Latest price cap predictions - £4200 in jan

Much like brexit and covid and the war in Ukraine (and obviously these are all factors as to why we are where we are) at a time where the country needs one of the most capable and serious governments of all time we have the most incompetent.

They will eventually do something, they'll be forced to. It will be done at the last minute, will be the bare minimum, it'll be poorly thought out, sustainable and costly.

They will pat themselves on the back for it, telling themselves it's another big decision they got right. Our state run media will agree with them. Some of them will even believe it themselves.

Utterly farcical that this is fast approaching and our next leader is busy try to win a biggest **** contest in order to appeal to tiny number xenophobic, small minded bigots who apparently elect our prime ministers these days.

The state of this country.
 
I think there's an element of the Tory party that would love to take us back to the Victorian era. It feels like we're heading that way
 
GazC_MFC said:
I’ve just educated myself on what is in the price cap and how’s its calculated.

10% of costs are for the roll out of smart maters. I honestly didn’t know we were paying for that. I thought it was a government incen
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Aren't 25% of our electric bills green tariffs?
 
If you were energy supplier and knew that UK was just a shambles of a country with no leaders or direction, of course you're going to say just keep lumping prices up, why would you not???

OFGEM are useless and are not fit for purpose their one and only mantra is to look after the best interests of the UK people, now if they are looking after our best interests I dread to think what state we'd be in without them!!!

All that will happen is people won't be able to pay, the energy providers will not make their expected profits so will go cap in hand to the government for bail out money to support them through their hour of need. Its all just a shambles, like I've said before why stop at £4,000, before you know it the predictions will be £6,000, then £9,000 and so on because we don't have teh ability to stop it as its just predictions not fact based assessments and once the predictions are made that then becomes the price.

I understand the arguments against it but until energy is renationalised we are stuck in this never ending spiral, there is no way energy prices are increasing the way that they are being predicted it is just extreme capitalism.
 
A year in the life of OFGEM having the consumers best interests at heart

1. OFGEM raise the cap
2. Energy companies post record profits
3. OFGEM raise the cap
4. Energy companies post record profits
5. OFGEM raise the cap
6. Energy companies post record profits
7. OFGEM raise the cap
8. Energy companies post record profits
 
Pak_Doo_Ik said:
OFGEM are useless and are not fit for purpose their one and only mantra is to look after the best interests of the UK people, now if they are looking after our best interests I dread to think what state we'd be in without them!!!
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All of the 'regulators' are shams. Just look at OFWAT. While the water companies rake it in, the ancient water pipes leak and burst while at the same time they direct ever-increasing volumes of untreated sewage into the rivers and sea. And what has OFWAT done over the years? Fcuk all.

The regulators are cons put in place to protect the rapine shareholders. That is all.
 
Nano said:
Foodbanks are filled by donations. If everyone is squeezed so tightly there'll be nothing left for donations.
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I went to put my donations in the boxes at Sainsburys on Friday and there was nothing else in them....
 
GazC_MFC said:
Why isn’t their a recalculation if the predicted wholesale price doesn’t meet the predictions?
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Because the wholesale will always meet the perditions, why would it not???

CFO of Energy provider - Good news the wholesale price of gas is much lower than we thought
CEO of Energy provider - Brilliant even more profit
CFO - Shouldn't we bring prices down then
CEO (rolling on the floor laughing) No, in fact get on the phone and start telling people we think we have underestimated the wholesale cost and we can and another few zeros to our profits, just throw in a line about a wind turbine that'll keep people believing were investing in green energy.
 
There will be definitely some colder houses this winter (which is concerning) - most people can't pay £4,200 for energy.

Add in food and petrol prices which seem to have gone up 15% of late (I had to pay £1 for a pint of milk which was 55p a year ago).

If you haven't I would advise everyone to look at insulation in their home, use LED lighting, keep the thermostat under control, use the duvet more, use the microwave more if you have one opposed to conventional oven, if you drive charge the mobile phone up in the car.

