Price Cap October 2024 | P2P Independent Forum

keitha
Member of DD Central

2024, hopefully the year I get out of P2P

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Price Cap October 2024 Aug 28, 2024 16:46:34 GMT zlb likes this

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Post by keitha on Aug 28, 2024 16:46:34 GMT

all the gruesome details are here www.ofgem.gov.uk/get-energy-price-cap-standing-charges-and-unit-rates-region

oh and there's a consultation on standing charges here consult.ofgem.gov.uk/energy-supply/standing-charges-domestic-retail-options/

Of course the whole consultation is biased towards keeping the standing charge which is not what the majority want.

badersleg
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Price Cap October 2024 Aug 28, 2024 19:08:07 GMT via mobile

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Post by badersleg on Aug 28, 2024 19:08:07 GMT

It doesn't mention that part of the standing charge goes towards paying for companies that went bust.
The Public Accounts Committee said -
Customers have been left to pay the £2.7 billion cost of supplier failures. This means an extra £94 per household, a cost that will very likely increase. The Committee found that this was due to “Ofgem’s failure to effectively regulate the energy supplier market”

keitha
Member of DD Central

2024, hopefully the year I get out of P2P

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Likes: 2,622

Price Cap October 2024 Aug 29, 2024 10:03:39 GMT

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Post by keitha on Aug 29, 2024 10:03:39 GMT

IIRC one of the smaller companies that went bust was being run as a side hustle by a student from his bedroom, again if memory serves he was making a nice profit but had no separate bank account for the business let alone having customers money held separately and it was all run on Excel and Access.