Energy price watch: we’re lowering our gas prices — Bulb Community

Energy price watch: we’re lowering our gas prices

edited February 28 in About Bulb
We’re lowering our gas rates, saving the average Bulb member £20.

Wholesale gas costs have dropped by 12% since December. Milder weather has meant gas storage has remained at healthy levels. As a result, wholesale costs have fallen and we’re able to pass on the savings to our members.

Electricity wholesale costs have also decreased by 12%. However, network policy costs have increased. This means that despite the fall in wholesale electricity costs, we’re unable to reduce our electricity unit rates.

Some members don’t have gas in their homes. These members won’t have any changes to their annual bills this time around.

And members living in North Wales and Manchester will also not have a price drop. This is because the cost of supplying gas through the grid in these areas has significantly increased.

To read more about how this will affect your bill, head to the energy price watch blog.

We’ve also made some amendments to our wholesale energy graphs.

@mowcius and @Scamwell noticed that in our December price watch blog, the wholesale energy graph didn’t look quite right.

Thanks for pointing it out. The aim of writing a blog updating you on the wholesale markets is to be transparent. Getting the right data and displaying it well is an important part of communicating transparently. So we’ll update the December version and have made sure that the most recent one is clearer. Sorry for any previous confusion.



We’d love to hear your thoughts or questions you have. Post below and we’ll do our very best to answer.

Comments

  • Ooooh, I like a good price decrease :)

    Has this taken effect as of this morning? I see no change to the rates in my account yet but a new quote does show the new gas rate.
  • mowcius said:

    Ooooh, I like a good price decrease :)

    Has this taken effect as of this morning? I see no change to the rates in my account yet but a new quote does show the new gas rate.

    It is very good news.

    On good authority the price reduction will automatically take place on 21 March.
  • @Allanr, hmm, so new customers are getting a better rate than me now?

    That doesn't seem very fair.
  • mowcius said:

    @Allanr, hmm, so new customers are getting a better rate than me now?

    That doesn't seem very fair.

    Seems totally fair to me.

    If a new customer decided to join Bulb today, when will their switch actually take place. Answer 21 March.

    A new customer who joined prior today will also have to wait until 21 March.

  • @Allanr, that makes complete sense.

    Could we have public confirmation @Eleanor at Bulb?

    It seems odd that this hasn't been included in the blog as it's something that has been made clear with other price changes.
  • mowcius said:

    @Allanr, that makes complete sense.

    Could we have public confirmation @Eleanor at Bulb?

    It seems odd that this hasn't been included in the blog as it's something that has been made clear with other price changes.

    I got the date of 21 March from the Blog.

  • Hi @mowcius

    The price drop will come into effect from March 21st.

    No member, whether you've been with Bulb since 2016 or switched last week will have a change in their unit rate until March 21st.



  • edited February 28
    @Eleanor at Bulb, any chance that could be made clear in the original post?
  • edited February 28
    Allanr said:

    I got the date of 21 March from the Blog.

    Am I completely blind? I don't see it.

    EDIT: Scrap that - apparently I was completely blind for a while. I see it now.
  • edited February 28
    mowcius said:



    EDIT: Scrap that - apparently I was completely blind for a while. I see it now.

    I was teasing a little when I said I had it on good authority the date for the price reduction. I was thinking that someone would ask what authority.
  • Yes @mowcius , we can make it clearer. Do you still think it needs changing now you've found it?
  • Yes @mowcius , we can make it clearer. Do you still think it needs changing now you've found it?

    I think in the blog it's fine. I just didn't read it properly. Entirely my fault.
  • Allanr said:

    I was teasing a little when I said I had it on good authority the date for the price reduction. I was thinking that someone would ask what authority.

    WHAT AUTHORITY?
  • It is very good news.

    On good authority the price reduction will automatically take place on 21 March.


    Now go on Allanr get in about them on the facebook page...pay back time. :)
  • mowcius said:


    I think in the blog it's fine. I just didn't read it properly. Entirely my fault.

    =) phew. Thanks for clarifying. You lot keep us on our toes!
  • scudo said:



    Now go on Allanr get in about them on the facebook page...pay back time. :)

    Dash it all, so you have seen my Facebook contributions?
  • The price reduction is very welcome, thank you.

    I'm not sure if it was just me, but the calculations used for the email were way out. Apparently I will save £587/year! I laughed then did the sums. I estimate I'll save around £26/year. But in case it's not just me you might be getting some very, very angry customers soon...
  • And just after I posted that an "oops, we made a mistake" email arrived with an explanation and the correct figures.
  • Jayne_H said:

    And just after I posted that an "oops, we made a mistake" email arrived with an explanation and the correct figures.

    Sorry about the confusion. We sent a really small group of members an incorrect saving amount because our system got confused by some smart meters. We'll make sure it doesn't happen next time.
  • I'm not worried personally, it was obvious to me it was a mistake.

