Ask for it back. I was nearly a grand in credit with British Gas, got them to refund me £700 quid.
I've had refunds from my energy suppliers just about every year for as long as I can remember.
But why should I have to keep asking them for MY money back? It's not a savings plan.
They know how much energy I will use per year on average. They know the prices they charge. So why do they constantly take more than I owe so that I have to ask for it back?
If anyone wants to switch to Octopus (only company recommended by Which), I can send you an introduction link by e mail, WhatsApp, X or Facebook, which gives both parties £50 off their bill.
I switched in February to their Octopus Tracker November 2022 v1 and have been paying roughly half the capped price. I would have told everyone on CL, but Octopus withdrew the Tracker the same week I signed up & you had to join a 6 month waiting list, so there was no point in me telling everyone.
They still offer a tracker. It was a no brainer because I'm still paying around a third below the cap and am allowed to exit the tracker on the same day without notice, when and if the price climbs too high.
Ask for it back. I was nearly a grand in credit with British Gas, got them to refund me £700 quid.
I've had refunds from my energy suppliers just about every year for as long as I can remember.
But why should I have to keep asking them for MY money back? It's not a savings plan.
They know how much energy I will use per year on average. They know the prices they charge. So why do they constantly take more than I owe so that I have to ask for it back?
We're with EDF and use the budget scheme with a review twice a year.
Our payments were reviewed in August and as we were £300 in credit, they automatically refunded the money to us. I was under the impression that you build up a credit balance during the summer, to cover the higher expenditure in winter.
We were on a fixed rate deal until the end of June 23 paying £159 per month. At the review they put up our monthly payments to £225 from 1st October. I would have preferred for them to keep the £300 and adjust the monthly payments accordingly.
The best option would be for the companies to not automatically refund any credit, but to ask the customer what they want to do.
We're with EDF and use the budget scheme with a review twice a year.
Our payments were reviewed in August and as we were £300 in credit, they automatically refunded the money to us. I was under the impression that you build up a credit balance during the summer, to cover the higher expenditure in winter.
We were on a fixed rate deal until the end of June 23 paying £159 per month. At the review they put up our monthly payments to £225 from 1st October. I would have preferred for them to keep the £300 and adjust the monthly payments accordingly.
The best option would be for the companies to not automatically refund any credit, but to ask the customer what they want to do.
I'm with Shell Energy and they allow me to build up credit. They don't refund your money unless you request it. Like you I prefer to have a couple of hundred in credit what with the winter months just around the corner.
We're with EDF and use the budget scheme with a review twice a year.
Our payments were reviewed in August and as we were £300 in credit, they automatically refunded the money to us. I was under the impression that you build up a credit balance during the summer, to cover the higher expenditure in winter.
We were on a fixed rate deal until the end of June 23 paying £159 per month. At the review they put up our monthly payments to £225 from 1st October. I would have preferred for them to keep the £300 and adjust the monthly payments accordingly.
The best option would be for the companies to not automatically refund any credit, but to ask the customer what they want to do.
I'm with Shell Energy and they allow me to build up credit. They don't refund your money unless you request it. Like you I prefer to have a couple of hundred in credit what with the winter months just around the corner.
Strangely EDF refunded the £67 from the Government every month last winter, again I would have preferred to have the option whether to have it refunded or keep it in the account.
Household energy prices will rise in January. Energy regulator Ofgem said the typical annual household bill would go up from £1,834 to £1,928, a rise of £94 or 5%. Analysts have predicted that prices will fall back in March. https://www.bbc.co.uk/news/business-67484090
Well that's yesterday's NI tax cut and increase to the minimum wage wiped out then.
For a typical worker they will be getting £450, this will be £47 of it for a household of 2. Just over 10%
I was being facetious, and I appreciate that it isn't the full amount. but that is for the typical person on the average wage, which isn't everyone.
However, it is annoying and a kick in the teeth, especially after yesterday's announcement, and it isn't just energy prices that are rising, despite the fall in the rate of inflation.
Well that's yesterday's NI tax cut and increase to the minimum wage wiped out then.
For a typical worker they will be getting £450, this will be £47 of it for a household of 2. Just over 10%
I was being facetious, and I appreciate that it isn't the full amount. but that is for the typical person on the average wage, which isn't everyone.
However, it is annoying and a kick in the teeth, especially after yesterday's announcement, and it isn't just energy prices that are rising, despite the fall in the rate of inflation.
The rate of inflation is falling, but its still (well) above 0% and therefore prices are going up.
