ENERGY COMPANIES GOING BUST

Forget my last post! I misread what you wrote.I thought you paid £5 in total.

MaizieD

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

Privatising utilities is indeed nonsense. But as said before, quite a long time ago - if you are going to really upset your direct neighbours, and those further away - make sure you do not sell all your essential utilities first. I was laughed at at the time, and the reply was 'project fear' - and I am not glad that I was proven right.

There will be shortages in other places than UK- but partners, as those in the EU, will prioretise each other, quite rightly. Same as with any shortages, be it Co2 or food. Makes sense.

Should have said 'make sure you do not sell THEM all your essential utilities first.

Of course they are MasieD that is exactly how the current colleaguegate system of Government in England is funded

Katie59

Companies take a commercial risk and all hedge and buy spot in varying degrees, the problem is that when supplies are short forward buying prices increase, companies without large reserves are going bust.
Nobody wins in this situation, creditors don’t get paid, taxes don’t get paid, staff loose their jobs, consumers have to pay more. The price cap is due to be set in October, there is no guarantee that that will be enough to keep prices down without further government intervention.

The new level of the price cap comes into effect on 1 October 2021 but it was set some time ago as I got a letter maybe a week ago maybe two telling me of the price increase and the new rates.

I was nearly £300 in credit with my energy supplier so recently had £100 refunded. I’ve left the rest in the account to hopefully help with winter bills. I pay £70 a month DD and have told my energy company that I won’t be paying any more as long as I have a decent credit balance. Let’s see how long it lasts!
I have noticed that my monthly electricity charge is £14 more for a moth than the same time last year, gas only a couple of pounds but I’m expecting that to change!
It is scary.

Bea65

Tried ringing Energy Company as last invoice stated was in credit of 75.80 but they never release credit until March following year...this is fraud....

A friend of my daughter is currently in credit with her energy supplier to the tune of £900!!! She’s tried to get a refund but they are putting her off with various excuses. My daughter is now going to have a go on her behalf, and bringing in Ofgem and her MP if need be. This company is not a small company btw but one if the big names.

I'm with AVRO, one that went bust yesterday. Earlier in the year they put my direct debit up by over £40 without asking my permission. I told them to reduce it immediately back to what I'd been paying because to pay that much extra would put me in an overdrawn situation. I'm dreading who the new provider will be that I'll be put with in case they increase my direct debit by too much. I know I can change but if everyone is putting up their prices, one wonders if there is any point in switching.
The pensioners were the only group of people that the government didn't give any financial aid to during the pandemic. I had to stay in my house for nearly a year as I was shielding so like those who worked from home, I had my heating more frequently, and I used my gas and electricity more. Unlike those who worked from home we didn't get any extra help. I'm really finding it very hard financially now.

M0nica

I am sorry, kjmpde, but everything you mention was completely foreseeable and clearly signposted.

The dangers of our dependence on foreign suppliers like Russia has been a concern for 30 years or more.

No it’s not foreseeable, any market cannot be predicted, even day to day money can be made or lost, once you are committed to that market you are locked in.

You hope to play it to your advantage, it doesn’t matter wether it is currency, metals, potatoes or energy you hope to buy cheap and sell dear. If you buy too much forward and the price falls you can loose a lot, in general the only traders that make money consistently are those that are rich enough to influence the market.
As for foreign suppliers, we are sitting on a island of coal and gas that we are not exploiting, politics determines that we cannot use it, so we pay the price of that decision.

Grannynannywanny

Some info here that might be useful

www.ofgem.gov.uk/information-consumers/energy-advice-households/what-happens-if-your-energy-supplier-goes-bust

This is really useful information. Probably most people need to have a look as it seems that we are likely to end up with 6 or so energy companies.

When my provider, Yorkshire Energy, wound up last year, I was automatically transferred to Scottish Power. It took me months to discover the terms of the new contract - turned out to be on a variable rate. I was lucky enough to be able to quickly switch to an 18 month fixed rate with Eon at little increase. No more small providers for me.

Lazypaws totally understand your concerns and I'm also financially restrained..where's the lifeboat? I do receive the Warm Home Discount in March which has helped thru my present energy provider but not all energy companies offer/process this.

You do not have to accept the increased direct debit payment (especially if like some of these posts you are in credit). You need to log-in to your account and from there you will be able to amend your payment to the previous amount. Most of us go into credit in the summer and debit in the winter. It seems that within about 6 months things will settle down so no need to panic about increased payments just yet.