    I was more worried about the people who seem to have absolutely no idea how their energy bill is calculated or what numbers to expect. And how many of them would start shouting about how awful Bulb is when you're not, you're actually very good and one of the most transparent energy companies I've ever had to deal with.
  • Eleanor,

    Didn't other Bulb customers receive the following by email?
    '
    Break out the bunting and tiny flags. Wholesale energy costs have fallen since December, so we’re lowering our prices again from 21st March! The energy for an average home will cost about £20 less per year and will be £255 cheaper than the Big Six’s standard tariffs.

    Your new gas unit rate is 3.66p per kWh. Your electricity and gas standing charges will both stay at 20.44p per day each. Your electricity unit rate will stay as it is. These all include VAT.

    This is our second price drop this winter. Bulb only has one tariff, so every Bulb member gets to enjoy the saving, no matter when they joined us. This means you don’t have to worry about whether you’re on our best deal or not. We just think that’s fair.

    We’ll drop our prices again if costs keep falling. Sending emails like this is the best part of our job, so we want to keep doing it. We’ll always drop our prices when wholesale energy costs reduce by at least £20 for a typical home. We promised this in our Pricing Principles in 2016. In fact, this is our 9th price drop since we started Bulb and we’ve only raised them 4 times.

    Here’s a blog post with more information about what’s happened with wholesale energy costs recently. Spoiler alert, they’ve come down a lot since September.

    More about our wholesale energy costs

    It really makes our month when we can send emails like this. So get your party poppers ready for the 21st. We love having you with us',
  • Hello everyone,

    As I only have electricity with Bulb, I don't get to benefit from the lowering of prices, however can someone let me know what the new gas unit rate for London will be from 21 March? I may switch my gas over as well, depending on the new price.
  • Call me thick [acknowledges chorus] but what price drop? My unit price for gas is 3.55p/kWh as of November 2018. Previously it had been 3.03p/kWh. Now Bulb sends me an email saying they're dropping their prices Hallellujah and I'm now to pay 3.66p/kWh. This is an increase of 0.11p/kWh! Am I on a different tariff to everyone else or am I missing something?
  • Is it possibly the VAT element, Bulb are not the best when quoting the kWh rate as sometimes it has VAT and other quotes do not have it.
  • edited March 1
    Hi @TariqS - it will be the VAT. We have to exclude it for regulatory reasons in our statements, but we feel it's more accurate to include it in quotes and in these price announcements as that's the true cost you'll be paying - it would be misleading to display our unit rates without VAT when it's a cost everyone will have to pay.

    Your current unit rate for gas (including VAT) is 3.73p/kWh. Your new unit rate is 3.66p/kWh.

    @scudo you're right, in the past, we've not always been explicit whether we're including VAT or not. I've passed this comment on to the copy team so we can avoid any future confusion.

    @Elshamite - they will have got one, but sending around a million emails at one time would be too much of a strain so it was spread throughout the afternoon and into the evening.

    @Elucidate - the new gas rates for London are

    Unit rate : 3.675p per kWh

    Standing charge: 20.44p per day (£74.62 per year)

    You can get full quote on our website :)
  • I've referred my brother to bulb as he thinks he will save £300 on his existing supplier. He'll be even more pleased with a further decrease in his gas bill.

    You don't get price reductions on fixed rate tariffs so I'm glad I switched back in January.
  • edited March 3
    @scudo, @Bill at Bulb Thank you for clearing that up.

    Although now I'm confused again. Living in London, is my rate 3.66 or 3.675 p/kWh? (Not that it makes a huge difference, obviously, but maybe I'm a postcode lottery.. erm.. 'winner'?)

    Price drops are great but I'm still not over the fact that my gas unit rate this time last year was 2.71 p/kWh (VAT inclusive)! Back in January, when I compared my December 2018 gas usage with that of December 2017, in spite of a significant 454 kWh difference downward in consumption this December, we paid £17 more for gas this time round...

    You win some, you lose.. more.
  • edited March 3
    Price drops are great but I'm still not over the fact that my gas unit rate this time last year was 2.71 p/kWh (VAT inclusive)! Back in January, when I compared my December 2018 gas usage with that of December 2017, in spite of a significant 454 kWh difference downward in consumption this December, we paid £17 more for gas this time round...
    I agree, I am the same with a £13 increase Dec 18 V Dec 19 and a reduction in usage of 454 kWh.
    Some customers have been blaming Bulb but in reality all utility companies have had the increases and Bulb still remains one of the cheapest. At least Bulb are making a slight decrease in March.
  • @TariqS Your current rate is 3.725p/kWh for gas. From March 21st it will be 3.675pp/kWh.

    Our tariff is reflective of the price of gas on the wholesale markets. These went up significantly during 2018. They're now decreasing which is why we've been able to reduce our tariff and pass the savings on to our members. If and when we can decrease them further, we will do!
  • Thanks for your replies, @scudo @Eleanor at Bulb . I hope the decreases increase! :/
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