What good is 20% off if you don't know the price? 20% off what?
The purpose of a system is what it does, ClubMan. Do you think the regulator has protected the consumer?Should I read you the legislation that they operate under instead?
If providers were prohibited from raising prices mid-contract it would certainly provide more clarity to the consumer on what they are likely to pay for energy over the contract period. But certainty comes at a price and providers would inevitably apply a hedge and charge more overall. More complexity might also put some suppliers off further reducing competition. We might not like it, but perhaps the regulator is acting in our better interests here?If we had a decent competition or consumer watchdog this practice should be banned,
I'll likely do the same and switch away and pay the break fee. Going to wait until near the Oct 9th date of the increase taking effect though in case who I switch to increase their rates before then.A quick calculation on the benefit of switching from Energia to another supplier after next month's increases reveals that, even with the €50 early termination penalty, I will save over €1 a week by switching to Electric Ireland. That's a small enough saving, but I'd rather have that € coin in my pocket than in someone else's. (Additionally, the profit made by Electric Ireland goes to the Exchequer rather than to private investors, which I prefer.)
And, if enough Energia customers switch supplier, then the lads in ISquared Capital who are currently trying to flog off Energia, mightn't get as much moolah as they expect!
If providers were prohibited from raising prices mid-contract it would certainly provide more clarity to the consumer on what they are likely to pay for energy over the contract period. But certainty comes at a price and providers would inevitably apply a hedge and charge more overall.
The best calculation is to download (ideally a year's worth of) your smart meter data and upload it to www.kilowatt.ie or www.energypal.ie to see what the best plans for your specific usage patterns are.A quick calculation on the benefit of switching from Energia to another supplier after next month's increases reveals that, even with the €50 early termination penalty, I will save over €1 a week by switching to Electric Ireland.
The best calculation is to download (ideally a year's worth of) your smart meter data and upload it to www.kilowatt.ie or www.energypal.ie to see what the best plans for your specific usage patterns are.
You mean, like a cartel?Perhaps all suppliers should need to announce any price changes at the same time? Like once a quarter.
Energia are owned by a venture capitalist group (I squared Capital) and are supposidly for sale at the minute.
And, if enough Energia customers switch supplier, then the lads in ISquared Capital who are currently trying to flog off Energia, mightn't get as much moolah as they expect!
As I've said before, you can take a lot of the guesswork out if you use your smart meter data and www.kilowatt.ie or www.energypal.ie assuming that your usage from year to year/winter to winter doesn't vary radically.Charlie's piece advises waiting until the contract period has ended, but I'd argue that with the peak electricity consumption period (aka winter!) coming up, it could benefit quite a lot of Energia customers to end their contracts early and take the €50 hit.
As I've said before, you can take a lot of the guesswork out if you use your smart meter data and www.kilowatt.ie or www.energypal.ie assuming that your usage from year to year/winter to winter doesn't vary radically.
Will certainly look at the figures but only have 2 months left on contract as we got a good deal with the AXA discount rate with Energia.