Energy price watch: an update on the wholesale market

There’s been a lot of interesting discussion recently on the price of wholesale energy.

Therefore we’ve just updated our blog with the latest Energy price watch.

It covers the falling gas costs and how this is going to affect your bill. We talk about rising network and policy costs, and also the gas transit contract between Russia and Ukraine.

We’d love to keep hearing all of your thoughts on this.

We’ll be dropping gas prices soon, so members should keep a look out for our next update.

To paraphrase my reply to when this was posted a few days ago.

Still nothing more than “soon”. Are you doing this deliberately now? My thoughts on this are that Bulb are treating customers with contempt and are quite obviously waiting until the winter is nearly over before dropping prices.

All this is too little, too late. If the number of people on this community that have already switched their gas away elsewhere is indicative of the whole customer base, this must surely scale to tens of thousands already switched. Or maybe not. I suppose most people have too much inertia and just don’t switch, preferring to be fleeced.

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We’re sorry that we aren’t able to give an exact date for the price decrease yet. We’re still working through the operational tasks that are involved in changing tariff prices, but we’re doing it as quickly as we can.

Lot’s of Bulb members read our blog, but not Community, which is why we wanted to release a separate update and inform everyone that a price decrease was on it’s way. The blog also explains why we didn’t decrease our prices sooner: mainly due to a volatile market and uncertainty around network and distribution costs.

We’ve heard your comments about not announcing a price decrease too soon - we agree, and we won’t be doing it again.

@William_at_Bulb I think Bulb has badly misjudged customer sentiment here. This message is more likely to accelerate forum customers’ departure than encourage them to hang on a bit longer for the elusive price decrease.

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Why have other company’s been able to not only announce a price decrease but been able to do so?

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^^ This.

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Look on the bright side, if there is a mass exodus there will be no customer base to sell

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I’ve got a switch to Outfox The Market in progress. £182 a year I’ll save with them.

Just pulled the trigger and switched to npower saving £333 a year, these soon posts have dragged on too long

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£333 is quite a saving.

What is your annual energy use (in kWh)?

Just for your information although you are probably aware of this npower has just been bought by the pareny company of Eon

26291 kWh Gas
7171 kWh Electric

Hi @William_at_Bulb Let me give you my thoughts.

Well the breakdown of network costs was very interesting. It just shows the hidden costs of reducing our CO2 footprint. (Balancing charges etc) and the upward pressure on distributors. Thank you for that.

“Wholesale gas costs are 18% lower than in June 2019”. Humm. Every other report I’ve read show prices are over 50% lower?

Finally, I’d say that what you charge customers is entirely your right, but please don’t use excuses like “Volatile Markets” or “Operational Tasks” as an reason. You’re just delaying things so you can make a better margin.

You’re still a good company IMO though. Just a bit wobbly at the moment.

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@orinoco. Can I come and stay in your castle! :slight_smile:

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I posted my thoughts on one of the numerous other threads but I’ll repost them here and maybe add some more

Like other posters this is too little too late for me especially with the ever elusive “soon” being used which just looks like you are waiting until the colder months are over with before dropping prices when it won’t benefit the customer as much

Whatever happened to “slow up fast down”? Seems to be fast up and we’ll put our prices down when we can be bothered at the moment

I’ve already jumped ship to the eight legged one and many others on the forum have jumped ship with me either to the eight legged one or one of the countless other suppliers whose gas prices are actually competitive

It’s a shame because I’ve actually been happy with bulb (partly because I made enough from referring people in 2019 to pay my energy bill for the year) but even the happiest of customers won’t stand for getting fleeced indefinitely

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I’ve just left Bulb and moved to ScottishPower which are just over £10 a month cheaper for me.

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SCOTTISH POWER did DIANNE ABBOTT do the maths?
They are one of the DEAREST and DIRTIEST suppliers on the planet
coal 5%, gas 52% renewable 38% nuclear 11%

Thanks.

I have just gone onto compare the market and entered your annual usage using my locality and npower came out £343 per year more expensive than Bulb. I compared like with like by choosing variable tariff. this one came up npower - Standard (Paperless)

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Npower select Uswitch only deal v41

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Yep, choosing fixed tariff instead of a variable one gives a saving of £312 per year compared to Bulb.