ENERGY COMPANIES GOING BUST

I have looked for a new deal as my fix is up.
Cheapest now is nearly 30% mor.

*more

From what I was hearing yesterday I think the answer is 'No'.

Aren't they proposing to pay huge sums to the big companies to take on customers of the small companies that go bust?

MaizieD really haven't heard this but am worried about new monthly increase of additional 20pounds to my monthly DD.

MaizieD

From what I was hearing yesterday I think the answer is 'No'.

Aren't they proposing to pay huge sums to the big companies to take on customers of the small companies that go bust?

That’s right.

Mine increased from £58 a month to £98 a month- I definitely do not think so.

My fix was due to run out and when I shopped around everything was similarly a 30% increase so I’ve decided to stay where I am and bite the bullet. Not happy but it’s looking like we’ll have little choice.

My direct debit went up from £58 to £81 per month despite me being in credit. I suspected that was their estimate knowing of the price rises to come. I shall be keeping a close watch and demanding a refund if I end up in credit.

Yesterday a minister announced that any supply contracts from failed companies would be transferred to others, but NOT always at the same price.

Anyone who gets involved with a regulated utility needs to be very careful, it’s supposed to be a competitive market but then the government puts a cap on charges, removing the competitivety.

it’s supposed to be a competitive market but then the government puts a cap on charges, removing the competitivety.

To think that we've always been told that competition would lower prices. Wasn't that what privatising utilities was all about? The theory that competition led to greater efficiency and lower prices as companies competed for customers?

Complaining that a cap on prices reduces competitiveness seems a bit odd to me.

Esspee

My direct debit went up from £58 to £81 per month despite me being in credit. I suspected that was their estimate knowing of the price rises to come. I shall be keeping a close watch and demanding a refund if I end up in credit.

This is why I refuse to pay by direct debit. I could pay very slightly less for electricity (we’re all electric) if I did so but I prefer to submit the meter reading each month and pay when the invoice comes through. That way, there’s no credit balance sitting in the company’s account.

It’s not just the U.K. that imports its energy. As Mr.Putin is limiting/turning of his gas pipe others could be heading for trouble. Germany of course will just burn more fossil fuel, regardless of emissions.

Interesting read.

We have a lot of privatization I’m not sure it does reduce prices, it certainly reduces efficiency, with so many companies chasing customers. With utilities, when the supply is held by a few companies a national regulated price could easily be more efficient, gas, electricity and water reaches the customer by the same pipes or wires, all the admin involved must add a lot to bills. The last time I renewed Electricity the quotes ranged from 15p to 22p per KWH just silly.

The same goes for NHS, Rail, and LA services.

Katie59

We have a lot of privatization I’m not sure it does reduce prices, it certainly reduces efficiency, with so many companies chasing customers. With utilities, when the supply is held by a few companies a national regulated price could easily be more efficient, gas, electricity and water reaches the customer by the same pipes or wires, all the admin involved must add a lot to bills. The last time I renewed Electricity the quotes ranged from 15p to 22p per KWH just silly.

The same goes for NHS, Rail, and LA services.

Glad someone agrees with me

Privatising utilities was daft.

GrannyGravy13

It’s not just the U.K. that imports its energy. As Mr.Putin is limiting/turning of his gas pipe others could be heading for trouble. Germany of course will just burn more fossil fuel, regardless of emissions.

Oh, welcome to the Doom and Gloomers' club, GG13

DH checked lots of companies just a week ago, as our DD has been increased by over 50%!!! Nothing lower to be found, I'm afraid.

The Government should not bail out these failing companies.

I can't find the definite answer but there are around 85 energy suppliers in the UK - a ridiculous number as these companies don't actually lay the pipes, dig for oil, run the power stations etc.

Many of the ones going to the wall would seem to be fly-by-night outfits anyway - offering low rates when the going is good but having no business plan/finance to cope when world energy prices rise.

Does anyone know the criteria that has to be met to start an energy supply company?

MaizieD not quiet sure if that’s a compliment or an insult

My gas standing order has been increased by 40%. Yesterday, when I was going on about it on another thread, I felt that I was the only one affected (even though I knew I couldn't have been). It's a huge amount for people on low incomes.

Our fixed term ends mid October, waiting to find out how much the increase will be.

Does anyone know the criteria that has to be met to start an energy supply company?

Probably, up until recent events, the criteria would be a huge bung to the tory party.. Or a well placed tory relative.

Sorry posted to soon…

We have a duel fuel deal

If mine is increased I always give them a ring and negotiate it down to what suits me. I am alone and a low user of both gas and electric... give them a call.