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Electricity price predictions

MattEngineer · 2021-12-03T18:39:26Z

When the energy cap comes up for renewal I think it will rise to 26.5p per unit, any thoughts of the collective?

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Electricity, Tariffs, Monitoring & Providers

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Jeff

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19/04/2022 2:23 pm

Posted by: @editor

@Jeff, that's good news. It'll be interesting to see what happens over the summer, and whether October will lead to positive news when the tariff cap is revisited.

I'm still subscribed to the weekly local oil club newsletter and I see that kerosene went up again this week.

The price cap will be released by ofgem around 6th August based on the previous 6 months costs. Hence quite a bit of increase is already backed into another rise.

Still a lot of uncertainty about what the government and ofgem will do to tweak the actual mechanism.

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batalto

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19/04/2022 3:22 pm

Just checked Octopus Go - Latest rates are 7.5p off peak and 34p on peak. Thats eye watering.

Makes my batteries (11.3kwh of useable) worth £1,098 if I fill up with off peak every day. Let alone any solar benefits

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Jeff

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19/04/2022 3:43 pm

Posted by: @batalto

Just checked Octopus Go - Latest rates are 7.5p off peak and 34p on peak. Thats eye watering.

Makes my batteries (11.3kwh of useable) worth £1,098 if I fill up with off peak every day. Let alone any solar benefits

Octopus still seem committed to funding Go as a loss leader according to statements this year

"Octopus raised its rate from 5p late last year, but says it’s committed to low EV tariffs as a ‘loss leader’ to encourage adoption."

EDF are still offering 4.5p for 5 hours which may be better for some.

I know someone using the EDF rate for charging and the Octopus Outgoing Agile for selling their excess back to Octopus.

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Mars

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19/04/2022 8:36 pm

Former Bulb boss still getting paid £250,000/year… that’s kinda crazy.

https://www-bbc-co-uk.cdn.ampproject.org/c/s/www.bbc.co.uk/news/business-61149569.amp

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Jeff

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20/04/2022 6:01 am

Posted by: @editor

Former Bulb boss still getting paid £250,000/year… that’s kinda crazy.

https://www-bbc-co-uk.cdn.ampproject.org/c/s/www.bbc.co.uk/news/business-61149569.amp

Unfortunately this is almost certainly cheaper than the alternative of a partner level resource from one of the consultancies being charged out at several thousand pounds a day plus expenses. Plus they would want others with them.

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Derek M

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20/04/2022 11:08 am

@editor

I recently received a reply from Ofgem, when I questioned why the standing charge for electricity had been increased by approximately 100%. Apparently £68 of the £103 annual increase is to pay for the failure of all these electricity providers, though it would appear that the directors of some of these companies have done quite nicely out of the process.

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Mars

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20/04/2022 8:05 pm

@derek-m, that’s crazy. It looks like Bulb’s failure is going to cost the government around £3 billion. I genuinely have massive concerns about how this is all going to end, with tens (if not hundreds) of thousands of people being forced into fuel property in the coming 12 months.

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mjr

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21/04/2022 10:29 am

@editor The government probably isn't going to print more money to cover this when it can raise it through standing charge levies, so it's going to cost us (collectively) £3bn, whether we fell for bulb or not!

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batalto

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21/04/2022 10:34 am

@mjr where do you think the government gets its money from? It doesn't pay for things, we do via tax. Or we shunt it into borrowing and our kids do.

I think Thatcher said "there is no such thing as society" - society doesn't do anything to anyone, we are society.

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mjr

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21/04/2022 10:42 am

@batalto my point exactly (and you miss a third option: they "print" more money, effectively devaluing existing money like our savings and taking a little bit from everyone).

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batalto

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21/04/2022 12:15 pm

@mjr QE was effectively a printing press in all but name. The government borrows money from the Bank of England which it then "owes" back to itself as the state owner of the bank. Amazing wheeze. Sadly my bank refuses to do the same for me. Perhaps I should start my own bank.

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Transparent

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21/04/2022 1:11 pm

Posted by: @mjr

The government [....] can raise it through standing charge levies

It's true that the recent rises in standing charges have been underpinned by the need to re-fill the coffers from the 19 Energy Companies whose customers were rescued by the Supplier-of-Last-Resort scheme in 2020. What then puzzles me is why there is such a wide variation in those charges across the Regions.