When Theresa May signed the deal for the Hinkley C nuclear power station, they agreed a guaranteed wholesale electricity purchase price of £92.50 per MWh. At the time, that was around double the long term average wholesale price. It's due to come on line in 2026. The wholesale price is currently around £200/MWh, having spiked at almost £300. We hear a lot about how unexpected this price rise was but it was foreseen - it has come more abruptly than expected, but it WAS expected. Electricity prices probably won't fall back quickly, but I think they will drift back, at least for people on agile tariffs (not something I'd advise right at the moment). They won't come back to the original baseline but probably lower than today's average. Gas prices will most likely stay high and go higher.
Personally, if I had the option of a one year electricity fix, I'd take it. I wouldn't fix for 3 years. Gas - well I wouldn't use it, in truth, but hypothetically, if I had to, I'd fix for as long as I was offered.
Gardening on the edge of Exmoor, in Devon
“It's still magic even if you know how it's done.”
We've got a fixed 2 year tariff with E.on, and believe we can change/cancel it whenever we want.
Heard an interesting conversation last week on a phone-in radio station, the caller said he's started to put higher figures on his meter readings, which means when/if the tariff goes sky high later on in the year, he's already paid for his electric at a lower cost. He hasn't a clue if it'll work, but what's the bet there's a clause somewhere in his agreement.
The family have organised an expert to check my elderly parents system. All electric and they are paying £300 a month that i think is too much for an average 3 bed mid-terrace house, even if i think they are living in a sauna.
Our "night" for the cheaper rate starts at 12:30 am until 4:00 am. Plenty of time for us to top up the car and do the dishes and laundry. Ours is a rural property with a large garden, so the only neighbour is a good distance for our house. Neither of us wake up with any noise.
The toy octopus was huge, so you might want to re-think where you'd have shoved it. I took it to the charity shop just before Christmas so some little kid might have got a nice toy.
I know what you mean about Martin Lewis ... he's well meaning, but a bit full-on.
Bee x
Gardener and beekeeper in beautiful Scottish Borders
A single bee creates just one twelfth of a teaspoon of honey in her lifetime
Thanks for that @Bee witched. I could never put the machine on at that time. My younger daughter often gets up for work at around 4 ish, so it wouldn't be fair on her either. Easier when you're detached or more rural though You should maybe have kept the octopus. If it was that big, you could have cuddled it to keep warm.... Wasn't that similar to some advice offered by one of those utility companies? Words fail me. The folk who come up with that sh*te should be made to go and live in a flat or house that has rubbish insulation, and is in the middle of nowhere. See how they like it.
That seem hellish @Balgay.Hill. That's over 3 times what I pay for both gas and leccy, and I'm not even in a mid terrace house.
It's a place where beautiful isn't enough of a word....
I live in west central Scotland - not where that photo is...
Incidentally, it's not just gas and electricity. I've been shopping around for domestic heating oil today (no mains gas here). 50% increase in price since last top up in July. It's often more expensive in the coldest winter months - but not that much more. For the first time I'm seriously considering just ordering 500 litres instead of the normal 1000 and hoping the price is lower come May / June time.
Prices will be rising again later in 2022. And the chances of them coming down are slender to none. The energy companies all need to increase their profits every year, so they’re unlikely to reduce costs—even if worldwide prices fall, they’ll see it as a way to recoup the profits they were prevented from making by the cap now.
I agree with @Cambridgerose12 - none of it [gas or oil] is ever going to come down in price this year. If you have the option to buy now, I'd go for it too.
It's a place where beautiful isn't enough of a word....
I live in west central Scotland - not where that photo is...
Incidentally, it's not just gas and electricity. I've been shopping around for domestic heating oil today (no mains gas here). 50% increase in price since last top up in July. It's often more expensive in the coldest winter months - but not that much more. For the first time I'm seriously considering just ordering 500 litres instead of the normal 1000 and hoping the price is lower come May / June time.
Prices will be rising again later in 2022. And the chances of them coming down are slender to none. The energy companies all need to increase their profits every year, so they’re unlikely to reduce costs—even if worldwide prices fall, they’ll see it as a way to recoup the profits they were prevented from making by the cap now.
I've just paid 66 pence per litre for 763 litres. That's the highest price I've ever paid. two days after delivery the price now stands at 70.5 pence per litre.
Solar panels and battery storage is started to look attractive at these prices!
'The power of accurate observation .... is commonly called cynicism by those that have not got it.
Oil prices do fluctuate a lot though - probably more than other energy sources.
We've had to rely on oil for heating / hot water since 1996 and, in that time, the lowest price I've paid was around 20p/l and the highest was over 70p/l. That highest price was way back in 2010. One of the lowest prices was in May 2020 during lockdown. It probably averages out at around 45 - 50p/l
Oil is particularly sensitive to the various factors (mainly political) which influence energy prices.
Heaven is ... sitting in the garden with a G&T and a cat while watching the sun go down
Posts
Personally, if I had the option of a one year electricity fix, I'd take it. I wouldn't fix for 3 years. Gas - well I wouldn't use it, in truth, but hypothetically, if I had to, I'd fix for as long as I was offered.
“It's still magic even if you know how it's done.”
Heard an interesting conversation last week on a phone-in radio station, the caller said he's started to put higher figures on his meter readings, which means when/if the tariff goes sky high later on in the year, he's already paid for his electric at a lower cost. He hasn't a clue if it'll work, but what's the bet there's a clause somewhere in his agreement.
Cambridgeshire/Norfolk border.
All electric and they are paying £300 a month that i think is too much for an average 3 bed mid-terrace house, even if i think they are living in a sauna.
Our "night" for the cheaper rate starts at 12:30 am until 4:00 am. Plenty of time for us to top up the car and do the dishes and laundry. Ours is a rural property with a large garden, so the only neighbour is a good distance for our house.
Neither of us wake up with any noise.
The toy octopus was huge, so you might want to re-think where you'd have shoved it.
I took it to the charity shop just before Christmas so some little kid might have got a nice toy.
I know what you mean about Martin Lewis ... he's well meaning, but a bit full-on.
Bee x
A single bee creates just one twelfth of a teaspoon of honey in her lifetime
Easier when you're detached or more rural though
You should maybe have kept the octopus. If it was that big, you could have cuddled it to keep warm....
Wasn't that similar to some advice offered by one of those utility companies? Words fail me. The folk who come up with that sh*te should be made to go and live in a flat or house that has rubbish insulation, and is in the middle of nowhere. See how they like it.
That seem hellish @Balgay.Hill. That's over 3 times what I pay for both gas and leccy, and I'm not even in a mid terrace house.
I live in west central Scotland - not where that photo is...
I live in west central Scotland - not where that photo is...
I've just paid 66 pence per litre for 763 litres. That's the highest price I've ever paid. two days after delivery the price now stands at 70.5 pence per litre.
Solar panels and battery storage is started to look attractive at these prices!
'The power of accurate observation .... is commonly called cynicism by those that have not got it.
George Bernard Shaw'
We've had to rely on oil for heating / hot water since 1996 and, in that time, the lowest price I've paid was around 20p/l and the highest was over 70p/l. That highest price was way back in 2010. One of the lowest prices was in May 2020 during lockdown. It probably averages out at around 45 - 50p/l
Oil is particularly sensitive to the various factors (mainly political) which influence energy prices.