My present contract ends on 29th March, at moment I pay £1200/annum for gas & electricity by DD. My new quotes from EON are £3200 for a flexi contract and £4460 for a fixed contract, giving increases of 167% and 284%.
I knew prices were rising but this seems excessive. Anyone else think so?
My own bills will be nearly 3 times higher than last year when i was on very competitive contracts - but suppliers went bust and now I'm on variable flex tariffs and prices increase tomorrow. Fixed prices are higher because they are factoring in another increase in wholesale prices later in the year.
I did some rough calculations and reckon that the V13 fix is factoring in a 60%+% increase in flex prices from October 1 2022.
Remember the DD is a rather complicate budgeting mechanism. Effectively you pay still for what you use over time at the prevailing prices. Its simply a matter that the direct link between consumption and payment is broken by using monthly direct debit.
If the DD is too high you end up making interest free loans to your supplier, if its too low in effect they are loaning you money.
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