Electric price, WTF

[Sid]

They want you in a contract of known duration. So they can go away and buy the electricity at wholesale when it suits them. A fixed term is a fixed term- easy. If you go only on consumption does 3000 units mean it runs out in 5 years time or 5 months?

Doesn't matter if they have forward bought the number of units does it?

You have to give an estimated consumption. What happens if your wildly over or under? Guess there is a clause within that.

 

[ollie989898]

Doesn't matter if they have forward bought the number of units does it?

You have to give an estimated consumption. What happens if your wildly over or under? Guess there is a clause within that.

Basically, the UK electricity market is as follows:

Shed loads of electricity companies sell retail to the consumers. Not many of these companies actually have any generating capacity, they merely act as intermediaries by buying and selling the stuff from one party and selling it to another. In order to make the maximum amount of money, they want you to sign up for a fixed term and then tell them how much energy you will roughly use. They then go into the marketplace and buy the stuff on contract from someone else. It's why so many of them want to get you installing smart meters, they are reporting your use in real time and thus give them more opportunities to make money by buying the stuff when it suits their profit margins.

 

[Exfarmer]

Basically, the UK electricity market is as follows:

Shed loads of electricity companies sell retail to the consumers. Not many of these companies actually have any generating capacity, they merely act as intermediaries by buying and selling the stuff from one party and selling it to another. In order to make the maximum amount of money, they want you to sign up for a fixed term and then tell them how much energy you will roughly use. They then go into the marketplace and buy the stuff on contract from someone else. It's why so many of them want to get you installing smart meters, they are reporting your use in real time and thus give them more opportunities to make money by buying the stuff when it suits their profit margins.

Actually none of the companies selling into the retail market have any generating capacity.
they may be owned by companies who have other companies generating, but between them are National Grid, DNOs and metering companies.
a wonderfully intricate world is the UK electricity market

 

[cornishfarmer]

My contract is up for renewal end of June
My prices now are daily charge 25p day/ day rate 17.45p /night rate 12.81p
3 choices with supplier / our out of contract 35p day charge 47.08 day rate / night rate 38.64 or 1 year contract fixed at 25p day charge 37.4p day rate/ night rate 33.8p
or 3 year contract fixed at daily charge 25p /day rate 35.1p/ night rate 31.3p
House on business contract supplying small livestock farm with power for lights/ small power tools/ milk heater.
Is fixing for 3 year s sensible?
Is it better to try to swap to a domestic contract as government might help joe public more with energy pricing?
Is this a good price in present conditions?
If we put solar on the roof , if fixed would we /or not be able to sell to another company if buy back price was better.
Any thoughts?

Snap this is the exact prices I’ve had in north Cornwall. Not been offered a 3 year tho. Get anywhere by ringing?

 

[devonbeef]

Snap this is the exact prices I’ve had in north Cornwall. Not been offered a 3 year tho. Get anywhere by ringing?

nope total waste of time,I have tried mole valley farmers too now, it appears not interested in small farmers,were going to ring back with price chap in next hour that was 11am this morning. have a solar firm coming in the morning to quote for a solar array.I am going to try and see if provider will give us 2 year contract at the 3 year prices,

 

[bobk]

Getting a pita this leccy job , hopefully the providers will have that many folk in arrears they will have to drop prices

 

[Timbo]

Getting a pita this leccy job , hopefully the providers will have that many folk in arrears they will have to drop prices

That's not going to happen. Like insurance, there is always some fat added on to cover the bad debtors or uninsured.

 

[glasshouse]

And the BOE think raising interest rates will kerb inflation.
How can it with price hikes like this!

Hiking interest is to make the rich richer
Nothing to do with stopping inflation