Viewing 40 posts - 1 through 40 (of 161 total)
  • Energy Suppliers Going Bump
  • Premier Icon doomanic
    Full Member

    I had an email from my energy supplier, Utility Point, and it appears they, along with several others, are going out of business.

    https://www.moneysavingexpert.com/news/2021/09/utility-point-ceases-trading—here-s-everything-you-need-to-kno/

    What does this mean for the future of general energy supply and pricing?

    Premier Icon outofsight
    Free Member

    Great, just signed up to switch over to them yesterday. Anyone know if there is a cooling off period when you switch?

    Had ended up with EDF after my previous supplier went pop!

    Premier Icon tthew
    Full Member

    Very marginal business, particularly if you aren’t hedging against the kind of price volatility we’re experiencing at the moment.

    But that’s the market that was designed when the industry was privatised.

    Edit – to answer your question, prices will soften again when some of the plant currently under outage come back on line and the wind picks up, it’s a very odd set of circumstances at the moment. What is clear though is that we will get more such squeezes in future as the capacity market hasn’t worked to supply enough back-up plant to replace the closing coal units, so in general prices are going to rise. They were too cheap for the best part of a decade though.

    Premier Icon Murray
    Full Member

    As a consumer, you’re fine, the regulator will transfer you to a solvent supplier.

    As to the market “Wholesale energy costs have risen 212% in the last 12 months” say Octopus. This will continue as we stop burning cheap coal.

    The people blocking the M25 are right – the government should be insulating houses.

    Premier Icon footflaps
    Full Member

    You just get transferred to another supplier at no cost to you. We were moved when our supplier folded a few years ago (can’t recall their name – Atlantic maybe).

    This will continue as we stop burning cheap coal.

    I didn’t think coal was particularly cheap compared to other sources.

    Wholesale gas prices have jumped massively as well due to excessive demand over summer. Apparently our LPG stocks weren’t replenished this year, so we’re heading into winter at the mercy of the spot price market.

    Premier Icon trail_rat
    Free Member

    Apparently our LPG stocks weren’t replenished this year,

    Not for the lack of trying.

    Couldn’t get the cargo through the ports.

    Wonder why.

    Premier Icon jamj1974
    Full Member

    Not for the lack of trying.

    Couldn’t get the cargo through the ports.

    Wonder why

    Not sure this is the fault of Brexit – if that’s the inference? Fifteen years ago, I used to work in regulatory analysis for gas transmission at National Grid.

    When we first started seeing constraints in supply of gas in general, we couldn’t even then secure sufficient inputs of LNG to the UK. I wrote a paper on this very subject for Ofgem.

    Several other European markets had regulatory mechanisms that set the commercial price for LNG at a multiple of the UK SAP (Price). If I remember correctly, Spain had a multiple of 1.5.

    In the scenario of gas supply constraint in The UK and Europe, Spain would attract the import of LNG rather than the UK. We saw that LNG tankers actually en-route to UK, would divert and deliver to other markets as their price was always by regulatory design, going to be higher than ours.

    I’m not sure much has changed – other than the supply being more greatly constrained vs. demand.

    Premier Icon scandal42
    Full Member

    My deal is up in 2 weeks and finding a new supplier was not as easy as in previous years.

    No deals anywhere near what I was paying. Went for a variable deal for the 1st time so that I can see if pricing settles in a few months.

    Premier Icon johndoh
    Free Member

    Very frustrated at this as I am with Utility Point and they owe me a chunk of money (from an overpayment they took from me). I have been chasing this for 6 weeks and had various promises but it looks like I won’t be seeing it now.

    Premier Icon squirrelking
    Free Member

    What does this mean for the future of general energy supply and pricing?

    No name companies will continue to come and go. This is nothing new.

    Premier Icon csb
    Full Member

    @johndoh you’ll get your owed balance money from the company you are transferred to.

    Premier Icon franksinatra
    Full Member

    What does this mean for the future of general energy supply and pricing?

    No idea, but it does mean you need to change supplier. If you fancy a move to Octopus I can give you a referral code, makes good sense for both of us!

    Premier Icon johndoh
    Free Member

    you’ll get your owed balance money from the company you are transferred to.

    Yeah I am sure it will stay there as credit on my account, but I think trying to get it back out of them won’t be straight forward. It’s ‘only’ £100 so not a huge deal in my circumstances, but I was expecting it back in our account shortly.