There are the big 6 who are thought to be very safe. Then the next tier of newer ones i.e not British Gas , Norweb etc , they are thought to be safe as well ( if we are to believe what we hear )
Then the smaller ones that are the at risk.
We are happy with ours , Octopus uses 100% renewables , and are in the 2nd tier and often win Which approval.
As a side note : If you know anyone who is a customer and you use their link, you get £50 credit to your a/c , they do as well when you join.
I'm happy to share mine if anyone wishes. It's a long link , but here it is .

click.octopus.energy/ls/click?upn=gNLZ5SZnEeorylHeEBCuPIL9dwpaplFa63JmtwMgUXYJYZXlJyUJkNOodOwAA7vSwFBNs59S8uuPnaVBaPFcYvWfEG4ezj2Gqw-2FGRotlnvOw1zOjr0Oq7ETx8sAkeOy8OiEFNxHAnfpT9j2gEoe0dxOSFSNb9D7JOF7KRsPHP75FG36ckc1HOYMw-2FNA8On6kQFZj_VL-2FBQtX2lvaZGQy3SQ7mxRkrEqVMNI9HlrGxhQF1holqk1wrTRqfZ1tZUmaJ2EjufKmcQBTf7PVhbE3bWl2qqHVJSel8ZCt65uSCW5OlVNnmf4KHgps5ObGx-2BAVwpQ4JzEnd2HO1rrhTAsgrQaDHt7gRF7Hgn47l5ZY6u7KkbqCQ82tYNAkznF1AbnQ9n-2FhmYJi0rmPR5vHa9FcuCL3R-2BXfrIUjd0VI-2Bw23t6ZiDCchy4K-2BLBTe6lTExyIDJCdnQMecgb03i9zMI9m6hN7ij3GqUOFDTqjHtOJIHeGhH08u6ZH2MjQqUSmiPnt-2FiWs8h

Hi, about 5/6 years ago, we decided to switch, we settled for a company called So Energy, I think they were fairly new, they have been wonderful, lowering prices n the Summer, cost rise a little more come Winter.
Depending on how much you pay each month, we tend to find we have quite a good credit come Winter, which we tend to use up with cold weather.
Customer Service is second to none
We are so glad we changed from one of the big 6.
I go online once a month & send in my meter readings.
That way you get an accurate bill.
Not sure if anyone else is with them but we think they're wonderful.

I got in touch with my energy company recently and was thrilled to bits as my contract was to carry on for another year at 51 pounds a month. I was so pleased, Then the next day they went bust. I came crushing down again. Oh dear!!! )

We did as advised and looked for a new fixed term deal, but not with a small supplier. Out of those I looked at, British Gas came out most expensive at over £50 more per month. I worry about the winter.

Some of us in rentals are stuck with pre payment so called smart meters that either cannot be changed or else they want eye watering amounts of money to do so, mine for example "lost almost 67 pounds in credit", placed us in emergency then cut off.. when after a week of trying i finally got a response, it was to budget better and top up again, it would get sorted.. erm, we dont have heaps of cash lying around, I HAD budgeted feck you very much and why oh why wouold i want to risk losing even more money?

It's time that energy was taken back into Govt control as all these companies care about is profit for shareholders. What happened to re-investing profits into the business, as it used to be? If bills go up as expected I will most definitely have to choose between eating and heating as I only have the lower rate state pension to live on - and as we all know, we are not getting the triple lock increase now. Food prices alone have shot up plus the packets are smaller so we are already being crippled. That's the thanks I get for 40+ years of working full-time.

Received last month’s bill two days ago and it was increased by £18 with even less electric usage. Heaven help us in the winter.

Every time I hear or read about this I want to say,
"Don't forget to tell Sid.".

Trying to negotiate was viable before this crisis, but will not be possible under the present circumstances. My supplier has gone bust and I have been advised I am now going to be supplied by British Gas, no idea at the moment what the increase is going to be, but expecting it to be huge as I was on a good deal before!

Oh and whilst on this subject , who else just loooves the first question asked when you move house, How many bedrooms do you have? when deciding your tariff... surely it should be priced on what you use not the size of your home and your perceived ability to pay more? We moved to one bed bigger, for occasional step children to stay over in more comfort than the sofa, we use the exact same appliances and have very boring fixed routines, yet our monthly running cost doubled on day we moved no special tarriffs moved form they said was size of house..

my fixed rate runs out 1st Jan next year so will not at the moment have to worry about increase

kwal do you claim Pension Credit? You should you're entitled. Especially if you are on basic lower state pension and nothing else. It might only be a small amount but it opens you up to lots more reductions in other things. I cant claim as I have private pensions.