probably things will have blown over by then.....

[Jim Stewart ...]

Hello James As you may have heard in the news, the energy regulator, Ofgem is expected to announce the new price cap later this week. This means customers who are on standard variable tariffs will pay more for their energy from October. We wanted to reassure you that this price rise won’t affect you because you are on a fixed tariff until 31 May 2023. Being on a fixed tariff means the unit price and standing charge for your energy are exactly that – fixed. You’re fully protected against price rises for the length of your contract and your bill will only go up if you use more energy. We know this is a really challenging time for lots of people, so we hope this update brings you a little peace of mind. What happens now You don’t need to do anything. We’ll be in touch again before your tariff ends on 31 May 2023.

[alan_m]

What is your current electricity tariff (standing daily charge and price per kWH)?

[Jeff Gaines]

I had the same from British Gas this morning, I'm fixed until December

2023. If I'm still around I'll need to pour a brandy before I look at the new cost then!

[jon]

Putin might press the reset button before then, only the survivors will worry about global warming and prices.

[Robin]

Do you have space for lodgers?

[Jim Stewart ...]

no idea

[Brian Gaff]

I'm in this bracket as well. At the moment no energy company will quote a fixed rate for any reasonable length of time, so it will be interesting to see what happens when peoples fixed rates are coming to an end and you ask for a quote. My guess is that fixed rates will be set much higher than needed to dissuade people from using them. The industry wants variable pricing but the consumer wants to do a budget, which are of course at opposites to each other. Somebody is going to have to make a decision or the shit will hit the fan when everyone gets in debt. Brian

[alan_m]

Possibly the best option will be to default to the capped cost variable rates.

I bet the utility companies would like everyone to take up their new fixed rates because they are not price capped by legislation. The tariffs they are currently quoting is the current true cost of supplying your power plus adding in the best guess for future pricing.

Not in a price capped rising cost marketplace.

[Robin]

The current price cap does not meet the "current true cost". That's why there's been all the recent news about backwardation* increasing further the next "cap".

• to quote Ofgem "Backwardation costs are a result of the difference between the index used to set the cap level and the way suppliers are able to purchase energy for their cap customers."

[alan_m]

I was referring to the true cost of a new fixed price contract in a rising cost market rather than the capped variable rate.

[Robin]

[Jamesy]

Even Putin isn't actually THAT stupid.

only the survivors will

[SteveW]

I'm not entirely sure. However, the generals and even the people in the bunkers are hopefully not that stupid.

[Jamesy]

I am. He has children and grandkids outside Russia and even if they were all in Russia, even he wouldn't actually be stupid enough to leave them in that situation even if say he knew that he was about to die of something.

What he has done in Chechnya, Georgia, the Crimea and now the Ukraine shows no evidence of stupidity.

[The Natural Philosopher]

No, and they appear to be getting a shade closer to Putin.