How's your energy supplier doing?

:grimacing::grimacing::grimacing::grimacing::grimacing:

Christ. Glad I took that 26% increase that Eon were offering and fixed it for a year.

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Sorry this is not really UK-centric, but my wife signed us up with this company and I have no idea whether that is a good thing or not (although quite a lot of bad vibes from this article)

I’m trying to make sense of how things actually work - it seems we pay Eon a monthly fee for connectivity to the grid, but then purchase electricity from these guys. Eon just fitted a new smart meter thing, although not sure what use that is as we view energy usage through this Tibber app now. I also am not really sure how Tibber know what we are using and how much of it is AI (guesswork).

Latest update from Bulb. It’s a big jump, but to be honest, I was expecting worse than this.

Trying to work out of I’d be better swapping

My elec unit price cheaper but daily rate more

HOLD

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Bulb strangely want to reduce my direct debit by a third, even though my usage has gone up.

I know I’ve got a buffer but that will he needed over winter?

Is that the relief payment thing? Bulb are doing it as a reduction of £66 per month between October and February I think?

Also nice credit balance m8 could just be that!

Ah that would make sense.
I’ve been paying their recommended monthly payment, so I’m not sure how I’ve built up so much credit. Guess they been hoarding it.

It’ll probably be because the estimate was made in winter, when your energy use was high, but then we’ve had the hottest summer in years, and so you’ve built up a huge amount of credit.

I’d try and avoid having more than a month or two of credit in there at the moment - ideally less if you’re confident of being able to pay your bills over winter - as no one really knows what’s going to happen to Bulb or it’s customers yet.

Yeah, worryingly have more money in my energy account than in any savings accounts I have

Good point I’ve lowered my direct debit to to their lower figure.

With Bulb.

£752.37 in credit

Good news, you can lower your payments :tada:

Based on your current balance and energy usage, we recommend lowering your monthly payments to £195.

Monthly payment £246.54
Next payment on 3 October

Latest statement £125
03 Aug to 02 Sep 2022

As a reference, my most expensive month in the last year:

3 Feb 2022
Energy used 03 Jan to 02 Feb 2022: £220.21
Balance: - £2.81

So I’ve defo been overpaying, by £30 more than even the midwinter high bills. Reason: when we signed up they very much underestimated, then overcompensated.

But, by my calculations, I reckon most of the current credit I’ve amassed due to accumulated overcompensation over the summer just gone will be needed, on top of maintaining that monthly payment rather than lowering it, to see us through to this time next year (although that credit balance is a tad higher than expected right now cos of the monthly sequencing of bills and payments). And then I’ll see where things stand. But in the current climate of chaos with Ed Miliband, who knows. :person_shrugging:t3:

We’re building a healthy credit with Shell, currently paying £110 a month against actual usage of £60-70 over the summer, so should have a few hundred by the time the heating needs to come on.

They’ve emailed today saying we need to increase our DD to £225 a month from 1 October and predicting actual usage of £208 based on last year’s readings. No info I can find about whether this includes the £66 rebate or not but even without it, that feels incredibly steep for a two bed flat.

Aside:

You’re using the new Bulb account design, we’d love to hear what you think. You can switch back to the old design in Account.

What I’m mostly thinking is that the old design was basically fine and, that it’s a shame that a company in special administration can find the resources for some non-essential website redesign but Smile bank can barely stay functional and useable.

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Mine is wanting me to increase monthly payments despite having most of the winter already covered in credit?!

Regarding prices, is it generally assumed that every energy company will be charging the same rate, so there’s not much point in moving? Not that energy suppliers are taking new customers…

Found dealing with energy companies recently to be a nightmare, not just because of the rising costs of everything, but I recently moved home. The new flat has prepayment meters from the previous occupant, and it took weeks for EDF to clear the debt that tenant had left (debt large enough to stop supply). Doesn’t look like I’ll be moving on to a credit meter until mid-October, when I’ve had the place since June. Although I feel for the staff, the procedures and customer service is pretty shocking. So I very much want to take my money elsewhere, but I’m also not sure if I should bother. Cheaper rates would help motivate me to do that.

I’d definitely ask them to justify that.

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Yeah, was wondering if they’re wanting to increase funds to cover the people who are going to get into arrears? Would be moving within a month anyhow so will hopefully get it back without any fuss. It’s a big company so should be fine :crossed_fingers: