Energy Prices - Important To Read Your Meters

Date for the diary.

Thursday March 31st, 2022.

National Meter reading day.

EVERYONE needs to take gas and electricity meter readings on March 31st. Regardless of what type of meter you have, smart or otherwise. Ideally a photo of both meters showing the readings and meter serial number.

Submit the meter reading to your energy supplier right away. If for whatever reading you can’t submit that day. You have photos as evidence of meter readings and the date they were taken.

It’s going to be a very busy day for suppliers and you might not be able to submit readings that day.

Why does everyone need to do this?

As most people now know, on 1st April 2022, the new OFGEM energy price cap comes into force. This means much higher energy rates for millions of people. It’s incredibly important therefore suppliers are not given the opportunity to charge energy units used at the old lower rates before 1st April 2022, at the newer higher price caps rates after 1st April 2022.

 

The sun is shining.

 

You should have received a renewal quote so, if I were you, I would chase them up. My tariff ends on 16/4 and I received my renewal quote on 26/2. A new fixed rate tariff is more than double the current one. I went searching for quotes and most companies were refusing to quote and said stick with your 'current' company. I did find a couple that were about £1,000 cheaper but they will only fix until January. Whereas my company has offered a fix for two years.

The forecast at the moment is that rates will go up 54% in April and another 24% in October and then increase every six months. I think they may go up even more in October because of the war.

I've just agreed my new tariff to start April 17th on the quoted rate.

 

That's why I took a fixed rate because it was for two years. Seemed a better bet than a variable rate which wasn't much lower. A short term fixed rate isn't worth it.

 

I've just done a quick calculation on the difference between the fixed rate they have offered and the variable rate they have offered. Then made an assumption that the prices would go up 24% in Oct, 10% next April and 10% next Oct.

Assuming we consume the same amount of gas and electricity we would pay a total of just over £600 more on the variable over the two years of our contract on the fixed. We use a lot of energy (that's the house and not me!).