Jump to content

Energy supplier has went bust


hmfcbilly
 Share

Recommended Posts

36 minutes ago, Jambo-Jimbo said:

 

Don't see many other alternatives the government have.

 

The option was to remove the price cap in August. 

 

That would have saved suppliers and jobs but was politically unpopular. 

 

Instead we'll all have a whacking great price increase in April next year to pay for the mess.

Link to comment
Share on other sites

  • Replies 223
  • Created
  • Last Reply

Top Posters In This Topic

  • Dirty Deeds

    16

  • hmfcbilly

    13

  • Jambo-Jimbo

    40

  • ri Alban

    13

Top Posters In This Topic

Posted Images

53 minutes ago, Jambo-Jimbo said:

 

Don't see many other alternatives the government have.

 

 

agree, but that it's necessary in the first place is down to a failure in regulation and tampering with the market.

Link to comment
Share on other sites

1 hour ago, Dirty Deeds said:

The option was to remove the price cap in August. 

 

That would have saved suppliers and jobs but was politically unpopular. 

 

Instead we'll all have a whacking great price increase in April next year to pay for the mess.

 

And have tens of thousands of families having their energy cut off in the winter, when their bills went through the roof and they couldn't afford to pay the huge increases which would have followed.  The price cap is there to help prevent such a situation from happening, recent events have shown that it's not ideal, but for many of the poorest families it's all that stands between them and having extortionate energy bills being thrust upon them.

 

The ongoing increases in the wholesale energy markets, show that there are no easy fixes here, and you are correct that everyone of us will be paying substanially more for our energy in the future, but I do think that will be more down to wholesale prices, rather than to sort out this mess.

Link to comment
Share on other sites

1 hour ago, Japan Jambo said:

 

agree, but that it's necessary in the first place is down to a failure in regulation and tampering with the market.

 

Yip, there will have to be a shake-up in the market, so as to prevent a repeat.

Moving forwards they could make companies have to put aside x amount into a scheme, similar to ABTA/ATOL sort of thing, to act as a buffer in case the wholesale price suddenly rockets, I don't know, but something has to change.

Link to comment
Share on other sites

1 minute ago, Jambo-Jimbo said:

 

And have tens of thousands of families having their energy cut off in the winter, when their bills went through the roof and they couldn't afford to pay the huge increases which would have followed.  The price cap is there to help prevent such a situation from happening, recent events have shown that it's not ideal, but for many of the poorest families it's all that stands between them and having extortionate energy bills being thrust upon them.

 

The ongoing increases in the wholesale energy markets, show that there are no easy fixes here, and you are correct that everyone of us will be paying substanially more for our energy in the future, but I do think that will be more down to wholesale prices, rather than to sort out this mess.

I agree with your fuel poverty comments but the price cap was to prevent the Big 6 from profiteering from customers who did not engage with the market.  

 

Imagine if the government put a price cap on petrol at the pump?  No, wouldn't happen would it.

 

The price cap killed competition and saved what remains of the original Big 6.

Link to comment
Share on other sites

13 minutes ago, Dirty Deeds said:

I agree with your fuel poverty comments but the price cap was to prevent the Big 6 from profiteering from customers who did not engage with the market.  

 

Imagine if the government put a price cap on petrol at the pump?  No, wouldn't happen would it.

 

The price cap killed competition and saved what remains of the original Big 6.

 

I'm all for competition, but it's clear the whole supplier market has to change, with companies being able to survive the volatile wholesale market, which is really only going to leave the big 6 when the dust settles.

 

We can't have the current situation and we can't have a return to the old days and I have no ideas how to fix it.

Link to comment
Share on other sites

1 hour ago, Jambo-Jimbo said:

 

I'm all for competition, but it's clear the whole supplier market has to change, with companies being able to survive the volatile wholesale market, which is really only going to leave the big 6 when the dust settles.

 

We can't have the current situation and we can't have a return to the old days and I have no ideas how to fix it.

No simple answer and the horse has bolted re the current issues. 

 

There was massive government led move to domestic gas heating in the 1970s and we now need similar government intervention to move us away from gas heating. 

 

That supported by unprecedented investment in UK renewables.

 

Until the transition completes we need to radically improve our gas storage capability to protect from the price volatility currently ongoing. 

 

In short, massive government intervention through strategic planning instead of expensive reactionary measures.

 

A government providing £1.7bn to run a failed supplier with 1.7m customers for 6 months is insane. 

Link to comment
Share on other sites

19 minutes ago, milky_26 said:

Zog with 11700 customers is the latest to go. 

 

It's going to be interesting where the customers of Zog Energy are transferred to.

Let's say for example they are moved to British Gas and their bills increase, which they undoubtedly will, they would have a valid argument of why should their bills increase and Bulb's customers haven't.

 

Bulb's customers, of which I'm one, won't see an increase in their tariff's for at least the next 3 or 4 months, whereas customers of Zog could find that their tariff's have increased substantially in the next 2 or 3 weeks.  I wonder if it's even feasible to transfer Zog customers to Bulb, probably not, but I can see a huge row erupt over this, especially if or when more companies go bust and Bulb's customers continue to pay their low tariff compared to other customers of other bust companies who have went bust after Bulb get moved to the likes of BG/SP/Eon etc and then get hit with a huge tariff increase.

Link to comment
Share on other sites

Dean Winchester
1 hour ago, Jambo-Jimbo said:

 

It's going to be interesting where the customers of Zog Energy are transferred to.

Let's say for example they are moved to British Gas and their bills increase, which they undoubtedly will, they would have a valid argument of why should their bills increase and Bulb's customers haven't.

