Cost of electricity

[Suff]

I'm wondering what info everyone has had in the UK re: prices being raised. I know there are contracts where people are paying the agreed rate for a period of years. However has there been information sent out by the providers? Not the press scare stories but actual rates communicated to people.

Here in France I'm paying €0.17 per kw/h for my electricity. I'm with EDF and it is heavily regulated. However a quick check of current rates shows people who switched to the private companies are already paying between €0.3 and €0.5 per kw/h. Apparently people are trying to jump ship back to EDF to avoid the prices.

Electricity in France was floating at €85 per MW/h (€0.08 per kw/h), back in Dec 2021. For Jan 2023 it is currently floating at €1000 per MW/h or €1 per kw/h. Given current rate differentials, EDF should charge me about €2 per kw/h. At these rates my last bill of €400 would be nearer €4,700, for TWO MONTHS.

I'm going to be watching to see what the government does. Just wondered if there was any other info not press related kicking around. One thing I have heard personally is that out of contract UK electricity rates will raise from around £0.16 to £0.52 come next month. That was from someone who has been made aware of the rates.

[TheOstrich]

The details of the October 2022 price cap were announced last Friday and have been readily available, Suff, for example:
https://www.mirror.co.uk/money/what-new ... t-27838053

For a customer with a typical usage rate who pays by direct debit, the average price cap unit rates have changed to the following:

Electricity
Daily standing charge was 45.3p and is now 46.3p
Unit rate per kWh was 28.3p and is now 51.8p
Gas
Daily standing charge was 27.2p and is now 28.4p
Unit rate per kWh was 7.4p and is now 14.8p

These are the maximum an energy company can charge under the standard variable tariff; prepayment meter customers have slightly higher figures and there are also regional variations (to allow for infrastructure costs).

Eon have not notified me yet exactly what they will be charging me yet (they were much quicker off the mark back last March) so I do wonder if something else is going on somewhere ......
Has anyone actually heard from their energy supplier yet?

[Workingman]

I saw the published figures Ossie posted on the .gov.uk site last week.

Scottish Power informed me on the 26th Aug that they would be in touch between the 8th to 16th September to tell me what will be implemented from 1st Oct.

I have given up on what the media is saying as it is just click-bait scaremongering.

[Suff]

Yes I've given up with the media too which is why I reached out.

We have had zero notification here in France but I did pull the rates off the government website here. So it looks like they will price to the caps and the caps will continue to rise. I'll check to make sure I find out when EDF are allowed to raise their rates.

I see Russia has shut down Nordstream1 in reaction to the G7 capping Russian gas prices. Let the games begin. All over again.

[Workingman]

It will be interesting to see what Scottish Power says given that all the crap I get from them makes big claims about all their electricity coming from wind and solar power, or as they claim: 'renewables'. It's endless.

If that really is the case then their electricity is not impacted by the gas price, so why the increase? I can live with the gas price increase, but the electricity is a huge con.

[Suff]

I can live with the gas price increase, but the electricity is a huge con.

Agreed. But when they are losing hand over fist on every cubic meter of gas they provide, they have to get dosh from somewhere. Screwing the electricity customers seems to be their preferred mode.

[Workingman]

They are not losing hand over fist. Most of the big six are producers and suppliers and they are making profits by the £ millions / billions: hence the calls for a Windfall tax, and an even bigger tax. They win on one side and are protected by the cap on the other. See Shell, BP, Centrica and all the rest.

Only Octopus is in defecit and that is because it was directed by the government to pick up the clients of some of the 28 or so pop-up chancer suppliers with little experience and even less capital who went bust in a lightly regulated system, They wanted to make a quick £ in the good times. Avro and Bulb were the biggest. Rake in the profits, pass the loses to society: the Capitalist way. Octopus is supported by government and us taxpayers. We aslo pay in other ways: see your standing charge for details.

We need to decouple electricy from gas, but we can't because gas produces most of our electricity - about 45% on average. We are screwed.

But the capitalitsts and spivs will do OK, so that's a plus.

[saundra]

I saw the published figures Ossie posted on the .gov.uk site last week.

Scottish Power informed me on the 26th Aug that they would be in touch between the 8th to 16th September to tell me what will be implemented from 1st Oct.

I have given up on what the media is saying as it is just click-bait scaremongering.

Told me the same WM and the media are making everyone terrified

[Suff]

They are not losing hand over fist. Most of the big six are producers and suppliers and they are making profits by the £ millions / billions:

[urlhttps://graphics.reuters.com/NORTHSEA-PRODUCTION/ygdvzklazpw/media-embed.html]North Sea Oil and gas producers.[/url]

Yes most of the big six actually generate electricity but most of it is from gas they bought from these producers. They don't set the market price.

The rest is from those much despised "windmills" and Solar.

Anyway, looks like an energy price cap coming. I wonder how long that will work for??? Perhaps they should go and ask Norman Lamont how defying the world markets works in practise?? Even the French are dropping the energy cap in January.