Energy Bills.

[HeHasRisen]

6 minutes ago, Annie Bynnol said:

  Of use to Scottish Power users and maybe others.

  Without them advertising it I found that hidden in the 'Change Payments' section on the app was a 'choice' to reduce my monthly payments by a third.  I also reduced my payment by the previous overpayment. Remember it is an estimate in advance, so if your circumstances warrant you could set your own payment and top up when you get the next bill. This is particularly true for gas only or duel fuel users in the summer when holidays/CH and water heating costs and usage are much lower.

    Their estimating of future use is for their benefit and profiteering  as we are paying up front for winter use.

How is it profiteering if you only pay for what you use? A monthly fixed direct debit is a contribution to a pot and no more. If you use more you pay more. If you use less you ask for it back. You have a clear misunderstanding of the system like most of the general public do. 

 

Move to a provider that offers VARIABLE direct debit if its a huge issue.  I can recommend Octopus.  Personally I am happy enough to be in credit during the summer. 

8 minutes ago, Padders said:

Bit volatile at the moment, doesn't take much to spook the markets...

I'm wondering if they've got the jitters over the Ukraine counter offensive, if that fails, expect a surge in prices....

Could be wrong here, but I'm led to believe that Ukraine has vast reserves of untapped oil and gas..

I don't think Ukraine has caused this week's spike. First the Norwegians announced a delay to a reopening of a pipeline by a month, and then the Dutch rumours about the Groningen gas field closure started. 

Edited June 16, 2023 by HeHasRisen

[Annie Bynnol]

39 minutes ago, HeHasRisen said:

How is it profiteering if you only pay for what you use? A monthly fixed direct debit is a contribution to a pot and no more. If you use more you pay more. If you use less you ask for it back. You have a clear misunderstanding of the system like most of the general public do. 

Move to a provider that offers VARIABLE direct debit if its a huge issue.  I can recommend Octopus.  Personally I am happy enough to be in credit during the summer. 

 

   Largely true and it is a matter of choice and convenience.

   Financially it costs you to give out money in advance for services. Particularly for those who are servicing debt(including mortgages). The utilities offered discounts to those who chose to pay in advance and thus everybody benefited but that has largely disappeared during the current situation.

[HeHasRisen]

1 hour ago, Annie Bynnol said:

   Largely true and it is a matter of choice and convenience.

   Financially it costs you to give out money in advance for services. Particularly for those who are servicing debt(including mortgages). The utilities offered discounts to those who chose to pay in advance and thus everybody benefited but that has largely disappeared during the current situation.

Not really, quarterly pay on receipt of bill customers pay 7% or so more than everyone else, so thats essentially the same thing.

[fools]

some odd understanding of the how the world works going on.

 

bad debt is always picked up by other customers, in the same way as the cost of shoplifting is. it's a cost of business, inevitably passed on to customers in the pricing.

 

unless you're borrowing elsewhere to fund it, not paying by direct debit is a more complicated and more expensive way to run your finances.

 

not only are you probably paying 7% extra, your money sat in a non-interest bearing current account has high inflation eroding it's value, and if you're one of the customers of certain firms that pay interest on credit balances, you're missing out on that. So whichever way you look at it, you're not getting one over the man, you're cutting off your own nose.

 

[Pyrotequila]

So how do the new unit rates compare to the wholesale rates, and the Octopus variable rates?

[HeHasRisen]

1 hour ago, Pyrotequila said:

So how do the new unit rates compare to the wholesale rates, and the Octopus variable rates?

Well funny you should say that.... As its a bit windy today's Octopus Tracker (changes daily) electric rate in Yorkshire is 12.83p a unit, and tomorrow its 8.12p a unit. 

Anyone on the Octopus hourly tariff will be getting PAID to use electric between 5am and 5pm tomorrow. 

 

So in answer to your question... The new capped rate (30p or so) is at best more than double the going wholesale rate. 

 

As for gas, today and tomorrow's prices on the daily tariff are 4.44p per unit against a capped rate of what, 7.8p?

Edited July 1, 2023 by HeHasRisen

[Guest ThaBoom]

On 16/06/2023 at 10:32, HeHasRisen said:

How is it profiteering if you only pay for what you use? A monthly fixed direct debit is a contribution to a pot and no more. If you use more you pay more. If you use less you ask for it back. You have a clear misunderstanding of the system like most of the general public do. 

 

Move to a provider that offers VARIABLE direct debit if its a huge issue.  I can recommend Octopus.  Personally I am happy enough to be in credit during the summer. 

I don't think Ukraine has caused this week's spike. First the Norwegians announced a delay to a reopening of a pipeline by a month, and then the Dutch rumours about the Groningen gas field closure started. 

I was paying more than required so just dropped my dd by £51.

 

It was showing a projected credit of £576 on my account- if I carried on paying the  rate I went on in March.

 

Will see if a decent fix rate come up, otherwise ok with current monthly dd. Obviously using less at the moment so will build up credit.

Edited July 1, 2023 by ThaBoom

[HeHasRisen]

23 minutes ago, ThaBoom said:

I was paying more than required so just dropped my dd by £51.

 

It was showing a projected credit of £576 on my account- if I carried on paying the  rate I went on in March.

 

Will see if a decent fix rate come up, otherwise ok with current monthly dd. Obviously using less at the moment so will build up credit.

My DD is only £10 a month and I top it up with a card payment each month, they seem happy enough with this and I get 1% cashback on the debit card transaction with my Chase card, so a free 90p each month if I pay an extra £90 etc.

 

I would also suggest to anyone who does NOT have a smart meter to submit a reading TODAY, to ensure you are not given an estimated bill for the 30th June/1st July price changeover, you may benefit if they guess it or you may lose out.

Edited July 1, 2023 by HeHasRisen

[Guest ThaBoom]

5 hours ago, HeHasRisen said:

My DD is only £10 a month and I top it up with a card payment each month, they seem happy enough with this and I get 1% cashback on the debit card transaction with my Chase card, so a free 90p each month if I pay an extra £90 etc.

 

I would also suggest to anyone who does NOT have a smart meter to submit a reading TODAY, to ensure you are not given an estimated bill for the 30th June/1st July price changeover, you may benefit if they guess it or you may lose out.

Blimey,  £10 pcm?!

 

That seems very odd tbh.

[HeHasRisen]

52 minutes ago, ThaBoom said:

Blimey,  £10 pcm?!

 

That seems very odd tbh.

They seem happy to let me crack on and pay extra on a card, they haven't moaned at me yet and their online portal let me reduce it down to £10, so we shall see how long this arrangement lasts. 

Edited July 1, 2023 by HeHasRisen