u/mole-on-a-mission — reddlx

Cornwall Insight reckons July cap will be up 12.7%

Cornwall Insight is one of the main energy market forecasters and has just shared their latest forecast for the July’s price cap at £1,848.70.

Current cap is £1,641, so that’s about £208 more a year, or a 12.7% jump, if Ofgem confirms it. In other words if you are on a standard variable tariff (usually the default if you haven't changed it in the last 1/2 years) your prices will go up.

They were spot on with the current April-June cap, so worth paying attention.

Also seeing fixed tariffs start to creep up again with wholesale prices moving around and Middle East tensions feeding into the market quite a bit again.

FYI, the cap is not a cap on your total bill. It just caps the rates so if you use more you pay more of course.

Anyone fixing now or waiting for Ofgem?

reddit.com

u/mole-on-a-mission — 5 days ago

▲ 6 r/Energy_UK

E.ON agrees to buy Ovo in deal to create UK’s biggest energy supplier

Looks like it’s official now.

Still needs regulatory approval, but given OVO was already having issues with Ofgem’s tougher financial resilience rules, I’d be surprised if there isn’t some pressure to let it go through.

What are your guys thoughts?

theguardian.com

u/mole-on-a-mission — 12 days ago

▲ 5 r/Energy_UK

Nothing confirmed yet, but if this OVO / E.ON story goes anywhere, how would people handle it?

OVO has already been under a fair bit of scrutiny over the past year, including around its financials, so this adds another layer of uncertainty. Personally, if I found a decent deal elsewhere, I’d be tempted to switch rather than risk ending up in merger limbo.

That said, if I was on a really competitive fixed tariff, I probably wouldn’t rush to lose it. I’d just get organised: download the latest bill, submit a fresh meter reading, check the tariff/rates, and see how much credit is sitting on the account. If I had a big positive balance, I’d probably try to reclaim some of it now rather than risk it getting stuck later.

Not saying it would be a mess, but UK energy mergers don’t exactly have the best reputation once migrations begin.

Anyone here been through SSE -> OVO, npower -> E.ON or another supplier takeover before? What actually happened, and what do you wish you’d done earlier?

What are your thoughts in general?

u/mole-on-a-mission — 26 days ago