Screwed Over Utilities

[SueEllen]

You know you are with an energy supplier for electric and/or gas?

Well now Ofgem has locked you in with them unless you move house.

Martin Lewis is now ranting on the radio.

[SueEllen]

https://twitter.com/MartinSLewis/sta...Cw7dzL9K0qAAAA

To journalists writing about today's Ofgem changes - don't ignore the 'market stabilization' announcement. Its a disaster that means if wholesale prices fall & a new firm gets a switcher, it must pay 85% of difference to old firm. Killing hopes of firms launching cheaper deals.

[SueEllen]

https://twitter.com/MartinSLewis/sta...7Ctwgr%5Etweet

Ofgem has moved to a formal consultation about changing the price cap every 3mths (rather than current 6) I had pushed to soften this to every 4mths but what counts is its structure (inc forward guidance). I'm due to discuss its proposals with it within the hour to learn more

[AtW]

There should be no cap at all.

[ladymuck]

I'm quite lucky in that Shell Energy have confirmed that when I move (as my landlady has confirmed today that I am being served notice) I will keep the two year fixed rate tariff I took in September last year. I was worried they'd use the move as an excuse to cancel the deal and move me onto a more expensive tariff.

[d000hg]

It's strange that with energy suppliers telling us the cap means they're losing money and so many smaller suppliers indeed going bust, that record profits are being announced and there's calls for windfall taxes. How's that all work?

[Lance]

There should be no cap at all.

I agree....

Privatised regulated industries can work if they can compete.
The cap prevents them from competing.

It was stupid populist idea when Milliballs suggested it.
It was even stupider, and still populist, that it was implemented by the fecking Tories.

[Lance]

It's strange that with energy suppliers telling us the cap means they're losing money and so many smaller suppliers indeed going bust, that record profits are being announced and there's calls for windfall taxes. How's that all work?

there are huge profits to be made as a wholesaler of gas and oil. Not retail.

[eek]

https://twitter.com/MartinSLewis/sta...7Ctwgr%5Etweet

Ofgem has moved to a formal consultation about changing the price cap every 3mths (rather than current 6) I had pushed to soften this to every 4mths but what counts is its structure (inc forward guidance). I'm due to discuss its proposals with it within the hour to learn more

He wasn't happy...

[d000hg]

there are huge profits to be made as a wholesaler of gas and oil. Not retail.

But I thought the prices were shooting up due to their own costs - is that not the case and they've simply been jumping prices?