    Premier Icon kcal
    Full Member

    Had been with Peoples for a couple of years, and they were pretty good value, but left around February for various reasons – the data breach was pretty poorly handled, and the customer service was quite patchy too – not enough staff I’d guess.

    Sounds like left just in time. To Octopus, as it happens.

    Premier Icon kelvin
    Full Member

    Prices have gone mad all over Europe, we have made it worse for ourselves though:

    https://www.enappsys.com/gbdayahead/

    Now that the GB market has left the EU internal energy market, it has left the day-ahead market coupling arrangements. The IEM day-ahead market coupling process with its implicit allocation of capacity on the interconnectors has meant that power flowed from the continent to the GB market at a much lower price. However, with the interconnectors now falling back to explicit auctions, this has resulted in extreme prices for capacity when the GB market is under stress.

    They’ll be a shake up in who many people pay, but we’ll all be paying more.

    Premier Icon tthew
    Full Member

    Oof – this won’t help. 2GW (equivalent to a proper big power station) interconnector out of service. If it’s for a long time, and a 12 fire engine response suggests it was pretty major, this is really going to impact the market prices on cold, low wind days this winter. That kind of switchgear isn’t available off the shelf!

    https://www.theguardian.com/business/2021/sep/15/fire-shuts-one-of-uk-most-important-power-cables-in-midst-of-supply-crunch

    Premier Icon shinton
    Free Member

    Surprised this thread hasn’t been updated for 5 days. I’m on an electricity only deal as we are on lpg and I’m just entering the switching window with Green energy. The 2 options that have come through are to go onto the variable tariff at an estimated £952 per year or a 1 year fix at an estimated £1,246! I did a quick check on USwitch and the best fixed deals are in the same ball park as the £1,246 so I’m letting my account flip to the variable tariff. This ties in with the advice given on the radio yesterday as the price cap gives some protection from rising costs and hopefully when spring comes and the current shitshow has blown over I can switch to a competitive fixed rate.

    Premier Icon grum
    Full Member

    I’m powering my heating with bulldog spirit and sovereignty, so no worries here.

    Premier Icon oldmanmtb2
    Free Member

    I use Oil and have an AGA…

    I understand variable energy cost…

    I have lots of logs and candles and a small generator.

    Need a razor wire fence, a bigger dog and a shotgun licence.

    I could live off rabbits for many years as they breed faster thani can eat them.

    Brexit Britain..

    Premier Icon Kryton57
    Full Member

    One day they’ll be a STW thread that doesn’t defer to moaning about Brexit or Boris within 10 posts, I’m looking forward to that.

    Premier Icon nbt
    Full Member

    I could live off rabbits for many years as they breed faster thani can eat them

    most trappers in the Wild West died of malnutrition from trying to live off rabbbits. You need plenty of veg too

    Premier Icon Flaperon
    Free Member

    Just done a panicked fix with EON at 20p/kWh. It’s only for 12 months with zero exit fees so if prices do drop this winter I can move elsewhere.

    Octopus almost managed to get me on their tracker that followed daily rates earlier this year so I consider this a lucky escape.

    Premier Icon thepurist
    Full Member

    I had dropped onto a variable rate as it was cheaper than the comparison offers, but then they emailed to say they were upping their prices from 1st Oct (around 20.6/4.1 which I think is the limit – hard to find precise £/kwh rates for the price cap) and yesterday started the switch to a fixed deal cheaper than that with zero exit fees. Just checked and that deal is no longer available.

    Premier Icon Mintyjim
    Full Member

    My supplier, PFP Energy, has gone now and I’m being transferred to British Gas. Deep joy.

    I’ve now had the strangest email, from PFP, asking me to sign a petition set up to oust Kwasi Kwarteng as Business Secretary!

    I’ve signed, because I profoundly despise the entire cabinet, but I never thought that a utility company would be so outwardly political!

    Strange times.

    Premier Icon franksinatra
    Full Member

    I jumped from Octopus to E-On yesterday, got electricity at 19.5p kWh (24.87p daily) and gas at 3.kWh (26.1p daily). No exit fees. Had a look today and that deal is no longer available, nearest alternative works out £700 per annum more.

    Crazy times.