There is a common misunderstanding in this country, people seem to think that a fall in the rate of inflation means prices go down. Inflation rates going down only mean that the rate at which prices are increasing has slowed, the prices are still going up but just a bit slower than they were.
Well that's yesterday's NI tax cut and increase to the minimum wage wiped out then.
For a typical worker they will be getting £450, this will be £47 of it for a household of 2. Just over 10%
I was being facetious, and I appreciate that it isn't the full amount. but that is for the typical person on the average wage, which isn't everyone.
However, it is annoying and a kick in the teeth, especially after yesterday's announcement, and it isn't just energy prices that are rising, despite the fall in the rate of inflation.
The rate of inflation is falling, but its still (well) above 0% and therefore prices are going up.
I know, that's why I put "it isn't just energy prices that are rising, despite the fall in the rate of inflation".
There is a common misunderstanding in this country, people seem to think that a fall in the rate of inflation means prices go down. Inflation rates going down only mean that the rate at which prices are increasing has slowed, the prices are still going up but just a bit slower than they were.
I'm not sure that is true i.e. the misconception.
'Normal' inflation is closer to 2% and most experience costs creeping up each year generally & don't expect to see wholesale reductions generally.
Uniquely energy has 'spiked' enormously and must (should?) fall again to sums closer to pre Ukraine / COVID levels. Energy (and interest borrowing costs) is somewhat alone in this scenario of expecting a price cut.
If anyone wants to switch to Octopus (only company recommended by Which), I can send you an introduction link which gives both parties £50 off their bill.
I switched in February to their Octopus Tracker November 2022 v1 and have been paying roughly half the capped price. I would have told everyone on CL, but Octopus withdrew the Tracker the same week I signed up & you had to join a 6 month waiting list, so there was no point in me telling everyone.
I don't know if they still offer some sort of tracker because you have to contact them individually. It was a no brainer because you're paying half the price and are allowed to exit the tracker on the same day without notice, when and if the price climbs too high.
I'm still on Octopus tracker and still paying around 25-30% below the cap. Today for instance which is typical, I believe the capped prices are electric 27.35p and gas 6.89p. I'm on electric 16.61p and gas 5.49p. It changes daily but is always well below the cap since I signed up. Tracker is still available.
I am also on the Octopus tracker and I love it. Next, 1 word of warning, 1 question
1. Based on the wholesale price of Gas and Electricity over the last 12 months (I joined the tracker in Feb this year), the following are the peaks and troughs in costs
As you can see, the MAX gas price was 11.11p (+3.71p higher than the price cap), the MAX electricity price was 60.65p (32.03p above the energy cap price). Most importantly, these MAX prices were hit in December 2022, one of the coldest months of the year and the month we are about the enter into (and following which, rest of winter). That said, the average wholesale price over the year was ~30% less than the proposed energy price cap and is consistent with the savings I have experienced.
If we take JUST the December prices, the following stats apply
You can see the average gas price in December was around the same as the energy cap (9.67), but the average electricity prices were over the energy cap by a few pence for the whole month (lets say 10% higher).
In short, depending on your level of risk, joining the tracker just before winter is a riskier bet than joining at the end of Winter to build up some savings, should the wholesale price go above the cap (which is likely based on historic data, even for a bit). Obviously each to their own and, joining in Feb this year, I have saved £700+ on my energy bills already, so definitely a fan of the tracker, just consider when you join.
Now, point 2, and something I don't get.
If the wholesale price for the whole year (as shown in the first pic) is 20.37p for electricity and 5.6p for gas, why at no point this year has the energy cap itself been near this figure but 30% higher? The obvious answer is that the govt and energy companies are in cahoots creaming money off every household, but I am unsure why more are not asking this question. I have no idea how Ofgem calc the price cap, but it sure ain't based purely on wholesale prices (don't get me started on the standing charge on top of the price of the commodity)......
Re point 1, you can come off the tracker on request, so if you're not happy you can exit immediately.
Re point 2, I've been wondering exactly the same. I've no idea why and how I'm paying 30% less than the cap on average. (I joined in February as well).
I’m with Shell Energy who have been bought by Octopus but the deal is awaiting approval. I’ve tried to enquire about their tracker and been told to sit tight. Seems I can’t even leave Shell and join Octopus because of the deal.
Re point 1, you can come off the tracker on request, so if you're not happy you can exit immediately.
Re point 2, I've been wondering exactly the same. I've no idea why and how I'm paying 30% less than the cap on average. (I joined in February as well).
If you leave the tracker you cannot rejoin for 9 months. Again, I love it, but timing of joining may not be best at beginning of winter.
