Energy Prices

[101]

7 hours ago, TxRover said:

Wondering what the “justification” for the standing charges are? Are they to cover the facilities/lines costs?

It's all complete bullshit.

National grid charge you for living rurally, and then also slap a massive tariff energy produced in rural locations, £7.36 MW/h in the North of Scotland compared to £0.49p MW/h in England and Wales.

UK energy policy needs a complete overhaul.

Orkney famously produce more electricity than they can use but it will take until 2027/28 until the required hardware is installed to get the electricity off the islands, it took OfGem 5 years to decide this was a good idea for private financial to invest, meanwhile we ship liquid gas all round the world to burn in power stations. Very weird.

[DA Baracus]

Greed is, as is sadly far too common now, the reason here.

[RiG]

I've got the same offer from Octopus as others in this thread. I like certainty so may well fix but the standing charge they are offering seems to be above that set out in the price cap. Am I missing something terribly obvious? Electricity standing charge from Octopus is 60.02p /day and gas 27.47p /day. The price cap is 53 p/day and 30 p/day respectively. So gas standing charge is fine but the electricity standing charge seems well off.

[Todd_is_God]

9 minutes ago, RiG said:

I've got the same offer from Octopus as others in this thread. I like certainty so may well fix but the standing charge they are offering seems to be above that set out in the price cap. Am I missing something terribly obvious? Electricity standing charge from Octopus is 60.02p /day and gas 27.47p /day. The price cap is 53 p/day and 30 p/day respectively. So gas standing charge is fine but the electricity standing charge seems well off.

Standing charges / unit prices are not capped when signing up to fixed rate deals. They can charge what they want.

[RiG]

15 minutes ago, Todd_is_God said:

Standing charges / unit prices are not capped when signing up to fixed rate deals. They can charge what they want.

Cheers. I think their variable tariff standing charges for electricity are also higher than the cap?

[TxRover]

12 minutes ago, RiG said:

Cheers. I think their variable tariff standing charges for electricity are also higher than the cap?

This seems the best synopsis out there:

“There is an energy price cap, which limits the unit rate and standing charge a supplier can charge if you’re on a default tariff, including standard variable tariffs, or have a prepayment meter.

Between October and December 2023, average standing charges for customers on default tariffs will be capped in line with the levels set by Ofgem in their price cap, at 53.37p per day for electricity and 29.62p per day for gas, excluding VAT, for a typical dual fuel customer paying by Direct Debit.

Standing charges vary from region to region, so yours may differ slightly from and even be higher than the average. Check with your supplier to see your rate.”

[Soapy FFC]

2 hours ago, RiG said:

I've got the same offer from Octopus as others in this thread. I like certainty so may well fix but the standing charge they are offering seems to be above that set out in the price cap. Am I missing something terribly obvious? Electricity standing charge from Octopus is 60.02p /day and gas 27.47p /day. The price cap is 53 p/day and 30 p/day respectively. So gas standing charge is fine but the electricity standing charge seems well off.

From the Ofgem site

Quote

Figures are rounded to the nearest penny and based on the England, Scotland and Wales average for people who pay by Direct Debit. These include VAT. Actual rates will depend on where you live, how you pay your bill and the type of meter you have.

If you look at the Octopus tariffs for Hounslow just outside London, the standing charge is only about 48p. So just to confuse things for the normal user, the Ofgem capped standing charge is an average, and you might well pay more.

[RiG]

Thanks folks, appreciate the feedback.

[Salt n Vinegar]

18 hours ago, Soapy FFC said:

From the Ofgem site

If you look at the Octopus tariffs for Hounslow just outside London, the standing charge is only about 48p. So just to confuse things for the normal user, the Ofgem capped standing charge is an average, and you might well pay more.

Anyone might think that the system is designed to be as confusing as possible.

[DA Baracus]

You'll never guess what's expected to be announced next week!

Wonder what garbage they'll come up with this time to cover their greed.

Also, apparently bills won't be going down to pre-COVID levels until at least the end of the decade. A cynic might say that they'll never go back down to those levels.

