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With the energy price changes it saved me about three hundred pounds a year to switch to a fixed tariff with Eon. They waited until 11:39pm on day 14 of the "cooling off" period to tell me that the fixed tariff I joined on is not actually available after all, and that they're moving me to their variable rate. Which is obviously exactly the same as Octopus. FFS.
Wasn't Octopus a DIY shed chain about 15 years ago? Sure we had one in Cambridge....
What are people's experience with the whole energy suppliers going bust and switching to the Big 7 thing?
We were with Peoples' Energy for years and they were great, but they're no longer trading and our supply has been given to British Gas. Had a quick look at BG's "equivalent" tariff that we're moving to and based on last year's usage we're going from ~£1800 to ~£2800/year. That's very nearly £100/month increase.
Have energy prices really increased that much or are BG just trying to pull a fast one?
Have energy prices really increased that much or are BG just trying to pull a fast one?
A hell of a lot:
https://www.bbc.co.uk/news/business-58620167
Although that's the price to buy gas on the spot market ie at short notice, many suppliers will have longer term contracts at a lower price.
Have energy prices really increased that much
Assuming you were on a cheap fixed then yes, they could have increased that much. All suppliers are basically now priced at the price cap.
We were on a cheap deal with GNE who went bust early in the year. EDF took over and committed to honour the (silly cheap) pricing until Early Oct when they would align to EDF's standard variable rate.
Unfortunately that now means a big bump!
Have energy prices really increased that much or are BG just trying to pull a fast one?
Lots and lots.
There's also a reason your previous supplier went bust. Across the whole industry the margins are incredibly small, undercutting the big 7 as a small player means margins that are a fraction of that small number with no economy of scale, no trading history or existing capital. Its a business that can only work in the best of times.
With the energy price changes it saved me about three hundred pounds a year to switch to a fixed tariff with Eon. They waited until 11:39pm on day 14 of the “cooling off” period to tell me that the fixed tariff I joined on is not actually available after all, and that they’re moving me to their variable rate
Hmmm - I am in the throes of switching to a fixed deal with Sainsburys Energy who are reselling for Eon. The day after I started the switch my new tarrif was no longer available. Switch is due to complete on 7th - should I be expecting bad news?
I'm in process of switching Octopus to Eon.
The day after I started the switch my new tarrif was no longer available. Switch is due to complete on 7th – should I be expecting bad news?
This is exactly true for me also, due to move on 7th.
Is the cooling off period from the day you sign up or the day you actually switch?
Heating oil has also just gone up by about 40-50% in the past 2 weeks.
I'm also one of the People's Energy ex-customers who was on a nice low fixed tariff and am waiting the horror news from British Gas. That low tariff plan was the reason they went down, sadly.
Moving to Octopus is on the cards, once the market has stabilised and it doesn't look like anyone else is going under.
What are people’s experience with the whole energy suppliers going bust and switching to the Big 7 thing?”
And as an important note, it’s now the Big-5 as Eon have taken over npower as part of a much more elaborate asset swap across Europe.
When you consider the ethics of the people running the oil and gas industries, you're always going to be a victim if you rely on their products.
It's just like fishing for them. Bait the hook with low offers, check hook is set, i.e. give sucker a few months to get comfortable, then reel them in.
It's why I never take up any of those wonderful offers and stick to electrickery. At least with that you can go offgrid if the bastards get too greedy.
At least with that you can go offgrid if the bastards get too greedy.
The domestic market is heavily regulated, Ofgem sets a cap for the default tarrif etc. It's partly the price cap which is forcing so many companies to go bust, they can't raise prices but their costs have rocketed.
…a key problem has been that Ofgem have encouraged a massive growth in new suppliers with very little diligence in their credibility. All to encourage “the market”.
Many selling power and gas at unsustainable prices with little to no headroom and poor hedging strategies. Several of these cheap suppliers have also failed to hand over the Renewable fees that they have collected to Ofgem which has led to them being wound up … and guess what, the uncollected Renewable fees are then “mutualised” across all other suppliers. A double whammy for the well-run businesses.
The day after I started the switch my new tarrif was no longer available. Switch is due to complete on 7th – should I be expecting bad news?
Switch from Octopus to Eon went ahead yesterday on the 2yr fixed as quoted. I'm certainly not saving money but I think the deal is as good as can be expected and certainly nothing like it is available now.
About to renew our shop electric . Should I stick for 3 years or will the prices normalise next year?
Out of curiosity, I just went through the quote process with Eon using accurate annual usage data. If I wanted to switch to Eon now, rather than the 12 days of so ago that I did actually sign up, I would be paying over £2k per annum more.
I consider myself very, very lucky that I switched when I did.
Switch from Octopus to Eon went ahead yesterday on the 2yr fixed as quoted
Same here,just hoping there's no silly mistakes with the dd etc that could give them grounds to terminate the contract.