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Energy prices - gone nuts.

Neil McRae

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Just a word of warning - just came off a fixed rate last month and accounting software I use pinged a massive increase in a charge - looking into it and it’s my energy bill - dig deeper and find out:

1: nobody is offering fixed rates anymore
2: my energy bill for gas and electric will be £1300 more next year. £900 gas and £3000 for electricity! (300/1000 increase).

So if you have a fixed rate that’s due to end be prepared for 33% increase.

Getting on the phone to solar panel folks tomorrow!

Neil.


Sent from my iPhone using Tapatalk Pro
 

Marvello

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I got a cold call at my door from Octopus last week, after going over the figures he had to concede I'd be better staying with Bulb. Mine is still going up but so will everyone's unless they locked in at a fixed price.

EDIT: Their intention was to get me on a fixed rate.
 

Andypc

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I changed to Outfox the Market two months ago. It was the best deal I could find, but was still 40% higher than my old fixed rate. I was shocked as the 40% increase just didn't reconcile with the government data on energy prices. I hate to think what is about to happen with the current supply issues and the increase is wholesale energy prices. That has not yet been priced into the consumers tariffs, so it's going to get a lot worse 😱
 
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Neil McRae

Neil McRae

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I got a cold call at my door from Octopus last week, after going over the figures he had to concede I'd be better staying with Bulb. Mine is still going up but so will everyone's unless they locked in at a fixed price.

EDIT: Their intention was to get me on a fixed rate.
Bulb are in serious trouble and asking for a government bail out!
 

Biff

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Its a long way from Norway... But it is strange how wholesale buying prices are increasing, "due to excessive demand". Don't buy it myself, something else a foot here.
 
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Neil McRae

Neil McRae

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yes, there are several gas supply terminals undergoing maintenance and the fact that solar and wind supply is down massively this year.

the real reason for this is green stupidity - we, the UK, have some of the largest natural gas reserves on the planet, but because of green asshats we've not built the infrastructure to collect it so now we're importing Sergei Yuevconman's Russian Gas at $stupidprice.
 

s000m

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I mean I have solar panels but it's not going to help much as it's the gas that's gone up. 250% increase on wholesale cost.. wtf

I need to think about switching all my heating to electric at this rate...
 

Biff

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I mean I have solar panels but it's not going to help much as it's the gas that's gone up. 250% increase on wholesale cost.. wtf

I need to think about switching all my heating to electric at this rate...
yea, that's the plan...
 

DRD

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This story has been building for many months.

Cold winter led to a depletion of Europe's gas reserves.

Coal stations being shut in favour of Gas ones and renewables.

Windmills not turning and sun not shining added to it.

Press was speculating months ago that Putin was restricting gas exports to leave Europe vulnerable.


This is starting to feel like the 70s again. Shortages. Stagflation. Paraffin lamps. 3 day week. Will be 90 per cent marginal tax rates before long
 
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Neil McRae

Neil McRae

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I mean I have solar panels but it's not going to help much as it's the gas that's gone up. 250% increase on wholesale cost.. wtf

I need to think about switching all my heating to electric at this rate...

so I could do this, I have Heat pump AC units in three rooms downstairs and bedrooms upstairs just need to work out what's cheapest.
 

s000m

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My house is like 3 years old... Crazy to think they didn't abandon gas sooner.
 

kevlar

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I was made redundant at the beginning of the year from our gas fired power station that hadn't run since June 2020. It still hasn't run and they've just let 3 more go from the handful of people still there. It's not looking good for the site which is only 11 years old so basically brand new, gas has become too expensive for it to be viable.
 

Paul

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But dont worry - we *May* get somewhere close to out emissions targets... after all, everything can be run off of wind power and solar cant it......

deadpool.gif
 

Fantazia2

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Nov 3, 2015
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Darlington, UK
You're better off installing solar panels yourself though, aren't you? Pretty sure @Fantazia2 is doing this.

Yes, have a 900w system on my shed roof at the moment using hobby panels and currently working on adding another 1.7KW set of panels onto one side of my garage roof, was surprised to find that the full size panels cost about the same as the hobby ones and put out over twice the power. Also looking into a DIY battery storage system like a tesla power wall as doing it DIY you dont get anything back for feeding excess into the grid, Im pretty sure most of the feed in tarrifs have dropped right down for approved installations as well, so if you can you are better off storing excess instead of selling it to the network and buying it back on an evening at a higher rate. If your not storing you need to massively oversize the system to try get several more times export than you use on an evening.

Solar panels seem to work out quick cheap if doing it DIY compared to quotes I have seen before and they are not that hard to wire up, 900w hobby system was about £700 and the 1.7Kw proper size was about £1k for panels, inverter and mounting system, and all you do for it is literally plug the solar panels into one side of the intverter and wire the other side through fused spur that can be locked open for maintenace and that is about it other than notifiying the DNO youve installed panels, which for systems under 3.6KW you can do upto 30 days after wiring it up.

