Energy market

[Stinsy]

https://www.ft.com/content/bf84f4a9-472 ... 0d57b634e6

Octopus Energy said that energy providers were now often selling fuel below cost, “subsidising our customers to the tune of over £5m a month”.

“We’ve absorbed as much of the cost as possible, for as long as possible,” a spokesman for Octopus said.

[AE-NMidlands]

Well well well... I can't read it because it is behind a paywall, but I guess it reflects my comments on the other energy thread
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[nowty]

The writing could be on the wall for Octopus Go, my Go Faster deal renews early in the new year but I think I will attempt to join Octopus intelligence once my Tesla arrives.

Might lock me in for another cheap year, especially once the Ripple wind turbine starts up.

Heysham 1 nuke is finally starting up again after a long breakdown but there is still no sign of wind for at least another week and the high price of gas is keeping leccy prices high.

[Stinsy]

I’m not complaining but Octopus Go (and it’s “faster” siblings) is too generous! The “peak” price is cheaper than the only rate on most non ToU tariffs. The point of ToU tariffs is that you accept a higher peak price in exchange for a super-cheap off-peak price and try to shift enough of your usage to the cheap period to benefit overall.

The best non-Octopus tariff I could find is EDF “ Simply Online Sep24v5”, that one has a 25p standing charge (Same as Octopus) and is 21p per kWh with a £30 exit fee.

[nowty]

An energy trader I know, yesterday told me there was a record price in the UK on Friday (I presumed it was the 10th Sept) of £3000 per MWh.

I.e. £3 or 300p per kWh.

[Stinsy]

Back on the 13th January Octopus outgoing paid £1.51/kWh, the highest price recently has been 67p last Monday (6th sept), Friday peaked at 55p.

I’m not sure how Octopus sets their “Outgoing” prices, or how day-ahead compares with live pricing. Anyway glad I’m not on Agile and am not renewing with a mainstream supplier right now.

Could consumer gas prices go over 5p/kWh this winter?

[AE-NMidlands]

My gas (from Octopus) is going to be 5.08 p/kWhr from October!
Luckily a friend told me today that the condensing boiler he fitted (the same one that I am considering) halved his consumption!
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[Oliver90owner]

I was on a fixed price contract with Shell (was First Utility). I’ve gone to a variable tariff and the cost is rising by above 10% from October. Variable because as soon as they have fitted a smart meter I will be looking at the options.

My daytime leccy cost/kWh will have risen by 66% in a month. I went variable tariff to avoid the £30 exit fees on each energy supply.

I didn’t want a smart meter but that seems like the only way to reduce/contain my energy outgoings.

[Fintray]

Yikes, I see the Agile price today is 35p/kWh from 07:00 till 21:29.
Just looked back over the week and the above seems to be the norm!

[dan_b]

Two of the small energy suppliers - Utility Point and People's Energy - have today both ceased trading.
Ofgen will re-assign their customers to another supplier.
I can see more folding in the coming weeks if wholesale prices continue like they are.

Bring back wind!
(ps I've read that another reason for the increase in electricity prices is that the effect of no longer being inside the EU electricity trading market is really starting to impact on the cost of supplies via our interconnectors - which the UK has been leaning heavily on in this exceptionally long period of low wind...)