[Soapy FFC]

1 hour ago, DA Baracus said:

You'll never guess what's expected to be announced next week!

Wonder what garbage they'll come up with this time to cover their greed.

Also, apparently bills won't be going down to pre-COVID levels until at least the end of the decade. A cynic might say that they'll never go back down to those levels.

But I thought that since inflation has been cut everything was almost back to 'normal'

[DA Baracus]

11 minutes ago, Soapy FFC said:

But I thought that since inflation has been cut everything was almost back to 'normal'

Sadly these prices are the new normal now.

[Todd_is_God]

It honestly never fails to amaze me how many people still don't understand how the energy price cap is calculated.

Every single time.

[eez-eh]

41 minutes ago, Todd_is_God said:

It honestly never fails to amaze me how many people still don't understand how the energy price cap is calculated.

Every single time.

It never fails to amaze me how quickly you pop up to shut down any criticism of the price cap rising.

Those poor energy CEOs need all the help they can get. You’re doing god’s work.

[dundeefc1783]

Anyone ever won f**k all on Octopus wheel of fortune? 

[TxRover]

5 minutes ago, dundeefc1783 said:

Anyone ever won f**k all on Octopus wheel of fortune? 

Aye, Octopus

[Shadow Play]

11 minutes ago, dundeefc1783 said:

Anyone ever won f**k all on Octopus wheel of fortune? 

I’ve never won anything but the trivia fact they give you every time you lose is well worth it……………

On the plus side I’ve found them pretty good to deal with.

[Todd_is_God]

8 minutes ago, eez-eh said:

It never fails to amaze me how quickly you pop up to shut down any criticism of the price cap rising.

Those poor energy CEOs need all the help they can get. You’re doing god’s work.

Because it's infuriating seeing the same nonsense spouted. Energy CEOs don't set the price cap - it's linked entirely to the price of gas.

Energy prices are higher because the available amount of gas is lower.

Until such time as the amount of gas available across the board increases it won't be coming back down. Either by extracting more, or lifting sanctions on Russian gas.

There's no appetite for calling for an end to the stalemate of a war in Ukraine which rules out any suggestion of the latter, and when talk of new licences being granted to begin exploration and extraction of oil and gas starts people complain.

No-one who is against either (or both) can have any legitimate complaint that there is a financial consequence to them of these choices.

Given the investment in renewables the other (and tbh better long term) option would be to rework or get rid entirely of the merit order. But that would involve a little bit of understanding and lobbying of MPs. If it isn't part of anyone's 2024 manifesto then I can't see it going anywhere until at least 2029.

Much easier just to call it a scam.

[eez-eh]

13 minutes ago, Todd_is_God said:

Because it's infuriating seeing the same nonsense spouted. Energy CEOs don't set the price cap - it's linked entirely to the price of gas.

Energy prices are higher because the available amount of gas is lower.

Until such time as the amount of gas available across the board increases it won't be coming back down. Either by extracting more, or lifting sanctions on Russian gas.

There's no appetite for calling for an end to the stalemate of a war in Ukraine which rules out any suggestion of the latter, and when talk of new licences being granted to begin exploration and extraction of oil and gas starts people complain.

No-one who is against either (or both) can have any legitimate complaint that there is a financial consequence to them of these choices.

Given the investment in renewables the other (and tbh better long term) option would be to rework or get rid entirely of the merit order. But that would involve a little bit of understanding and lobbying of MPs. If it isn't part of anyone's 2024 manifesto then I can't see it going anywhere until at least 2029.

Much easier just to call it a scam.

Ah, I should have known that you were just itching to have a rant about climate change.

Energy is more expensive, yes, thanks for that. I think most people on here will understand the concept of supply and demand.

Despite the above being true, it’s absolutely risible to say that people who are struggling to get by can’t complain that the prices they are paying have increased exponentially while energy companies are raking it in.

It is possible for authorities to place more of the burden on those at the top of the chain. Denial of that is nailing your colours to the uber capitalist mast.

[eez-eh]

*family on the breadline struggling to pay their hugely increased bills while energy companies make record profits*

“There are valid reasons for this, you have no right to complain!”

What a miserable outlook on life.