Havent used gas myself for years as replaced the old boiler I had with an electric one and just recently had the gas meter removed so not worrying about gas prices myself, but also there was a new story the other day about a fire in some electrical plant/station here in the uk that pushed the wholesale price for electric temporarily up to £450 per MegaWatthour also its due to low winds and nuclear outages as well, and seen other reports of it bouncing between about £250 and £750 per megawatthour wholesale. Im guessing that along with the uncertainty in the market at the moment is causing comapnies to pull their fixed prices at the moment as they just cant predict whats going to happen.

Oddly enough I had a look at electric prices last night and saw the cheapest I could get was about 25p Kwh compared to the 12.8p Kwh Im fixed at until end of March next year and also the standing charge was up to 27p per day compared to 15p, and that was on a variable tarrif. Looks like there is going to be lot of companies going belly up before the end of the year. For customers there is always the market cap to limit what they pay per unit which is due to go up shortly to protect them and that was decided before the recent big increases I think, but thats not going to help the smaller companies survive and start to shrink the market making deals harder to find.
 

Big Phil

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I've been questioning for the last fifteen years or so, why is there no government legislation that insists all new home builds must have solar panels installed as standard.
 

M4carp

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Bulb are in serious trouble and asking for a government bail out!
We are in £500 credit with them and this morning my wife cancelled the direct debit for today’s monthly payment of £300 ish, we asked for the credit to be refunded but no joy so cancelled the next payment.
 

Big Phil

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Your money is safe: -

  • Customers will still continue to receive gas or electricity even if the energy supplier goes bust. Ofgem will move your account to a new supplier but it may take a few weeks. Your new supplier should then contact you to explain what is happening with your account
  • While you wait to hear from your new supplier: check your current balance and - if possible - download any bills; take a photo of your meter reading
  • If you pay by direct debit, there is no need to cancel it straight away, Citizens Advice says. Wait until your new account is set up before you cancel it
  • If you are in credit on your account, your money is protected and you'll be paid back. If you were in debt to the old supplier, you'll still have to pay the money back. The new supplier should contact you to arrange a payment plan
  • Once you have been informed of your new supplier, make sure you're on the best tariff for you. You can switch if you're not happy with your new supplier or tariff without any penalties, but don't do this until the account has been moved over.
 

daveyp

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Even comparethemarket aren't giving out prices due to the volatility in the markets. My fixed price ends next month and the only rate I can move to is £400 a year more. I only use electric as no gas to my property but I have a 17kw Air Source Heat Pump so when you do the maths at 25p a kw unit it's looking expensive to run.
 

Arv

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We are in £500 credit with them and this morning my wife cancelled the direct debit for today’s monthly payment of £300 ish, we asked for the credit to be refunded but no joy so cancelled the next payment.
I killed my DD with them last year when they thought it was a good idea to use their customers as banks. Always pay at the end of the month the full amount, they still winge and p!ss mind..
 

M4carp

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Even comparethemarket aren't giving out prices due to the volatility in the markets. My fixed price ends next month and the only rate I can move to is £400 a year more. I only use electric as no gas to my property but I have a 17kw Air Source Heat Pump so when you do the maths at 25p a kw unit it's looking expensive to run.
But that 17kw should only be about 4kw consumption?
 

M4carp

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I'll be honest when its running the red light on the electric meter flashes nearly every second then knowing every 100 flashes is a kw. So my thoughts are it uses a lot more than 4kw.
I’ve done A/C units which are similar and they are about 4-1, say 10kw heat output to 2.5 kw consumption roughly.

Edit: quick look and not as efficient as I guessed but systems will differ.

“Coefficient of Performance or COP is why heat pumps are a useful technology: if you put 1kWh of energy into a system you will get more than 1kWh of heat energy out. Typically a heat pump has a maximum CoP of 2 or 3, meaning for 1kWh of electricity you will get 2 or 3 kWh’s of heat. The actual ratio of ‘electricity in’ to ‘heat out’ will change over the course of the year.”
 

DRD

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If we are looking ahead to winter chaos, power cuts etc folk could consider getting a little petrol generator. The market leader for years has been Honda. The quietest, easiest to start, most reliable......


Your petrol car acts as a big petrol can if need be in a snowed in scenario

These Hondas are only 2.2kw but ...

They are smooth enough to run your broadband/ computer/ TV

Ample power to look after critical stuff like fridge/ freezer/ microwave

Many home wet central heating systems use an electric pump- my oil system is powered by a single 13a plug that does the lot

Hence in a power cut scenario this little Honda can keep you warm, washed, streaming telly and fed.
 
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