Cheapest UK electricity tariff

NorvernRob

Distinguished Member
Wow, prices are crazy. Checked a few sites and the best quotes so far are coming in well over £500 per year more than I’m currently paying - that’s putting in my actual usage, and I’m well in credit at the moment too!
 

Tel69

Active Member
I posted on the other usage thread that wholesale gas & electric prices are incredibly crazy and getting higher across Europe and Asia. You already know there’s a rise coming from October which is already being factored into bills. The next announcement from Ofgem about the price cap will be in February 2022 for another rise from 1 April 2022. My advice would be to fix as far ahead as you can as the markets are showing no signs of cooling down.
 

ChuckMountain

Distinguished Member
Also I found that when I swapped in Feb that cheap energy club that I had used for quite some time were more expensive then uswitch for the same supplier. In my case it was eon and I saved 160 over the year (I use quite a lot of juice). Both tariffs were “exclusive” and better than the equivalent direct even with large cash back at the time so it does post to use multiple comparison sites
 

neilball

Well-known Member
Just renewed on a fixed 1 year deal with Neon Reef as I did no want to wait and find rates increasing even more. In the end I my unit rate has increased by just under 5p/kWh, so approx 40% more than what I have been paying for the last 18 months. I’m resigned to laying about £1k a year more for my energy over the next 12 months, and hopefully this is a short term anomaly, but who knows where the wholesale market will be next year!
 

27neth

Distinguished Member
Edf were best for us, we just went fixed for 3 years, no exit fees. prices are starting to get crazy.
I have just moved from Igloo to Edf as igloo have just put the prices up again. I locked into a 3 year deal which will cost me £11 a month more then with Igloo after the price rise.
Edf also give me a £100 credit on my account for switching to them. I also recommend my mam as she was with Igloo too and we got a extra £50 Each. It’s also tracking for £60 with Quidco.
 

neilball

Well-known Member
Better lock in any new deals quickly - wholesale prices have been insane recently due to a number of factors, and not helped by the fire at the UK side of one of the France-UK interconnectors. The cable damage is not due to be fixed until March next year! I saw prices for peak time quoted at £2500 per megawatt-hour this week when it might normally have been under £100 per megawatt-hour. And the same press article suggested that last week generators with additional capacity available at short notice were being paid as much as £4000 per megawatt-hour to help keep the lights on. So increasingly high energy prices look to be here for the next 12 months or so!
 

RBZ5416

Distinguished Member
Been looking around over the last few days & OVO was looking a likely candidate. Just been back on their site & they now appear to have withdrawn all fixed tariffs. Just a single offering of a variable rate.
 

Missyeight

Active Member
Just renewed on a fixed 1 year deal with Neon Reef as I did no want to wait and find rates increasing even more. In the end I my unit rate has increased by just under 5p/kWh, so approx 40% more than what I have been paying for the last 18 months. I’m resigned to laying about £1k a year more for my energy over the next 12 months, and hopefully this is a short term anomaly, but who knows where the wholesale market will be next year!
Be very careful, maybe cancel if you can !!
Neon Reef is a sister company to Utility Point who went bust yesterday.
They are situated in Bournemouth a few miles away from Poole where Utility Point are/were and most worryingly have the same CEO namely Ben Bolt.
 

neilball

Well-known Member
Be very careful, maybe cancel if you can !!
Neon Reef is a sister company to Utility Point who went bust yesterday.
They are situated in Bournemouth a few miles away from Poole where Utility Point are/were and most worryingly have the same CEO namely Ben Bolt.
That’s a bit of a worry, but as I’m switching away from Symbio, and have the rigmarole of convincing them to stop blocking the transfer due to debt (which is entirely fictitious as they estimate my usage at more than 4x what I actually use), it takes a lot longer to get to the point of being able to transfer. Neon Reef are several hundreds of pounds a year cheaper than my next best offer, although still more than £1k a year more expensive than what I’ve been paying recently, so it’s a case of needs must until such time as they fold.
 

Missyeight

Active Member
I had a look at Symbio on Trustpilot and someone in your situation trying to switch (could be you) has some good advice, post is by JE about 6 posts down as of now. I will say one thing for them though, they don't seem to be using (many) fictitious customers giving excellent 5 star ratings unlike a company I used to be a customer of.
 

Tel69

Active Member
I had a look at Symbio on Trustpilot and someone in your situation trying to switch (could be you) has some good advice, post is by JE about 6 posts down as of now. I will say one thing for them though, they don't seem to be using (many) fictitious customers giving excellent 5 star ratings unlike a company I used to be a customer of.
The energy grapevine says Symbio is also in trouble. EDF have been appointed to take on Utility Point customers.
 

NorvernRob

Distinguished Member
Just switched mine to EON fixed for 12 months, which was the next cheapest after Neon Reef - but after switching to another supplier that collapsed before the switch went through a couple of years ago, I’m wary about these small fish.

Hot tub won’t be used anymore that’s for certain, both electricity and gas costs have risen almost 70% from my old tariff. The only silver lining is that I’m paying the same per month, but that’s without the hot tub usage and I was building up credit as well!
 

brunation

Well-known Member

Tel69

Active Member
Slightly misleading headline. Essentially companies who didn’t hedge their volumes in advance are buying on the market at these incredible prices. That and their payments under the renewable obligations scheme are due to Ofgem on 1st October. For those reasons it’s highly likely that a few will go to the wall. Symbio and Avro are 2 who are in trouble but I don’t know who the others might be?
 

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