Follow this topicFollow this topic Knowledge » Gas and electricity

Co-operative Energy to cut its electricity bills

John Fitzsimons
by Lovemoney Staff John Fitzsimons on 16 November 2012  |  Comments 12 comments

Bucking the trend, Co-operative Energy is to reduce its electricity bills by 2% from December.

Co-operative Energy to cut its electricity bills

Co-operative Energy is to cut its electricity prices by 2% from next month.

The change will take place on 21st December, and bucks the trend of energy prices announced by the ‘big six’ energy providers.

First was Scottish and Southern Energy, which announced it would hike prices by 9% in October.

Then British Gas and npower announced price rises, with the British Gas change taking effect today.

Scottish Power soon followed with a 7% rise of its own, while EDF will enforce the biggest rise of 10.8% from 7th December. The only big gun that hasn’t yet raised prices is E.ON, which pledged to freeze prices for 2012. However, talk is rife that it will soon announce its own price rise, with rumours of a whopping 11% increase to come into effect in January.

Co-operative Energy has only been in the market for 18 months now, with 60,000 households on its books. It claims that the price cut will mean its prices are £88 cheaper than the average big six standard tariff for online direct debits.

That’s a bit of a false gloat though, as the standard tariffs are always the most expensive offering from any energy firm. So before you rush off to sign up to the Co-op, make sure you compare energy tariffs in your area and for your specific energy use to see which deal will work out cheapest.

More on gas and electricity

Compare energy prices now

How to cut your energy bills

Investigation launched into ‘fixed’ gas prices

Campaign to donate Winter Fuel Payments relaunched

Energy companies keep £1.2 billion of our savings

How I saved £1,200 on my new boiler

How to get free cavity wall and loft insulation

Is Economy 7 a big con?

Enjoyed this? Show it some love

Twitter
General

Comments (12)

  • finnol49
    Love rating 27
    finnol49 said

    Scottish Power just sent me a £350 rebate, which was a pleasant surprise. I suppose that they had been ripping me off for the last 3 years. I stuck with them, not because they were the cheapest, but they had the best customer service & the most pleasant customer centre agents.

    Report on 16 November 2012  |  Love thisLove  0 loves
  • Meanmachine2
    Love rating 39
    Meanmachine2 said

    E-on seems to be playing it's own game.

    We are with them & pay by Direct debit. They recently sent me a letter informing that they are going to increase the monthly debit but the working out is weird.

    They show the total annual estimated fuel consumption together with cost then the amount they want to increase the monthly debit to.

    Taking their own annual figure & dividing by 12 comes to about 18% less than the proposed new charge.

    When I phoned up they agreed with my divide by 12 figure but insisted that the higher charge was because winters coming.

    I pointed out that the total energy figure must include winter as my contract runs September to September but they were absolutely adament that they would not reduce the debit amount.

    I know the annual energy we use is about right as I monitor it exactly but now it means that E-on are going to have payments more than up front.

    OK they will have to credit it back next year but a nice little earner when you can get away with it.

    Report on 16 November 2012  |  Love thisLove  0 loves
  • RocketSteve
    Love rating 32
    RocketSteve said

    If you don't agree to the DD increase there's nothing that the company can do. If they take the money from your account the next month without your permission (which you didn't give) you just ask your bank to claim the money back under the DD guarantee. Them taking your money is fraud if you told them not to take it. This means that you can them imply your own penalties on the company for your time in dealing with them. Mention that in the call and tell them to be reasonable and see it your way! :)

    Report on 16 November 2012  |  Love thisLove  0 loves
  • jedi44
    Love rating 43
    jedi44 said

    They all seem to do this and I agree that it totally negates the advantage of a monthly direst debit. The whole idea, as I understood it, was to spread the cost throughout the year so as not to get too much of a hammering in winter. I can possibly see a company adjusting the DD if it is a customer's first year with them, since they don't have accurate knowledge of the annual usage. I have been with ScottishPower for a year this time round and, after my expected hefty rebate, I'll wait and see what they do this year.

    Report on 16 November 2012  |  Love thisLove  0 loves
  • Megatyte
    Love rating 23
    Megatyte said

    I had the same problem with my provider. They owed me about £200 and when I requested a refund they said that it couldn't be done as it accounts for periods of higher usage. The £200 that they owed me was at the end of a 12 month cycle. There was no reasoning with them so I cancelled the budget plan and went to standard monthly direct debit. The surplus was refunded to my account on my next billing date.

