty of smart people out there who think our so called competitive market setup doesn't work as such. Verbal agreements between suppliers never happen of course.
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Post by Deleted on Sept 9, 2021 14:50:32 GMT
My BIL had the pleasure of being the arbitrage manager of BP back 40 years ago. Then the main oil movements were Saudi to Amsterdam and on average he calculated that the whole contents of a supercarrier would change ownership 7 times on the 6 week voyage.
I assume it a bit more often nowadays.
The reality of pricing comes from the real energy market, does the internal market in the UK have a significant affect, well only if small movements are key to your survival/life style, so for some people yes and for others no.
As solar and wind energy comes on boards the influence of oil and gas pricing will be less important but will be replaced by weather conditions and British/Europe trading discussions.
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keitha
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Post by keitha on Sept 9, 2021 15:45:57 GMT
There are a steady stream of Regulator fines for retail suppliers, they don't hit the headlines or you have to use FOI requests. I always understood that wholesale energy was bought as a futures contract but it is funny how price increases happen a lot quicker than decreases. The concept of having to charge customers more in the winter than summer due to supply and demand is extremely convenient, I'm not convinced. It is not iphones where a 100 numpties want the 50 phones left at any price. There are plenty of smart people out there who think our so called competitive market setup doesn't work as such. Verbal agreements between suppliers never happen of course. Happens with Fuel too, price of a barrel of oil goes up price is up within days price of oil drops it takes weeks to feed through. I would imagine that most companies will "hedge" the base load and buy the rest on the day to day market to cover the unexpected, like the fact it is so gloomy today I have lights on in the house already. The Government is also pushing Heat Pumps and Electric Vehicles these will increase demand for electricity and without massive investment in generation prices will shoot up.
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 9, 2021 16:00:57 GMT
I have had a bad experience of this in the past. Good advice from archie but I would also strongly suggest that you take a photo of your meter readings so that they can be verified and more importantly dated.
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keitha
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Post by keitha on Sept 14, 2021 15:53:15 GMT
Utility Point and Peoples energy have both thrown in the towel, both citing that even with the current rise in the cap they are having to pay more for electricity than they are allowed to charge.
just as an example at 7:30 tonight Octopus will pay me £2.01 per kWh I export, they can only charge me 35P on agile and a lot less on many fixed tariffs . The period from 17:00 to 20:30 they pay over £1 for export. Tomorrow at 7:30pm they will pay me £2.35, The period from 17:00 to 20:30 they pay over £1 for export.
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Mike
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Post by Mike on Sept 14, 2021 22:18:27 GMT
just as an example at 7:30 tonight Octopus will pay me £2.01 per kWh I export, they can only charge me 35P on agile and a lot less on many fixed tariffs . The period from 17:00 to 20:30 they pay over £1 for export. Tomorrow at 7:30pm they will pay me £2.35, The period from 17:00 to 20:30 they pay over £1 for export. Did not believe you had the decimal in the right place there. Wow. They'd offer me £2.41 per kWh tomorrow at 7.30pm. It's perfectly legal to use red diesel in a generator and at those prices (in fact even at the lowest price of the day) you'd make a very good profit margin if you have the space to tolerate the noise. Or find some neighbours willing to arbitrage that.. plug one house buying on a standard 15p/unit into the other selling at £2+ and split the profit. Could make very decent money there with an 80A fuse £50/hour between you at peak times! In fact at that rate a family of 4 could spent a day on the exercise bike plugged into the mains and generate paper money! like Bitcoin mining but sort of not
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keitha
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Post by keitha on Sept 14, 2021 22:31:31 GMT
It's also perfectly possible to fill a battery from the sun and dump to the grid at £2 plus, indeed you could buy at 35p and feed back at £2
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keitha
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Post by keitha on Sept 15, 2021 14:57:02 GMT
My Electricity bill yesterday was £-4.44
Expect even higher prices now the interconnector to France is out of action for at least a month after a significant fire
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ilmoro
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Post by ilmoro on Sept 15, 2021 15:16:37 GMT
My Electricity bill yesterday was £-4.44 Expect even higher prices now the interconnector to France is out of action for at least a month after a significant fire One of the interconnectors, the new one is fine. More money for those coal fired power stations
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Mike
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Post by Mike on Sept 15, 2021 15:26:04 GMT
...those coal fired power stations What I like is my "green" electric car is now coal burned to heat turned to kinetic then to electric (converted many times between AC/DC and at various frequencies) back to chemical then to electric again and finally to what I need kinetic and I'm on my way: content thatI'm doing my bit to save the planet and saving money at the same time as I purr along scaring cyclists who don't hear my smug motor behind them
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mogish
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Post by mogish on Sept 15, 2021 15:53:18 GMT
...those coal fired power stations What I like is my "green" electric car is now coal burned to heat turned to kinetic then to electric (converted many times between AC/DC and at various frequencies) back to chemical then to electric again and finally to what I need kinetic and I'm on my way: content thatI'm doing my bit to save the planet and saving money at the same time as I purr along scaring cyclists who don't hear my smug motor behind them If the road cyclists in your area are anything like in mine, they ride 3 abreast so no cars, ice or electric can pass. All helps the environment as everyone crawls along knowing the steering wheel😁
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Post by bracknellboy on Sept 16, 2021 7:52:28 GMT
Interconnector damaged and half its capacity likely out until March next year: UK power prices soar after key cable hit by blaze
May have got my switch back to a fix in not a moment too soon. EDIT: I'm sure the next thing we'll be 'told' is that it was an act of arson by refugees trying to get to the UK, or was an accident as said refugees criminally tried to charge their batteries on their electric battery powered rib.
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Mike
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Post by Mike on Sept 16, 2021 8:05:04 GMT
[/a]ay have got my switch back to a fix in not a moment too soon. [/quote] Remember your fix will be worth nowt if it's with a supplier that goes bust.. maybe the govt should increase the FIT rate then I will stop putting the immersion on when the sun's out
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