Im looking at the Forward Delivery Contract prices on OFGEMs website.
Wholesale prices for electrcity and gas are nearly 80% down from the peak of a year ago. They have been this low since April. Why are we being thrown literal crumbs instead of benefitting from this enourmous collapse in energy prices?
Last August my electric was 52.11p per kWh and gas 12.87p per kWh.
Today it is electric 30.41p per kWh and gas 7.27p per kWh.
I would say that's a decent reduction. It just doesn't feel like it due to last year's government support via EPG and EBSS. We're back on the OFGEM price cap now.
I'm an Eon Next dual fuel customer with no particular expertise but have some time on my hands that I am using to try and help out a bit.
While wholesale costs are down other costs factored into our bills are likely higher. The OFGEM site shows the elements that make up the notional average bill and we can all look up the data. But based on August 2023 data less than 35% of the typical bill was due to wholesale costs.
Current Eon Next customer, ex EDF, 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.
"35% of the typical bill was due to wholesale costs"... yup. Funny that it the reverse when unit prices rocket isn't it. We were being told our bills were up 400% in line with internationally drive wholesale prices. Now they are 80% down its "oh the wholesale price isn't that important" LOL. They think we're stupid. And they aren't far wrong.
For the same reason I pay 29.91 p/kWh for my electricity. Because that is the tariff we signed up to and we pay by Direct Debit. There is a slight difference due to the fact that Joe and I live in different regions of the UK.
You refuse to entertain Direct Debit, as you constantly remind us, therefore your tariff options are very limited and will be significantly higher.
You have explained your reasoning, and we can accept why you feel the way you do and it is entirely your personal choice. However, those of us that do opt to pay by Direct Debit have chosen to do so because we have our reasons. All suppliers far prefer Direct Debit and thus offer better rates to those customers.
Last edited by retrotecchie; 21-10-23 at 14:52.
Don't shoot me, I'm only the piano player. I DON'T work for or on behalf of EON.Next, but am willing to try and help if I can. Not on mains gas, mobile network or mains drainage. House heated almost entirely by baby dragons.
@retrotecchie Ah yes. The old DD swindle. I pay my bills on time, online. When they are correct. Why should DD (or not) have anything to do with it? Why should I be discriminated against like that? It's not like they have to process a cheque or count a load of cash. Think about it.
No. The only reason they discrimate agaisnt people who dont have DD set up so violently is because they want more money than they shod be getting up front where they have the control. It's the only rational conclusion one can come to.
How can the cost difference between DD and online manual card payments be nearly 20%??? Because it isnt. Its a fiction and rip off.
So you have two choices. Pay DD and get lower prices, or don't pay by DD and pay higher prices. That's how it works. It's industry wide and the caps for the different payment methods are set by OFGEM.
Your have made your feelings clear on the subject. We get it. But you can hold any opinion you wish and it won't make the slightest bit of difference to the way things are. From OFGEM figures the difference between DD and non DD tariff is only about 7% comparing like for like tariffs. That is, Next Flex non-DD is 7% more expensive than Next Flex DD. The difference of 20% is probably because several of us have signed up to tariffs other than Next Flex. My Loyalty Fixed 12m tariff is 14% cheaper than Next Flex, both paying by DD, so if you are on Next Flex non DD you will be paying around 20% more than me. Basic maths.
You have the right to shop around to see if you can get a better deal elsewhere.
@JoeSoap thanks. I'm paying 38p per KwH for electrcity and my gas is the same. How are you getting 30p !?
I'm on Next Loyalty Fixed v4. It comes with Fixed DD (I could choose variable DD if I wanted) and you have to have smart meters or agree to have them installed where eligible. I build up a credit balance by the autumn to smooth out the DDs and keep them where they were in the summer as I go through the winter months.
My credit balance is healthy right now but even if it was £1000 and diminished to zero at the start of summer I'm still better off than I would be if the money was in the bank earning me very little interest.
Im looking at the Forward Delivery Contract prices on OFGEMs website.
Wholesale prices for electrcity and gas are nearly 80% down from the peak of a year ago. They have been this low since April. Why are we being thrown literal crumbs instead of benefitting from this enourmous collapse in energy prices?
I'd suggest you could do worse than familiarising yourself with how the domestic energy markets work in the UK via lots of sites such as this that explain it more thoroughly than I certainly can. Your initial post has zoomed in on to one particular metric but its not the whole story. The system is arguably flawed I grant you but until the 'system' changes we are stuck with what we are stuck with.
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