Most will be aware that the Energy Price Guarantee for the mythical average dual fuel customer paying by Direct Debit will increase I April. The average amount will go from £2,500 to £3,000, so an increase of 20%.
Martin Lewis is pressing for that change to be scrapped, because of the detrimental effect it will have on the vulnerable in society.
It is though, based on forecasts from those with a good track record, likely to be only a temporary increase because the price cap to be issued by OFGEM for July is likely to be around the £2500 figure or lower, and the energy price guarantee will not be required much if at all.
The other positive thing to remember is that the oft quoted figures relate to annual usage, and we'll only be concerned about the period April to June inclusive. I've done an analysis of my gas consumption over the past 15 years (I know - I'm a sad person!) and in Q1 i used 47% of my gas annual usage and in Q2 I used only 12% of my annual usage. This is because heating requirements in the spring are so very much lower than in the winter. So although prices are going up in April, for me my gas bills will actually be going down, because usage will be down.
Unfortunately for me my electricity consumption has been fairly stable across the year in the past and so my electricity will cost me more, and my fixed price deal is ending. So I'll be grateful that my recent electricity energy saving efforts are bearing fruit. In January 2023 i used 180 kWh, in the same period 2 years ago I used 276 kWh and in 2021 251 kWh.
There is an old saying "necessity is the mother of invention". In this respect high energy prices have forced many of us to look much more closely at our energy consumption, to reduce the pressure on our finances, and in a wider context contribute to the reduction in the use of fossil fuels.
Martin Lewis is pressing for that change to be scrapped, because of the detrimental effect it will have on the vulnerable in society.
It is though, based on forecasts from those with a good track record, likely to be only a temporary increase because the price cap to be issued by OFGEM for July is likely to be around the £2500 figure or lower, and the energy price guarantee will not be required much if at all.
The other positive thing to remember is that the oft quoted figures relate to annual usage, and we'll only be concerned about the period April to June inclusive. I've done an analysis of my gas consumption over the past 15 years (I know - I'm a sad person!) and in Q1 i used 47% of my gas annual usage and in Q2 I used only 12% of my annual usage. This is because heating requirements in the spring are so very much lower than in the winter. So although prices are going up in April, for me my gas bills will actually be going down, because usage will be down.
Unfortunately for me my electricity consumption has been fairly stable across the year in the past and so my electricity will cost me more, and my fixed price deal is ending. So I'll be grateful that my recent electricity energy saving efforts are bearing fruit. In January 2023 i used 180 kWh, in the same period 2 years ago I used 276 kWh and in 2021 251 kWh.
There is an old saying "necessity is the mother of invention". In this respect high energy prices have forced many of us to look much more closely at our energy consumption, to reduce the pressure on our finances, and in a wider context contribute to the reduction in the use of fossil fuels.
Current Eon Next and EDF customer, ex Zog and Symbio. Don't think dual fuel saves money and don't like smart meters. Chronologically Gifted. If I offend let me know by private message, but I’ll continue to express my opinions nonetheless.
