Gas and Electricity Crisis Major Price Hikes!

Hi,

So if you’re currently about to change your provider or tariff then don’t unless you want to see your pocked mugged.

I did some quotes and from the cheapest providers I am at a loss of - £450 a year this is me already on the higher tarriff as this changed on the 6th of Aug and mine changed recently from the 18th. Their asking for almost double what I used to be on and others on the politics form tried it with me and they also see double the price from what their on.

This along with factories closing, lack of co2, food shortages, scares mmm I see the uk100 maybe taking a tumble ahhhh

You guys should take a look it’s crazy, 3 utility companies have already went bust, Bulb is seeking money to stay afloat.

When I use money supermarket it gives me providers I have never even heard of. When I tried SSEs website they said their tarriff section is down which it isn’t they just don’t have the numbers set yet as they will be looking at the rivals.

I wonder how Mondays shares for utlitys will shake up the market?

Ps. Late night rant kind of seeing double as I’m so tired sorry for the spelling etc but yeah. Great topic at the moment.

"Will my energy supplier go bust?
If it is a small operator, then it is very possible. Energy experts at Barina Partners have said there may only be 10 suppliers left by the end of the winter, from 70 at the start of the year.

Five suppliers have collapsed in the last five weeks, leaving more than half a million customers needing a new energy supplier. The industry expects another four suppliers to go bust before the end of the month, and scores more to follow through the winter. "

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With most customers on fixed tariffs this is a major concern for many energy suppliers.

Ones to watch —>

Centrica owner of British Gas - 💡 Centrica plc 🔥 (£CNA)

SSE - SSE plc SSE - #7 by bhav

There must be some wholesale suppliers who are winning from this but I’ll leave hat for someone else with more knowledge to post.

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Utility Point, who I was using for gas has gone bust. No mention of who will be my new provider yet.

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Dang that’s scary and what’s more scary is what will be your rate?

@weenie It’s EDF.

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So are they going to force them all on new tariffs?

If your provider goes bust, you get the new provider’s flex tariff and can switch anytime if you want. My provider went bust this january and EDF handled the transition really easy and well.

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My fixed tariff comes to an end in October… I’m scared to even get a quote after seeing this post and the news! Bad timing.

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Cheers @Jim_mcgrain - I’ll wait for EDF to contact me then.

You’re looking at almost double the price to what your on now.

Glad we fixed for 2 years earlier this year and our company seems fairly well capitalised.

I’m amazed that this is causing companies to go under though, if your business is basically selling commodities futures at a fixed price then surely hedging risk though some kind of derivative is a pretty foundational part of your company and not a nice to have.

https://www.ft.com/content/684e4ef1-87a9-4bdf-96f4-956df4e0a1e2

While energy supplies for existing customers have largely been hedged in the futures market by the largest energy companies, allowing them to remain profitable, this is not possible in relation to new customers as they have not been able to plan ahead for how much gas and electricity they will need to buy from the wholesale market.

I don’t get how you can take on new customers with uncapped risk, that just doesn’t make sense. Clearly I’m missing some important information but the articles don’t really explain it - I guess it’s the intersection of the last-resort suppliers and the price caps, which again just seems weird.

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Depends. Move to another fixed tariff and the supplier can charge what they want. Stay on the standard and the price cap kicks in.

Which they’re asking the government to remove currently, not sure if they will be able to we shall see.

Also for me the new price cap is higher than my current fixed rate which changed on Aug 18th.

I think it’s gonna get even more painful.

image

I’m bored of this. And of privatised railways/trains. And privatised water. So, so bored. This will be the second time I’ve ‘played the game’ of Pick An Energy Supplier and the company has gone under.

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Who knew :skull_and_crossbones: :cow: HOOVES OF DOOM :cow: :skull_and_crossbones: extended to your energy supplier(s)?!?

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Oops.

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get yerselves ready for hyperinflation.

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Yeah I tested that the same night I made the post and SSE had tha message as well pretending their site wasn’t working.