    All that it means now is that I get low bills in the Summer and higher ones in the Winter. I'm still paying the same amount for fuel but now I'm in control of it rather than them and they don't have any of my money (apart from what they screw all of us out of with their rip-off charges)

    A H

    Report on 16 November 2012  |  Love thisLove  0 loves
  • oldhenry
    Love rating 343
    oldhenry said

    well oVO at least give you 3% on the over paid sums. they do t=refund too as i built up a rather too large surplus with them. i fearfor these comapanies going bust, but with the price they caharge little hope.

    Report on 18 November 2012  |  Love thisLove  0 loves
  • celticlass
    Love rating 9
    celticlass said

    I'm on a fixed income and my pension is weekly and I like to have full control of my money. I calculate the cost of last weeks usage of electricity and put the money away in a savings account till the bill comes in at the end of the quarter. I dont do DDs. I may be losing a small amount by being billed but i prefer to have that control over my money and I dont see why these companies should have money up front...telephone companies and water companies dont do it!

    ps I use online management and I give the company my readings when they tell me a bill is due and they take it from my bank account by DD in full

    Report on 19 November 2012  |  Love thisLove  1 love
  • Megatyte
    Love rating 23
    Megatyte said

    @celticlass

    You shouldn't be losing anything. As long as you're paying by DD you'll get the DD discount. You don't have to be in their budget plan to qualify.

    A H

    Report on 19 November 2012  |  Love thisLove  0 loves
  • zabola
    Love rating 0
    zabola said

    Have any one heard about Parking eye company? I have parked my car at Aldi supermarket store at Bangor, North Wales for 30 minutes. I got a letter to pay £40 within 2 weeks or £70 afterward? That not presented any where in terms and condition of parking at Aldi store? Is it scam? What should I do? I thraw away the receipt as paid cash of £3.27?

    I need some advise please? Thank you

    Report on 22 November 2012  |  Love thisLove  0 loves
  • Philmo
    Love rating 2
    Philmo said

    Zabola

    I've heard of this, though no doubt was cast re its validity - presumably because the guy actually did oversail his parking entitlement!

    Perhaps it's worth paying always by card then you have your own timestamped record, should the receipt go astray.

    Have you Googled the company's name?

    Report on 22 November 2012  |  Love thisLove  0 loves
  • marram
    Love rating 49
    marram said

    @ Meanmachine2 - I had exactly the same problem and I sent them an email on their site (I also kept a copy) and told them I categorically would not allow them to take so much money. I actually wrote: 'Is your mathematics really so bad or are you just greedy?'

    I made them an offer which meant they would get about £20 more over the year than they estimated, and they agreed. I got a confirmation in writing a few days later, including a promise to review it if it appeared to be too much. Mind you, I did point out that my contract expired in January and I would be reviewing the situation then. That is possibly what swung it.

    I'd say have another go and specify how much you are prepared to pay (be realistic) and see what happens. Good luck! :)

    Report on 22 November 2012  |  Love thisLove  0 loves
  • marram
    Love rating 49
    marram said

    @celticlass - I too am on a fixed income as a pensioner, but I don't get any interest on my money in my very basic bank account, nor do I have a savings account, so I am happy to pay by monthly direct debit. I don't think I could be disciplined enough to set the money aside. Good for you. I hate them having money in advance but I feel safer this way.

    Report on 22 November 2012  |  Love thisLove  0 loves

Post a comment

Sign in or register to post a reply.

Our top deals

Credit card
company
Balance transfers rate and period Representative
APR
Apply
now

Barclaycard 31Mth Platinum Visa

0% for 31 months (2.99% fee) Representative 18.9% APR (variable) Apply
Representative example: Assumed borrowing of £1,200 for 1 year, at a Purchase Rate of 18.9% (variable), representative 18.9% APR (variable). Credit available subject to status. A Balance Transfer fee of 3.5% will be applied, then reduced to 2.99% by a refund (terms and conditions apply). Plus an additional £20 fee refund on balance transfers over £2000.

Barclaycard 30Mth Platinum Visa

0% for 30 months (2.89% fee) Representative 18.9% APR (variable) Apply
Representative example: Assumed borrowing of £1,200 for 1 year, at a Purchase Rate of 18.9% (variable), representative 18.9% APR (variable). Credit available subject to status. A Balance Transfer fee of 3.5% will be applied, then reduced to 2.89% by a refund (terms and conditions apply). Plus an additional £20 fee refund on balance transfers over £2000.

MBNA 30Mth Platinum Credit Card Visa

0% for 30 months (2.89% fee) Representative 18.9% APR (variable) Apply
Representative example: Assumed borrowing of £1,200 for 1 year, at a Purchase Rate of 18.9% (variable), representative 18.9% APR (variable). Credit available subject to status.
W3C  Thank you for using One Flew Over the Cuckoo's Nest