I can't see how we are going to avoid a recession, probably like 1974, when people had work but wages did not go up to compensate for inflation. Petrol was the killer it doubled in price almost overnight.
 
Uwefuchs said:
I was paying just under a 100 quid a month 6 months ago, it'll probably rise to about 600 quid a month by the end of the year. I might just change my direct debit back down to 100 a month and let the debts rack up.

Whats the point in worrying about it.
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That's one of the things I read that people are being advised to do. Change the direct debit to a standing order, as you have the control over what leaves your bank and the energy can't change it without your say so. I believe with a DD they can change it to whatever and whenever they want.

I also read that submitting daily meter readings will give much more accurate data on your usage. Although bills have still gone up, its nothing like the ridiculous amounts that people are being quoted. It seems that some of these energy companies just want your money sitting in their banks rather than yours, and its all being enabled buy the government and the powers that be.
 
VestasBoro said:
Makes me wonder what people on minimum wage do or will do.

Imagine a household where two adults work minimum wage with 3 kids, so they receive little to no benefits. How are they affording these increases? Short of cancelling all tv subscriptions, mobile phones, gym memberships and any luxuries like coffee, cinema trips etc they'll be headed for food banks before long.

Those on jobseekers/dole who get a lot of benefits are in a similiar situation as they get rent paid for and stuff, but they hardly have a load of disposable income and these bills going up mean the same for them.

I know a few lads on really good money, who are whinging about these increases but they understand they're in a lucky position that they can afford the increases without it impacting them.

I can see a lot of people looking at less than legal ways to top up their income and get through this, even just to feed their kids and keep the lights on. I'm not talking about career criminals or wrong uns im talking about Average Joe who works, who needs to figure out a way to keep things ticking over.
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VB

Not been critical but people on min wage probably were not paying gym memberships, buying coffees, or going to the cinema unless it was a special treat. I am surprised Football tickets are doing so well at present, possibly others are buying tickets for min wage relatives.

Basic Phone deal and basic TV subscription are almost essential if not going out so likely be kept.

I have just noticed my original free BT Sport is now £32 per month well that's going.
 
The prices are not sustainable in the medium and long term as demand will drop as everybody goes on energy saving mode.

The Oil shock of 1973/4 when oil went from $3 to $12 a barrel did change how we use oil during rest of the 1970s, cars got smaller and more fuel efficient, people moved away from oil central heating where they could, people drove less. People used loft insulation for the first time. While the supply of oil increased. Hence a gallon of petrol only rose from around 69p to 87p from mid 1974 to early 1979.
 
uncle_rico said:
That's one of the things I read that people are being advised to do. Change the direct debit to a standing order, as you have the control over what leaves your bank and the energy can't change it without your say so. I believe with a DD they can change it to whatever and whenever they want.

I also read that submitting daily meter readings will give much more accurate data on your usage. Although bills have still gone up, its nothing like the ridiculous amounts that people are being quoted. It seems that some of these energy companies just want your money sitting in their banks rather than yours, and its all being enabled buy the government and the powers that be.
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Tariffs with no DD usually attract a more expensive standing charge and unit rate, typical use this can cost upwards of £120 a year more
 
Redwurzel said:
The prices are not sustainable in the medium and long term as demand will drop as everybody goes on energy saving mode.

The Oil shock of 1973/4 when oil went from $3 to $12 a barrel did change how we use oil during rest of the 1970s, cars got smaller and more fuel efficient, people moved away from oil central heating where they could, people drove less. People used loft insulation for the first time. While the supply of oil increased. Hence a gallon of petrol only rose from around 69p to 87p from mid 1974 to early 1979.
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I don't think demand will have any impact. The whole thing is being driven by supply from Russia. Resolution of that conflict is what will sort it out. If it rumbles on for several years then we might be able to make some inroads in moving away from gas but this industry moves so slowly that it's not going to solve the crisis before the crisis finishes by itself.
 
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