Energy bill increases
- Thread starter GuyBoden
- Start date
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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.
bikingdad90
Guru
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.
Dolorous Edd
Senior Member
It's probably because of their attractive fixed rate, that they are now bust. Energy contracts are a form of winner's curse
https://en.wikipedia.org/wiki/Winner's_curse
numbnuts
Legendary Member
- Location
- Gone over the hill and far away
With all the rises in energy prices for some it's going to be a very cold winter it's a good job pensioner still have the winter fuel allowance for now................ but for how much longer
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 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.
bikingdad90
Guru
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
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.
DCLane
Found in the Yorkshire hills ...
- Location
- Dewsbury, West Yorkshire
Having been with Igloo for the past 3 years last week I moved suppliers, fixing the price for 2 years.
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 !
midlife
Guru
Just switched from Bulb to EDF with s 2 year deal for the same I was paying Bulb before they raised their prices. Shame, as I did like Bulb, they way they worked and their ethos.
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.