    Premier Icon shinton
    Free Member

    hard to find precise £/kwh rates for the price cap

    Just look at the variable rate at most suppliers as they tend to track the price cap. The one I’m rolling onto is 22p kWh plus 23.5p standing charge and will run for 6 months from October.

    Premier Icon johnners
    Free Member

    This ties in with the advice given on the radio yesterday as the price cap gives some protection from rising costs and hopefully when spring comes and the current shitshow has blown over I can switch to a competitive fixed rate.

    Bear in mind that the price cap on variable tariffs tracks the previous 6 months so the current shitshow will be reflected in a large jump next April. I don’t have much optimism for many good fixed deals against that background.

    I’ve now had the strangest email, from PFP, asking me to sign a petition set up to oust Kwasi Kwarteng as Business Secretary!

    Probably because he’s refused to bail them out.

    Premier Icon RustyNissanPrairie
    Full Member

    I think our log burner is going to be getting even more hammer than usual this winter!

    Premier Icon Jamze
    Full Member

    I assume Bulb are struggling too. They asked me for £170 out of the blue yesterday ‘to get me through the winter’.

    But I’m in credit, check the DD regularly, and our usage is flat anyway as we’re on oil for heating.

    Premier Icon crossed
    Full Member

    Bulb appear to be on the ropes.
    They’ve been asking for a bailout from the government according to the Guardian.

    https://www.theguardian.com/business/2021/sep/19/kwarteng-to-hold-emergency-meeting-with-gas-chiefs-over-price-crisis?CMP=Share_iOSApp_Other

    Premier Icon jp-t853
    Free Member

    Ironically the government are hinting that they will now financially support the big players through this

    Premier Icon fossy
    Full Member

    I’m checking bills/useage every month now after a bit of a shocker last winter with everyone being home, and using electric to heat the shed office and the conservatory.

    Checking deal sites, and it’s at least £60 a month more, my current deal ends shortly, and fixing is £40 more with my current supplier. Going to stay on variable and monitor the prices giving monthly readings.

    Gas consumption isn’t the issue in our house (less than £40 a month at current prices) – it’s electricity that I need to watch.

    Premier Icon franksinatra
    Full Member

    Checking deal sites, and it’s at least £60 a month more, my current deal ends shortly, and fixing is £40 more with my current supplier. Going to stay on variable and monitor the prices giving monthly readings.

    Martin Lewis did some good posts about this yesterday. He is quite clear, deals now are not about saving money, they are all about damage limitation. If you are coming out of a fix, you WILL be paying more for your energy, the challenge is to limit this increase as much as possible.

    Premier Icon tthew
    Full Member

    As the big players are the suppliers of last resort, they will have to offer them some kind of support otherwise they won’t take on all the customers from the failed small providers, which includes any credit balances that may be owing.

    Alternatives are supporting the small suppliers, not sure why this is such a bad thing because it’ll save a lot of jobs, or setting up a new government backed supplier company to take on all the energy refugees.

    Premier Icon johnners
    Free Member

    Ironically the government are hinting that they will now financially support the big players through this

    If they expect them to absorb the customers from failed companies I expect they’re going to have to.

    Premier Icon pampmyride
    Full Member

    Direct Debit guarantee – http://www.directdebit.co.uk/DirectDebitExplained/pages/directdebitguarantee.aspx

    Ask your bank to refund the DD’s if they are holding your cash and no reply. I did this some time ago with an energy supplier that was on it’s way to going bust & had useless customer service. No question & money back in 3 days.

    Premier Icon johnners
    Free Member

    Alternatives are supporting the small suppliers, not sure why this is such a bad thing because it’ll save a lot of jobs

    IANAL but won’t that just end up subsidising the end users to preserve their existing deals? They have a contract for it after all.

    Premier Icon jp-t853
    Free Member

    The upset from the small suppliers is that they just let them go bust but instead give the money to British Gas. I do appreciate it is a safer pair of hands but people losing their jobs will not see it that way

    Premier Icon csb
    Full Member

    So we’re effectively re-nationalising energy supply?

    Premier Icon mrchrispy
    Full Member

    I’m with Bulb and have about 500quid in credit, ofgem say its protected (link below) but im still a little nervous. We are easily double the average user, wife loves the tumble dryer and the heating goes on at the slightest hint of a chill. This winter is going to be fun.

    https://www.ofgem.gov.uk/information-consumers/energy-advice-households/what-happens-if-your-energy-supplier-goes-bust

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