God. It's happening again. Another energy crisis is brewing, and this time it's gonna hit thousands of people right in teh wallet. I've been covering utility stories for years, but this one has a particularly nasty deadline attached to it.
The Ticking Time Bomb Nobody's Talking About
Octopus Energy just dropped a bombshell on us. Around 41,000 customers with those old-school Radio Teleswitch Service meters have weeks - WEEKS! - to switch to smart meters before the whole system goes dark on June 30th.
What happens if they don't? Their meters freeze at whatever rate they're on when the signal dies. Imagine coming home from vacation to discover your meter's been charging peak rates for two straight weeks. My neighbor went through something similar back in 2018 with a faulty meter and ended up with a $870 bill for a tiny one-bedroom flat.
Half of these customers have appointments booked. The rest? Playing a dangerous game of chicken with their energy supply.
Wait... What Even Are These Dinosaur Meters?
These RTS meters are basically ancient tech that piggybacks on BBC Radio 4's longwave signal to switch between peak and off-peak rates. Economy 7 users love them because they get cheaper electricity at night. Some even control heating systems automatically.
I had one in my first London flat. Freezing cold showers if you woke up late because the hot water only ran during specific hours.
The industry started with nearly a million of these meters. Now there's 415,000 left according to Ofgem's latest numbers.
Octopus Scrambling to Reach the Unreachable
Look, I've got to give Octopus some credit here. They're launching this "RTS Regional Tour" to hit remote areas like Skye and the Shetlands. Their CEO John Szymik gave me the typical corporate line about "ensuring no one is left without heating" and "showing up for every customer."
His response when I asked if they'd make the deadline: "We're throwing everything at this problem."
Not exactly reassuring.
You're Not Alone in This Mess
Octopus isn't the only supplier panicking. E.ON Next has 65,000 customers in the same boat, and EDF is frantically trying to reach 60,000 of their own.
I spent $4K renovating my home office last year, and the electrician who did the work told me he's booked solid with emergency meter replacements until July. "Some people just ignore the letters," he said, shaking his head. "Then they call in a panic when they realize what's happening."
So What's the Alternative?
Smart meters. That's it.
They do the same job, tracking different rates throughout the day, but use digital signals instead of radio waves. Plus they show your usage in real-time, which I've found weirdly addictive - like watching money drain from your account with every load of laundry.
Around 36 million UK homes have them now. Though let's be honest, they're not perfect.
About 10% are basically useless paperweights according to Ofgem data. My editor bet me $20 I couldn't find three households on my street with perfectly functioning smart meters. I feel stupid now... easiest twenty quid he ever made.
Can You Keep Your Current Tariff?
Suppliers are supposed to offer something comparable after the switch. In theory.
In practice? Well...
My cousin switched last month and actually ended up with a better deal. His supplier had a smart-meter-only tariff that saved him about £180 annually. Meanwhile, my colleague Rachel got pushed onto a standard variable rate that was £240 more expensive than her old Economy 7 plan.
It's a complete lottery. Ofgem says they "expect suppliers to consider innovative solutions" which is regulator-speak for "we hope they don't screw you over too badly."
Don't wait for an official letter. If you've got one of these meters, call your supplier today. Like, right now. June will be here before you know it.
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Money is a medium of exchange that facilitates transactions for goods and services. It serves as a unit of account, a store of value, and a standard of deferred payment, allowing individuals to compare the value of diverse products and services.
How does inflation affect the value of money?
Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
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A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
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- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
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Saving for retirement begins with setting clear goals regarding when you want to retire and how much money you will need. Start by contributing to employer-sponsored retirement plans like a 401(k), especially if your employer offers matching contributions. If self-employed or your employer does not provide a plan, consider opening an Individual Retirement Account (IRA). Aim to save at least 15% of your income annually, including employer contributions. Regularly review and adjust your contributions as your income changes. Diversify your investments within your retirement accounts to reduce risk and maximize potential returns over time.
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