capped prices

karlwinnick

at present with scottish power for gas and electric. just had increase notice with an offer to cap prices untill october 2007. the premium for this is about £4.00 a month over our existing monthly of £41.00. so about 10% increase as opposed to 20% + over existing rate before the heavy increase.
what does anyone think is it worth capping or are prices likel;y to reduce inn the next year or so!!

cheers to all Karl

MimiJane

We're already on a capped rate with Scottish Power 'til the end of this year. It's personal choice really ... we prefer to know exactly where we are financially and always go for a capped rate. At least you're secure in the knowledge there won't be any surprises over a given period. Obviously at the end of the year, we'll review the situation.

cozzie

Sorry to highjack thread, just got a quick question about capped rates:

I capped my rates recently with Scottish Power, but, on my latest bill my gas has gone from 1.644 to 1.867 per unit. I was under the impression from the paperwork and confirmation letter that my rate wouldn't change, have I got it wrong? and what am I paying the extra charges for if they can change my rate?

MimiJane

cozzie wrote:

Sorry to highjack thread, just got a quick question about capped rates:

I capped my rates recently with Scottish Power, but, on my latest bill my gas has gone from 1.644 to 1.867 per unit. I was under the impression from the paperwork and confirmation letter that my rate wouldn't change, have I got it wrong? and what am I paying the extra charges for if they can change my rate?

I presume the unit charge has gone up since you went onto the capped rate? It will go up ... you are paying the extra charge to be secure in the knowledge that the charges will not go up again for the duration of the capped rate. It has to be worth their while to put customers on capped rates by charging them a % extra on their bills.

Hope this helps.

cozzie

Thanks for your prompt reply.

I am paying an extra £4pm - £2.50 gas, £1.50 electric and I thought that this was the extra charge, yet my rate has gone up too.

MimiJane

cozzie wrote:

Thanks for your prompt reply.

I am paying an extra £4pm - £2.50 gas, £1.50 electric and I thought that this was the extra charge, yet my rate has gone up too.

I also pay an extra £4 approx. a month. I'd give them a ring or email them to clarify and give you a break-down of the charges. You need to make sure you're not being over-charged.

Let us know the outcome ...

Manic_rider

Hi, we signed up with British Gas for capped rate for two years, they stated would start in October 2005, today we were told by BG that the scheme starts this month, March. Huh?????!!! they raised their rates in February, stiched up or what????

squirt

cozzie wrote:

Sorry to highjack thread, just got a quick question about capped rates:

I capped my rates recently with Scottish Power, but, on my latest bill my gas has gone from 1.644 to 1.867 per unit. I was under the impression from the paperwork and confirmation letter that my rate wouldn't change, have I got it wrong? and what am I paying the extra charges for if they can change my rate?

Hi cozzie, I am assuming you are on a Dual Fuel Tariff with Scottish Power. If this is the case then when you join the capped rate tariff there is a £2.50 a month premium for Gas & £1.50 a month premium for Electricity. This premium is built into the first unit rate for both gas and electric so your First kWh unit cost will rise. However the most important rate is the "remaining kWh" which is unchanged from the uncapped tariff

squirt

BBB

Manic_rider wrote:

Hi, we signed up with British Gas for capped rate for two years, they stated would start in October 2005, today we were told by BG that the scheme starts this month, March. Huh?????!!! they raised their rates in February, stiched up or what????

How were you told fella? by a letter? If so thats because every single customer got that whether on PP2007 or not, just give them a quick ring in the morning to clarify.

blue_monkey_2

Hi, we signed up with British Gas for capped rate for two years, they stated would start in October 2005, today we were told by BG that the scheme starts this month, March. Huh?????!!! they raised their rates in February, stiched up or what????

I have just found this too. My capped rate offer ended in January, prices up on 1st March which is when the new capped rate comes into play - no other offers inbetween. Whats more the bill won't get to us until towards the end of March to be able to compare prices. I feel constantly stitched up by Scottish Power, they are absolutley useless!!