Energy company switch

[RobertT]

I assumed laws were already in place with caps, why are they changing them when oil prices are static?

The price cap is applied to the Supply Companies, which are simply Billing and Customer Service providers who "buy" the energy you use on the Wholesale market.  They make little if any profit, which is why loads went out of business when they couldn't hike their prices to match what they were forced to pay from producers.

It's the production side  - drilling, refining etc. where the money is made, because things oil are traded as commodities, meaning the UK can do what it likes to be independent of other Nations for supply but is still at the whim of the Global price.  That price went through the roof earlier this year, but the cost to get the oil was no different, so companies like BP, Shell etc. have all been raking it in.  They had a shit 2020, but one bad year has been more than offset.

[theakston2k]

Join the Don't Pay campaign....along with nearly 2 million others....at least a sense of solidarity when the energy companies start pressuring people.

That’s only going to end badly for the people that choose to do that. Regardless of what comes after as a result of the pressure it exerts it will leave a long lasting mark on the credit report of those that ‘miss’ payments.

[Jimmy HaveHave]

The price cap is applied to the Supply Companies, which are simply Billing and Customer Service providers who "buy" the energy you use on the Wholesale market.  They make little if any profit, which is why loads went out of business when they couldn't hike their prices to match what they were forced to pay from producers.

It's the production side  - drilling, refining etc. where the money is made, because things oil are traded as commodities, meaning the UK can do what it likes to be independent of other Nations for supply but is still at the whim of the Global price.  That price went through the roof earlier this year, but the cost to get the oil was no different, so companies like BP, Shell etc. have all been raking it in.  They had a shit 2020, but one bad year has been more than offset.

The problem is we've left ourselves open to getting ripped off by the wholesalers as they know we have no alternative and need them. Blame governments past and present who haven't put a plan B in place when this should have been looked into years ago. Take the thousands of new builds each year why haven't they all got solar panels and why aren't our houses rammed with insulation like the Scandinavians who who know a bit about cold winters.

[4D]

So companies that say they are supplying 100% renewable energy, I guess they don't need to put their prices up? 

[Jimmy HaveHave]

Anyone who didn't see Martin Lewis interview this morning listen and take note.

[mystical_goat]

Great way to wreck your credit score and get moved onto a pay as you go meter. Anyone taking this approach should proceed with extreme caution as it can have long lasting consequences and you can bet the energy company will get the money off those who don't pay sooner or later, alongside an admin fee for the inconvenience.

That’s only going to end badly for the people that choose to do that. Regardless of what comes after as a result of the pressure it exerts it will leave a long lasting mark on the credit report of those that ‘miss’ payments.

There are a variety of ways to engage with the Don't Pay UK movement without affecting your credit score or getting onto a pay as you go meter.

For example, a mild approach that would still mess up their cashflow forecasts and disrupt their predicted income, and send a signal that you're protesting - cancel DD, wait for the notice it's cancelled, check the last date for payment of that month's bill, and pay it on/close to the deadline day. There may also already be enough credit in your account to cover this bill (if the energy company has been predicting your annual use and getting you to overpay in summer so that winter bills cost the same/similar) but at least they won't get any more from you. Put your usual DD amount aside so it's there for payment and to restore your account to how it was, just having messed them around a bit.

The threat of 'poor credit scores' and 'forced installment of prepay meters' are scaremongering to an extent, and you need not face these consequences with a non-extreme approach to the protest.

[Batch]

boy am I glad I only locked in for a year, not 2.

feckin dick

[Berniman]

boy am I glad I only locked in for a year, not 2.

feckin dick

I did 2 years, even though it was slightly more expensive, and I am glad I did, however with the huge amounts it is going up every three months it doesn't completely protect you.  I am still in a situation where I am having to increase my monthly payment just to cover my usage and ensure that my account doesn't go into significant arrears.  So even though I have a less bad rate for 2 years, with the proposed increases, it doesn't protect the amount you will have to pay completely.

[@MacPhlea]

So companies that say they are supplying 100% renewable energy, I guess they don't need to put their prices up? 

Its actually more ridiculous than that... the energy cap is linked to gas prices so it actually makes no difference if your supplier is green energy - in fact there is more red tape associated associated with renewable energy tariff's so it theoretically costs more...

[@MacPhlea]

The whole economy is royally fucked... The Bank of England are counteract a 'push' inflation with 'pull' inflation tactics - the late 80's was pull inflation - people had too much spare cash and demand outstripped supply and prices rose (along with trying to match the pound to the Euro) so the BofE increased interest rates.

This time inflation is being caused by external influences driving raw material prices up as a result there's no need to increase interest rates as people don't have the spare cash anyway so it'll just trigger a depression where everyone goes broke.

Privatisation is finally reaching breaking point - I'm a conservative but we're now witnessing the downside of capitalism being fully played out...  Where company pay shareholders ahead of their employees you will always end up with discontent... there should governance on dividend payments linked to cost of living increases - if you can't afford to pay all your workers a cost of living increase then you shouldn't be issuing dividends...

This will be a far worse "winter of discontent" than the 70's

[swindonmaniac]

Great way to wreck your credit score and get moved onto a pay as you go meter. Anyone taking this approach should proceed with extreme caution as it can have long lasting consequences and you can bet the energy company will get the money off those who don't pay sooner or later, alongside an admin fee for the inconvenience.

Just like they did with the poll tax.   Had the satisfaction of refusing to pay like many others but at the end of the day they just took us to court,  rubber stamped it with extra costs and threatened to increase it again and again if we didn’t pay.  Just feel really sorry for those who genuinely don’t have the means to pay.  Going to be a long bleak winter for many.

[Jimmy HaveHave]

The best thing the Tories can do is call a general election and hand over this mess when they get kicked out!

[Jimmy HaveHave]

The best thing the Tories can do is take the easy way out by calling a general election hand over the mess when they get beat.

[Bedford Red]

I can't see they can do anything less than freeze the price cap as it is now. The rise to £3.5k in October is frightening, predictions from a reliable analyst say the cap could increase to £5.4k in January 2023 and then £6.6k in April 2023. Just totally unaffordable for most people come October, let alone the future predicted figures.

[Jimmy HaveHave]

That's why you can see crime going through the roof and a recession iminent.