Good News Re Energy (Possibly)

[goodgoalie]

There is "a strong chance" bills will now NOT rise on 1st April as had been feared, following a recent large drop in wholesale gas and electricity prices. Announcement expected in the Budget on 15th March. Fingers crossed.

https://www.bbc.co.uk/news/business-64830701

[barry1010]

We can only hope, GG. Martin Lewis has been pushing for this.

[goodgoalie]

I've read in a few places that it's increasingly likely, def more than 50/50. Martin Lewis has a lot of clout - good on him for fighting for this.

[youngmafbog]

Lewis cn push all he likes but thankfully its not up to him.

They need to take account of the price is may go to not just the spot price at the time. So that could go either way.

The last thing we need is a repeat of companies going broke like last time. That just pushes the price up, we are all still paying for the likes of bulb through increased standing charges.

[youngmafbog]

//Martin Lewis has a lot of clout//

No he doesnt. He just thinks he has. Much of 'advice' is common sense and what most have done for years.

[goodgoalie]

I agree that something should be done about the iniquitous standing charges, over which OFGEM has no control. My electricity SC went from 18p a day to 49p a day.
When I first moved to my current property there was a 'no standing charge' tariff, which was beneficial for single low users like me, but he government forced all suppliers to scrap them.

[youngmafbog]

I've just told you why they are higher.

You are paying for failed Bulb customers.

[ABerrant]

Ofgem has complete control of standing charges; it exclusively sets the rates as part of the Energy Price Cap.

https://www.energylivenews.com/2022/06/13/ofgem-cost-of-standing-charge-to-be-reviewed/

and as stated by youngmafbog one component of SC is the costs of supplier failures i.e. the Supplier of Last Resort (SoLR) levy.

https://www.energylivenews.com/2022/08/19/ofgem-for-supplier-failure-costs-the-numbers-didnt-stack-up/.