Charging us to maintain the network, some profit and other random hidden costs. Surely this is what the daily standing charge is for at 30p a day x number of houses in the UK (~8mil per day in standing charges with 26.4 dwellings in the UK).
Comments
Though not sure either offer any great grounds for optimism currently
Energy bills to fall from October
Energy bills will fall to £1,923 a year for the typical household from October, under the new price cap announced by the regulator Ofgem.
https://www.bbc.co.uk/news/live/uk-66608433
Annual energy bills for a typical household are expected to rise by £73 in January, a forecast suggests.
Consultancy firm Cornwall Insight predicts bills could increase to £1,996 under the official price cap set by the UK's energy regulator Ofgem.
https://www.bbc.co.uk/news/business-66957847
Energy firms holding £8.1bn of customers' money
https://www.bbc.co.uk/news/business-66992865Cartel
But why should I have to keep asking them for MY money back? It's not a savings plan.
They know how much energy I will use per year on average. They know the prices they charge. So why do they constantly take more than I owe so that I have to ask for it back?
Cartel.
It helps offset any price increase for starters
Then they went bust! 🙄
Our payments were reviewed in August and as we were £300 in credit, they automatically refunded the money to us. I was under the impression that you build up a credit balance during the summer, to cover the higher expenditure in winter.
We were on a fixed rate deal until the end of June 23 paying £159 per month. At the review they put up our monthly payments to £225 from 1st October. I would have preferred for them to keep the £300 and adjust the monthly payments accordingly.
The best option would be for the companies to not automatically refund any credit, but to ask the customer what they want to do.
They don't refund your money unless you request it.
Like you I prefer to have a couple of hundred in credit what with the winter months just around the corner.
Energy regulator Ofgem said the typical annual household bill would go up from £1,834 to £1,928, a rise of £94 or 5%.
Analysts have predicted that prices will fall back in March.
https://www.bbc.co.uk/news/business-67484090
Still not seeing any fixed tariffs that are compelling to sign up to which I assume only means the suppliers are not confident in long term forecasts
However, it is annoying and a kick in the teeth, especially after yesterday's announcement, and it isn't just energy prices that are rising, despite the fall in the rate of inflation.
'Normal' inflation is closer to 2% and most experience costs creeping up each year generally & don't expect to see wholesale reductions generally.
Uniquely energy has 'spiked' enormously and must (should?) fall again to sums closer to pre Ukraine / COVID levels. Energy (and interest borrowing costs) is somewhat alone in this scenario of expecting a price cut.
Today for instance which is typical, I believe the capped prices are electric 27.35p and gas 6.89p.
I'm on electric 16.61p and gas 5.49p.
It changes daily but is always well below the cap since I signed up.
Tracker is still available.
1. Based on the wholesale price of Gas and Electricity over the last 12 months (I joined the tracker in Feb this year), the following are the peaks and troughs in costs
As you can see, the MAX gas price was 11.11p (+3.71p higher than the price cap), the MAX electricity price was 60.65p (32.03p above the energy cap price). Most importantly, these MAX prices were hit in December 2022, one of the coldest months of the year and the month we are about the enter into (and following which, rest of winter). That said, the average wholesale price over the year was ~30% less than the proposed energy price cap and is consistent with the savings I have experienced.
If we take JUST the December prices, the following stats apply
You can see the average gas price in December was around the same as the energy cap (9.67), but the average electricity prices were over the energy cap by a few pence for the whole month (lets say 10% higher).
In short, depending on your level of risk, joining the tracker just before winter is a riskier bet than joining at the end of Winter to build up some savings, should the wholesale price go above the cap (which is likely based on historic data, even for a bit). Obviously each to their own and, joining in Feb this year, I have saved £700+ on my energy bills already, so definitely a fan of the tracker, just consider when you join.
Now, point 2, and something I don't get.
If the wholesale price for the whole year (as shown in the first pic) is 20.37p for electricity and 5.6p for gas, why at no point this year has the energy cap itself been near this figure but 30% higher? The obvious answer is that the govt and energy companies are in cahoots creaming money off every household, but I am unsure why more are not asking this question. I have no idea how Ofgem calc the price cap, but it sure ain't based purely on wholesale prices (don't get me started on the standing charge on top of the price of the commodity)......
Re point 2, I've been wondering exactly the same. I've no idea why and how I'm paying 30% less than the cap on average. (I joined in February as well).
Charging us to maintain the network, some profit and other random hidden costs. Surely this is what the daily standing charge is for at 30p a day x number of houses in the UK (~8mil per day in standing charges with 26.4 dwellings in the UK).