I have posted a couple of related noms over the last 12 months concerning the price cap, Ofgem and the hideous rise in domestic energy prices.
The price cap was increased to something like 54% in April 2022 for people on SVRs. And there were warnings from the regulator, Ofgem that the cap would rise again come October to something like 30 or 40%
Well now it seems that estimate is way off and that it could well be hovering around the mid 60s. Which in effect means gas and electric bills will have gone up by over 100% come October – just in time for a hard cold winter!
This translates into something like £3500 for a “typical” household compared to around £1650 just a year ago.
Ofgem has also reduced the Price Cap review from 6 months to 3. This means we can expect more increases over the next 12 months at least.
If you’ve just started a Fixed Rate tariff then you’ll be protected for the duration of the tariff (assuming your energy provider doesn’t go pop!) But given that fixed tariffs are becoming harder to find it will mean people being dumped on SVRs when their fixed ends, and its the SVRs that will feel the full effect of the price cap increase.
There is plenty of financial support for the usual groups and rightly so in most cases. But as per usual if you’re in employment but on a lowish wage that doesn’t attract any extra top-ups then you’re going to be hit hard as your disposable and discretionary spending becomes even more constricted especially with “real world” inflation well over 10% in some instances.
There appears to be no end in sight for 2022/2023. And even when the war ends in Ukraine and fuel supply meets demand I doubt if the price cap will fall by the same leaps and bounds as when they went up!
But its okay because our wonderful eco-green policies will make the world a happier place even though none of them are proven, sustainable or value for money (especially when one considers how heavily subsidised they are by the same people struggling to pay their fuel bills!)
Nominated by: Technocunt
“You stole my future!”
Said the 18 year-old millionaire from her family’s mansion.
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The thing I cannot find out is where the Gas comes from. It’s not north sea gas as that should be cheap and plentiful. So where does that go?
John Ward the famous electrician did an amazing report you’ll never see on the MSM:
https://www.youtube.com/watch?v=37M7ffjro3I
He noticed that all the electric power stations that used to use coal now use gas, driving costs up of gas even more.
There is only one nuclear power station in Scotland still producing electricity (Torness). Renewables only produce 25% of the electricity Scotland requires. It’s a shit show. They’ve double the standing charge for electricity (Because everybody uses electricity) and trebled the price of gas in 2 years. This isn’t because Vlad invaded Ukraine. It’s sheer fucking greed and stupidity.
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Another update: seems that when I quoted in my nom a price cap rise of around 65% in October of this year, it has now been revised upwards to around 74% for October and possibly another 30% at the next Price Cap review in January 2023.
That will be a rise of over 100% between October 22 and Jan 23, plus the 54% rise in April 2022. Or 154% in total, with more to come in 2023
https://inews.co.uk/news/consumer/energy-price-cap-rise-prediction-rishi-sunak-u-turn-vat-bills-1764613
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