Martin Lewis predicts energy to rise to £3000

Apologies folks ... thought SC was about £40 ... just checked about £24 ... proves how good my maths are !!!

It's actually 25/9/*1956*.

Glorianny

I just checked and the major oil and gas companies made a profit over £100billion in 2021 and UK fuel suppliers made a profit of over £1billion before the price hike. Anyone remember the policy Labour had of a non-profit making public company which passed any dividends on to the customer. www.labour.org.uk/wp-content/uploads/2019/03/Bringing-Energy-Home-2019.pdf
We are so being ripped off!

I wouldn't begrudge them a massive profit if the profit was genuinely spent on creating renewable energy and making us self-sufficient for our energy supplies. The problem is that we have no idea if this is the case.

Many thanks for the responses

Yes - the WFA is to be £500 this year - usually paid Nov/Dec. * you must be born before 9/55 to qualify for this year’s allowance.

Every household will get a (non repayable) grant of £400 to help with fuel bills - paid in installments, direct to whichever energy supplier.

There’s also £150 to be paid to the disabled in receipt of certain benefits in September.

That’s how I understand it,

I just checked and the major oil and gas companies made a profit over £100billion in 2021 and UK fuel suppliers made a profit of over £1billion before the price hike. Anyone remember the policy Labour had of a non-profit making public company which passed any dividends on to the customer. www.labour.org.uk/wp-content/uploads/2019/03/Bringing-Energy-Home-2019.pdf
We are so being ripped off!

LizzieDrip

Can anyone tell me, is the £300 ‘energy help’ for pensioners in the autumn in addition to the £200 winter fuel allowance, or does it replace it? I’ve searched everywhere and can’t find a straight answer. So, will pensioners get the usual £200 + £100 OR the usual £200 + £300?

This is the amount for non means tested pensioner fuel allowance this year:

www.gov.uk/winter-fuel-payment/how-much-youll-get

I am pretty sure it’s £500

Can anyone tell me, is the £300 ‘energy help’ for pensioners in the autumn in addition to the £200 winter fuel allowance, or does it replace it? I’ve searched everywhere and can’t find a straight answer. So, will pensioners get the usual £200 + £100 OR the usual £200 + £300?

I’ve been dithering but today, after going on Martin’s website,
I have fixed.
My monthly payments were £92, are £211 and will now go up to about £250.
I’ve no idea if I have made the right decision but at least I can stop thinking about it. The exit fee is £150.
I stayed with my present supplier as they seemed to be offering the best deal for me. There are very few options out there.

Sorry, commenting on Gsm’s good point about competition

Or is it ‘confusion marketing’? I could certainly do with better understanding of the billing I get.

The U.K. has the highest inflation and heading higher than the entire G7.

I'm well aware of that. I have lived in a beautiful but very draughty old cottage and appreciate the difference.

Germanshepherdsmum

My fuel bill for my all mains electric 3 bed detached house was £114 for mid-May to mid-June. Obviously we’ve had mild weather and the lights go on later, but I haven’t taken any steps at all to actively use less power. The house is modern and well insulated but I wonder how many people are becoming very frightened by these forecasts.

Youre very lucky to be so well insulated. So many are not

Beautful

Why there are so many different companies & tariffs I will never know ... only the brilliant ones, no offence meant to anyone sorry , will people beable to choose the lowest of low tariff ... why have so many ! I know ... to confuse us so we pay the highest ones !!!

It's called competition.

Chestnut

I am reading my gas and electric meters every month a couple of days after my payment goes through, and submitting the readings. With Octopus that generates a bill, and from that I can work out the cost of what I've used that month.

I do the same, although I usually read it a few times in between to check how I'm doing in my quest to save energy. OVO updates the running total almost immediately and compares usage and cost with the previous year.

Beautful

I phoned up my company Monday, I put my DD up from £90 to £140 about March/ April if I want to change to fixed from flexible would go up to just under £260 per month, I said NO ... today had an email about my flexible account want me to pay just over £180 ... I have ignored it ... didn't realise until Monday when I phoned up the real impact ... I can certainly now understand how people really feel about it ... before you start using gas/electric the standing charge is about £40 or so a month ! February £90 ... where it it end !!! ...

It's incredible that some people are paying so much for standing charges.

My standing charge for the 31 days of May was £19.23 (£11.19 for electricity and £8.04 for gas) + VAT on both.

I am reading my gas and electric meters every month a couple of days after my payment goes through, and submitting the readings. With Octopus that generates a bill, and from that I can work out the cost of what I've used that month.

Why there are so many different companies & tariffs I will never know ... only the brilliant ones, no offence meant to anyone sorry , will people beable to choose the lowest of low tariff ... why have so many ! I know ... to confuse us so we pay the highest ones !!!

I phoned up my company Monday, I put my DD up from £90 to £140 about March/ April if I want to change to fixed from flexible would go up to just under £260 per month, I said NO ... today had an email about my flexible account want me to pay just over £180 ... I have ignored it ... didn't realise until Monday when I phoned up the real impact ... I can certainly now understand how people really feel about it ... before you start using gas/electric the standing charge is about £40 or so a month ! February £90 ... where it it end !!! ...

I would say Martin Lewis is about right too. I currently pay £157 a month, which works out to £1,884 a year. My forecast is that I will neither have a credit or debit on my account after 12 months.

Like most pensioners, I will receive £500 this autumn and an additional £400 over 6 months from October, which will hopefully cover the increase. However, there are many families who won't receive the £500.

Germanshepherdsmum

My fuel bill for my all mains electric 3 bed detached house was £114 for mid-May to mid-June. Obviously we’ve had mild weather and the lights go on later, but I haven’t taken any steps at all to actively use less power. The house is modern and well insulated but I wonder how many people are becoming very frightened by these forecasts.

I expect quite a few! My bill for the equivalent period was £98.52. However, it was £219.39 for 5 Jan to 4 Feb.

I can see from my OVO account that I am only using 75% of the energy I use in the previous year (because I'm actively trying to save energy), but my bill is about 10% more.

I’ve just looked it up.

The average electricity bill per year for 2021 was £764, based on annual consumption of 3,600 kWh/year. That’s £64 per month, an increase of 7.5% on 2020.

In total that brings the combined average gas and electricity bill to £1339 per year.

However, energy prices have increased since these numbers were collected last year. On 1 April 2022 increased by almost £700. This means that Direct Debit customers paying default tariffs saw their annual bills rise from £1,277 to £1,971 per year (based on average usage).

The price cap is predicted to rise again this October. Martin Lewis’ prediction looks pretty close to the mark. It is very worrying for people on low incomes, particularly very elderly people and families with babies and young children.

There will be civil unrest before too long…