 

Bulb's customers, of which I'm one, won't see an increase in their tariff's for at least the next 3 or 4 months, whereas customers of Zog could find that their tariff's have increased substantially in the next 2 or 3 weeks.  I wonder if it's even feasible to transfer Zog customers to Bulb, probably not, but I can see a huge row erupt over this, especially if or when more companies go bust and Bulb's customers continue to pay their low tariff compared to other customers of other bust companies who have went bust after Bulb get moved to the likes of BG/SP/Eon etc and then get hit with a huge tariff increase.

I thought Bulb was already variable so have already had their bills increased (and will increase again when the price cap goes up) in line with the price cap?

Link to comment
Share on other sites

43 minutes ago, Dean Winchester said:

I thought Bulb was already variable so have already had their bills increased (and will increase again when the price cap goes up) in line with the price cap?

 

Yes, but that's not what I'm meaning.

Bulb & pretty much all of the other smaller suppliers' tariff's are lower than British Gas/Scottish Power etc, therefore when people get transferred over to another supplier their bills will increase, sometimes sharply, because they are now paying a higher tariff per unit of energy, than they were previously.

Link to comment
Share on other sites

  • 3 weeks later...
  • 4 weeks later...

E-ON has sent 30,000 households a free pair of socks to help them keep warm, ahead of its latest price hike

 

:cornette:

Link to comment
Share on other sites

Jambo_jim2001
5 minutes ago, Cade said:

E-ON has sent 30,000 households a free pair of socks to help them keep warm, ahead of its latest price hike

 

:cornette:

Talk about rubbing salt into the wound,what about all the years upon years all these companies have been making massive amounts of money,not a drop stashed away for a rainy day,glad I still have the old coal fired central heating, always plenty other stuff to burn for free if I'm skint.should renationalise the lot of the energy companies,keep the money in the uk,not feeding all the fat cats with bonuses and such like.

Link to comment
Share on other sites

19 minutes ago, Cade said:

E-ON has sent 30,000 households a free pair of socks to help them keep warm, ahead of its latest price hike

 

:cornette:

couple of days after ovo had to apologise for suggesting people put on an extra jumper or hug their pets to keep warm

Link to comment
Share on other sites

I was with green when they went bust and now with shell. My gas and elec has gone from £72 a month to £111. It’s only going to continue to rise. 

Link to comment
Share on other sites

Jambo-Jimbo
48 minutes ago, milky_26 said:

couple of days after ovo had to apologise for suggesting people put on an extra jumper or hug their pets to keep warm

 

And star jumps.

 

Ovo feeling the pinch as well, cutting a quarter of their workforce around about 1700 jobs, just to try and save money and ultimately stay afloat.

Link to comment
Share on other sites

Radio Ga Ga
47 minutes ago, Jambo-Jimbo said:

 

And star jumps.

 

Ovo feeling the pinch as well, cutting a quarter of their workforce around about 1700 jobs, just to try and save money and ultimately stay afloat.

Ovo are the second biggest supplier in the UK after British Gas (they bought the SSE supply business in 2020) if they went bust the whole industry (supply side) would fold like a deck of cards. 
 

SSE we’re very cute in hiving off their supply business (very hard to make a profit) and concentrate on their Transmission and Distribution businesses, which, along with Generation, is where the money is. 

Link to comment
Share on other sites

Jambo-Jimbo
9 minutes ago, Radio Ga Ga said:

Ovo are the second biggest supplier in the UK after British Gas (they bought the SSE supply business in 2020) if they went bust the whole industry (supply side) would fold like a deck of cards. 
 

SSE we’re very cute in hiving off their supply business (very hard to make a profit) and concentrate on their Transmission and Distribution businesses, which, along with Generation, is where the money is. 

 

Such is the state of the industry right now.

 

Only thing which will help is a huge price hike, unfortunately, going to cost everyone of us come April, I fear.

Link to comment
Share on other sites

SwindonJambo

I'm on an excellent deal with Shell, which runs out at the end of next month then I go onto their default tariff.

 

The big date to watch is Monday 7th February, which is when the April 1st cap is announced. A rise of around 50% is expected. All we can really do is control what we consume - no leaving devices on standby, wear an extra layer and turn down the heating a degree or 2. I would advise anyone who hasn't got one to get a smart meter. I finally got mine last May and it opener my eyes to a an electricity guzzling 20 year old fridge freezer and strip light, both of which I replaced and it's made a hell of a difference.

Link to comment
Share on other sites

Just wait until Russia invades Ukraine, we retaliate with sanctions and Putin turns the gas supply off.

 

You aint seen nothin yet.

Edited by Cade
Link to comment
Share on other sites

SwindonJambo
51 minutes ago, Cade said:

Just wait until Russia invades Ukraine, we retaliate with sanctions and Putin turns the gas supply off.

 

You aint seen nothin yet.

 

He seems to be hell bent on manufacturing an excuse to do so. He’s a bitter, delusional old  KGB spook, who wants to turn the clock back 35 years. Tough as they will be on both sides, sanctions are the 100% correct reaction. Never appease a bully.

 

As well as the obvious environmental benefits, reducing the World’s dependency on fossil fuels would be a great way to clip the wings of evil counts like Putin.

Link to comment
Share on other sites

54 minutes ago, SwindonJambo said:

 

He seems to be hell bent on manufacturing an excuse to do so. He’s a bitter, delusional old  KGB spook, who wants to turn the clock back 35 years. Tough as they will be on both sides, sanctions are the 100% correct reaction. Never appease a bully.

 

As well as the obvious environmental benefits, reducing the World’s dependency on fossil fuels would be a great way to clip the wings of evil counts like Putin.

It's not all bad, if he does, my company (amongst a select few others) stand to make an absolute ******* fortune...

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




×
×
  • Create New...