Energy bill increases

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Location
London
Wholesale prices may of course impact on the suppliers - there was a news story on the beeb the other day expecting a few to go under next week. I hope mine - Octopus - manages to wave its tentacles and stay afloat.
 
My provider was a victim of the price increases and gone bust. I’ve put a switch request through to British Gas and locked my prices in until 23 as I fear prices will raise up even higher over the next 12 months. It’s costing me an extra £50pcm, I’m not happy as I was in a fixed rate until 22 with my now bust provider.
 

presta

Guru
My Shell fixed price contract ends this month, and I was surprised to find my cheapest option was to stay with Shell. I've fixed again until 2023, which cost 4.6% more than the variable rate option, but 73% more than the old one that's ending.
 

midlife

Guru
Daughters supplier just gone bust and has been transferred to British Gas. I expect the price will go up. There was somebody on the radio saying that energy prices could add £400 on average to energy bills
 
If you a left without a provider, will energy companies be competing with good deals for your custom, or are you fish in a barrel?
I switched from xxxx to Bulb. Before I left I asked xxxx if they wanted to make me an offer to stay. Different department. Now I get calls from xxxx offering me deals to switch back.
 
Daughters supplier just gone bust and has been transferred to British Gas. I expect the price will go up. There was somebody on the radio saying that energy prices could add £400 on average to energy bills
Yep, that’s not far off what my increase is £50pcm. Going to be jumpers and blankets on to keep costs down and we are not exactly tight.

It is those on benefits I feel for who will be on prepay meters which are the most expensive form of payment and will be losing the £20 supplemental income they became used to living off. The additional NI costs for some will also put even more pressure on them.
 

midlife

Guru
If you a left without a provider, will energy companies be competing with good deals for your custom, or are you fish in a barrel?
I switched from xxxx to Bulb. Before I left I asked xxxx if they wanted to make me an offer to stay. Different department. Now I get calls from xxxx offering me deals to switch back.

I was reading in the BBC news that there used to be a bidding system for the players left in the market to pick up customers of the gone bust companies. I think there is now an allocation system where ofgem dole them out.
 

MrGrumpy

Huge Member
Location
Fly Fifer
Should have locked in myself if I had been paying attention but you know it’s not the first thing that comes to mind. Anyway it was cheaper to stay put than to move providers. Just hope there is a correction in the markets but fear this is not going to happen . I’m going to be paying out an extra £70-80 a month for my energy. Can see my wood burner running a fair bit this winter !
 

Milkfloat

An Peanut
Location
Midlands
The press keep saying that customers won’t lose out if a company goes bust, but that is not true. As detailed above, if your company goes under you get moved to another one, but you lose the rate you were on, £50 extra a month is certainly losing out. The companies that go bust can operate for years creaming off the extra that a fixed rate generally costs, then as we see now when the energy price goes through the roof they can just fold. I would love to know the dividends that were taken during the good days.
 
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