Energy prices predicted to rise to £3,850 in January...

I share your views about the standing charge. It's long beyond the point where that should have been replaced to base pricing on actual consumption.

There is still a variable element though so the colder it gets and the longer such a period lasts, the worse it is either for peoples finances or their living conditions.

 

You're right, the colder it is the worse it will get. But a lot of families are already screwed before they turn the heating on.

It's the perfect storm: unprecedented profits under a far right government that service the needs of shareholders at the expense of ordinary citizens after duping them into to voting to leave the only organisation whose laws protected them.

 

Completely agree.

The concern I have that despite this, the populace shift even further right and look towards something that incredibly is even worse. Particularly with the narrative backdrop of "they are all the same" in play.

 

I'm not sure it's the Govt's fault Jay.

 

Thats going to depend on whether the government decide to let the energy companies continue to rack up record profits and not tax them to help people out.
Also we've had a Tory government for 10 years, and they have continued to dither on building nuclear plants, Chines are in, Chinese are out , EDF are in, EDF are out. De-regulation and privatisation of the utilities and infrastructure we were told were vital to secure investment - where is that investment, water shortages, crap public transport, lack of secure energy supplies - relying on burning wooden pellets from Canada /USA to supply our biggest power station which used to burn coal.
So, while the government is not to blame for invading Ukraine, they are to blame for the lack of any plan to fix the impact on our energy supply,

 

I get all that and indeed your assessment. My point was that in the UK style of democracy, if you get sufficient numbers of the voting public that support these services being provided by the private sector, and give their votes to parties that also support that line, don't whinge when the private sector increases prices/profits - for whatever reason; That's how the market works.

What you're then left with are the poor buggers who find dealing with these financial consequences extremely difficult - but unless they can persuade their fellow voters to change their votes - that's democracy (UK style).

 

With you in a sense , take New Labours stance on Hospitals and the PFI.
They were pilloried got the debt that was racked up for these new hospitals whereas many thought the Torys way was best and that was not to build any .

 

Price cap forecasts for January rise to over £4,200 as wholesale prices surge again and Ofgem revises cap methodology

https://www.cornwall-insight.com/pr...urge-again-and-ofgem-revises-cap-methodology/

 

Apparently 3 times as many people are in debt to energy companies than this time last year. If people who pay monthly are in debt now they are going to be in real trouble through the winter.

 

I've fixed mine with the British Gas' "offer" yesterday based on the latest forecast I'd be paying £812 for the month of Jan 23 on the variable tariff and only £730 on the fixed tariff - bargain. Overall the 14 months to Oct-24 based on my last years consumption would be £4.9k on the new fixed tariff or £5.5k on the variable if the predictions are correct, on the current cost it would have been £2.4k - that's how much its changed, again.

 

Did you delay the start date to put off paying the higher price for as long as possible? When we fixed earlier this year we set it to the maximum future date which was 30 days ahead.

 

Im fixed on the current price cap until end of March. I realise I'm lucky this will see me through the winter. Also going to put some extra cash aside for the hike I will get at that point. Anything without exit fees or minimal exit fees that is cheaper than the January prediction may be worth a go at this stage.

 

It’s worth taking into account the extra spend between now and January. If someone is voluntarily paying double now to avoid triple later it may work out similar due to the lost 5 months of ‘single’ pricing. We ended up making a simple spreadsheet to work it out.

 

Good point, I wouldn't come off mine currently but if you are going up in October and can get it cheaper than the predicted Jan rise it may be worth it. As you say you would have to crunch the numbers.
If its negligible either way and small or no exit fees I'd be tempted. Then if it does start to come down later next year its not too big of a thing to switch.

 

As someone as pointed out. Something has to be done. Don't see any profits been made when people possibly can't pay. I think it will be reversed maybe hoping for the simple reason as it's impossible for most people to be able to pay

 

By this "governments" standards, it's a genius solution, they accept that you can't afford to pay your energy bill, but will have the money to pay the council tax. As I said,,,,genius

 

Who on this Forum pays these prices, out of interest i asked my Wife wot we pay 125.00 month gas / electric, should i increase my payments, this is a scary thought or are we being scared for no reason. Wife assures me our bills will not go anywhere near this prediction.

 

It’s easy enough to work out without guessing. Check if you are on the standard variable rate or if you are on a fixed tariff (and when this is due to end). Look at how many kWhs you use per quarter/month, look at how much you pay per kWh and multiply them together, then add the daily standard charge. If you’re on standard variable then look at the predicted increases and multiply your usage by those costs per kWh to see what you will be paying in future and add on the new daily standard charge.

Edit to answer your question: we currently pay £73 a month.

 

Aye, r think i'll just leave it to wife, she's the brains. Thankyou