I am outraged by Bulbs latest price hike to businesses - 36% increase and it can not be justified - they put my price up to 13.02 p per KWh on electric in Sept 2018 when wholesale price was £67 per megawatt ( ie 6.7p per KWh to buy in ) wholesale price fell to £24 per megawatt by April 2020 - so over a 4p per KWh reduction - but they never reduced their per unit price ( despite saying in their blurb that they do ) they claim increase is now due to wholesale prices increasing by 36 % - which it may well have done but it was from a low point which was never passed on. The current wholesale price is circa £55 per megawatt , still well below the peak in Sept 2018. The wholesale part of a unit rate is typically 38-45% of the cost of your unit - so they are saying this has gone up 36% and now they have applied 36% to the whole tariff - day light robbery ! I have made a formal complaint but they can not justify this . They dare not put up domestic rates by 36% ( Ofgem has a cap on them ) imagine the outcry ? Yet they can put it on us the business community - it’s absolutely outrageous! We are just getting the other side of this pandemic and we have all been impacted financially, now they put up their prices 36% ! Talk about kicking you when you are down .
We don’t like price rises, and are really sorry to hear you’re dissatisfied.
We do try to keep our prices as low as possible but wholesale costs have increased since our last Business price change in 2018- they’ve actually increased by 25% in the last month so the cost of supplying energy to our members has increased. We’re monitoring wholesale costs and will always try to pass on savings to our members whenever possible. If costs fall so will your tariff.
We would recommend checking out this guide which covers lots of different ways your business can cut down your energy usage and bills.
Also, we would recommend if your business has recently been closed to submit a new meter reading. We can then make sure your account is fully up to date. If our estimates have been too high, we will credit you back the difference.
There is no price cap for business tariffs - but we will be keeping our tariffs as low as we can.
It’s sick, it’s extortion, we are all like human cash point machines for energy companies with an utterly pathetic regulator who is owned by the industry it was designed to protect us from. My bull just went up to £200 a month for a single person in a 2 bed flat, £50 a week!!!
Thats a lie your part of an industry that empirically returns 2% more to investors than almost all PLC’s because you can get away with it, and play back nonsense about how “we” the consumers are responsible for high energy bills because we don’t have the right insulation, or tariff or wash in a thimble of hot water or be cold because that’s the only single way to get nightmare rip off bills down and even that won’t matter you’ll just rob us till there no money left, eat, wash or be warm but not all, disgusting.
I am very sorry that we have had to increase our prices. I’d recommend having a look at our blog post as this contains a lot more information about why this has happened. Wholesale costs are now 31% higher than they were in September when we last changed our prices. We haven’t increased our prices by this margin, but the cost increase has still resulted in a price increase sadly.
Your payment has been increased due to price increase and also your credit balance. We haven’t had meter readings for a while, so it’d be great if you could submit some via your Bulb account. If you’re not sure how to read the meter, we do have a guide.
I have raised a complaint for you about this, and will send you email confirmation shortly. I want to have a thorough look into your account and check that your meter is clocking electricity correctly.
We don’t want you to be unwell or have severe difficulties as a result of the payment increase. I will include some more information about this in my email to you this afternoon and we can take it from there.
If you ever need anything, please feel free to get back to us via community or reply to my email and we can carry on the discussion.
I’d like to apologise once again for the poor experience that you have had with us.
Yet again a load of old tosh.
The wholesale price in Sept 2018 was £67 per megawatt ( or 6.7p per KWh)
The wholesale price fell to £24 per megawatt ( 2.4p per KWh) in April 2020 .
Bulb , despite their pledge to pass on lower energy costs but they never did - they simply profiteered from the price drop - Bulb are very keen on quoting the percentage increase in wholesale price as a justification for raising electricity prices from 13.02p KWh to 17.68 p KWh - a 36% price hike , yet the wholesale cost fell over 64% from Sept 2018 to April 2020 . This was never passed on to their customers.
The wholesale price has risen but only to £58 per megawatt (5.8p per KWh) The wholesale part of your electricity unit price makes up between 38-45% of the total unit . Bulb have still not justified this outrageous price hike to their business customers or indeed their retail customers . I have had replies from Cara , Nathan , Luca, and Niamh in Bulb and not one of them have justified this extortionate price rise - they keep banging on about wholesale rates increasing , one said 25% , another 36% and now 31% - lies , damn lies and statistics . The hard figures show the wholesale rate is lower than when they set their commercial tariff rate at 13.02 p per KWh .
Absolute respect to you, it’s actually embarrassing that part of what we’re paying for are Bulb employees who have zero understanding or idea how the energy markets work their entire role is to write nonsense platitudes to absolutely mugged of customers. 100% guarantee you don’t get a detailed response to this, l’ve raised a complaint for you that the nonsense l got today also, seems like “raising” stuff is what they’re actually good at.
I’m afraid Niamh your part of the problem not part of the solution, if you want to get some respect drop your prices.
Thanks for those words of support R !
Anyway after escalating this to a senior manager ( Lucca ) who basically said contact the ombudsman, I now have . Not expecting it to get anywhere as the whole market is fixed - they purport to be competing but Bulbs’ further explanation ( after the so called rise in wholesale rates …) was that other companies are now charging this rate and that they had raised tariffs to their residential customers?? That’s not justification that’s openly admitting they know they can get away with it - price fixing . I thought Bulb had better a better ethos than that - clearly not .
They never passed on the 65% price reduction and now they have slapped on a 36% price increase - add into that once we get some warmer weather , wholesale rates will fall again due to less demand , so they win again.
My pleasure important at these times,my community posts are being scrubbed by Bulb as they’re fake community which is now laid bar as a manipulated environment where stuff their support algorithms can’t deal is erase, contained no abuse, no foul language just my opinion which is what l understood blog are for space for??? Bulb home of the fake millennial well-being caring, fun loving, “hi guys” “aw really your energy bill is crippling” here’s a stock sorry reply and some flowery pictures that make the web site looks nice about the rip of bills oh yeah sorry suck it up or change suppliers:rofl:
Hey R get this , Amit Gudka (one of the founding directors of Bulb) has set up a new energy storage company called Virmati Energy - named after his grandmother- Virmati means “ Heroic mentality “ .
I hope Mr Gudka reads our threads and has the “Virmati “ to justify this profiteering - see the article below - one of his main reasons he set up Bulb with Stephen Hayden was that customers were getting ripped off - they have sold their founding principle down the road - shame on you Amit Gudka and Stephen Hayden .
Google virmati and find current news link
( can’t put in link as they don’t allow this ?)
It’s a good sales pitch lure in tech savvy app essential millennials broker some energy deals on back of the model make a load of vague undeliverable promises about energy costs, then sell it and make millions think that some it up?
Thanks for the info also tho good post😉
Well the minions in Bulb just do as they are told. Bulb have 1.7m customers, sold about £1.5 billion quids worth of energy in 2020 , workforce increased from about 230 (2019) to over 500 in 2020 - wage bill £24m which means an average salary of £47,000 - you know the minions will be lucky to be on £20k a year this leaves circa £12-13m for the people at the top. ( this is just my personal guesstimate ) . They are expanding into the US and Europe - EBITA ( earnings before tax interest and depreciation) £177m - they made a loss on paper of £63m but this due to the ramping up of their business abroad . So in broad terms each customer with Bulb in 2020 spent about £900 - that will now be 36% higher (£1224 per annum) and on the back of lower wholesale rates ( compared to the peak of Sept 2018) - they are going to have the most profitable year ever - and at our our expense.
Gross profit they made about £100 per customer( 1.7m customers to £177m profit ) , if you now add in the price increase of £324 on a lower wholesale rate they could well make ( allowing for some genuine price increase ie distribution costs , wages etc) well over £400 per customer. We do have a choice - and I have found another energy supplier - about 15.4 p per KWh - I bought into Bulb for their founding principles and their “transparency” - this no longer exists .
FYI Check out Bulb energy Ltd and their holding company Simple Energy Ltd on Companies house website
Ps quite why I put Stephen Hayden in my previous post is beyond me ! , should of read Hayden Wood ?
That’s excellent due diligence OT and thank you, can l ask who to moved to as l plan to follow you?
I am a commercial customer - the quote I have is from Good Energy and I think they only supply businesses not residential?
Cheapest residential I can see is Scottish Power 16.71 p per KWh - but the rate varies depending on which part of the country you live in ( the Uk is split into ( I think ) about 10 distribution areas and rates are cheapest in London or city areas and the most expensive in the South West or Scotland.
Peoples energy was set up a couple of years ago along the same founding principles of Bulb .
However their rates are only marginally cheaper than Bulb ( well only one of their tariffs) and unlike Bulb and like the big 6 they have what I call “confusion marketing “ ie about 10 - 50 different tariffs with this version and that version , which “confuse “ the f@@K out of you!
Reading between the lines on all this , Ofgem have basically given the go ahead to significantly increase prices because so many new entrants to the market have gone into administration- and in turn all their debt is passed onto to the remaining suppliers who ( guess what ) pass it onto us . Plus the cost of all these smart ( or not so smart ) meters , is born by … you guessed it, us. I can’t see that a smart meter has even saved 1 KWh of energy and just wait when they start charging you 50p or £1 per KWh between 7.30am and 8.30am or 4.30pm to 7.30 pm. These have cost billions of pounds to install, again we have (are) paying for it.
And then the big drive to make everything green , but at what price ? I mean solar power in the UK ? It doesn’t work at night and it doesn’t work during the winter ? We also have to pay huge sums of money to the national grid for standby gas turbines in the event there is no wind or sunshine - so whilst we all have this green fuzzy feeling we really can not appreciate the true cost here , but of course it doesn’t matter as we pick up the bill anyway !
Which ever way you look at this , it’s the end user ( you and me) that pays and has no choice ! Mind you I have found a natural gas generator Pramac (20kwh) I could plumb into my mains gas
which can produce electric for about 4 p per KWh ! That’s another story …
My electricity at home is with Pfpenergy - just done a quote today for you today , came out at 12.4 p per KWh 28 p daily standing charge - I signed up in November 2020 with these guys at 11p per KWh - so far so good and they are pricing it fairly - good luck
Cheers for the info appreciated.
any one recommend another company to save money
Octopus doing a 2 year fixed which if bulb did a fixed term I would stay cos it’s always a pain to swap Mpan numbers meter numbers readings refunds you don’t get etc etc but I’m on economy 7 so their night rate rise is crippling me