Energy tariffs

ASHMAN

[FONT=&quot]I am trying to switch energy suppliers, and as always I am lost by all the choice.[/FONT]
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[FONT=&quot]I am currently with Bulb Energy and according to the Cheap Energy Club I can save money by switching. However, when I check the potential new supplier’s tariffs, the standing charges and the unit prices are usually higher than I am already paying, so how can I save money?
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[FONT=&quot]If anyone understands the CEC algorithm, please help![/FONT]

bsms1147

Are you putting in your correct annual usage figures or are the comparison sites estimating your amounts?

You’re right though, if the standing charge and unit prices are more expensive than you are currently paying then you will be paying more.

ASHMAN

yes i have just updated my annual usage to actual figures and in the suggested tariffs list each supplier shows as being cheaper even though their standing charges and unit prices are higher than Bulbs standard tariff.


Thanks for your reply though, at least im not going mad...

Talldave

ASHMAN wrote: »

yes i have just updated my annual usage to actual figures and in the suggested tariffs list each supplier shows as being cheaper even though their standing charges and unit prices are higher than Bulbs standard tariff.


Thanks for your reply though, at least im not going mad...

Is your tariff fixed and coming to an end soon?

ASHMAN

Talldave wrote: »

Is your tariff fixed and coming to an end soon?

Well, actually Bulb only have one tariff and it is variable. I have just checked the comparrison and the prices are all acurate so I am properly confused!!


They have not said they will be putting their prices up this or next month either...

Gerry1

Forget all claims about savings: Ofgem's formula is absurd.

Just input your annual actual metered usage figures. No estimates, real readings. Work out what you're currently paying (units x p/kWh + standing charges + VAT) and see whose offer will be cheapest. Use Citizens Advice and Which? to see the full market.

Once you've decided, see whether the CEC or anyone else has a cashback offer. It's unlikely because the cheapest companies seldom pay the price comparison websites. Also consider the companies' ratings.

Of course, you'll have to decide whether a fixed tariff (and possible exit fees) is best for you

AndyPK

At the top of CEC, when going though the buttons, there are 2 square boxes at the top. One is orange.

You need to select the one on the left which says "CURRENTLY YOU ARE PAYING" savings are based on this cost

Centage

ASHMAN wrote: »

[FONT=&quot]I am trying to switch energy suppliers, and as always I am lost by all the choice.[/FONT]

[FONT=&quot]I am currently with Bulb Energy and according to the Cheap Energy Club I can save money by switching. However, when I check the potential new supplier’s tariffs, the standing charges and the unit prices are usually higher than I am already paying, so how can I save money?
[/FONT]
[FONT=&quot]
[/FONT]
[FONT=&quot]If anyone understands the CEC algorithm, please help![/FONT]

Really?

What consumption data have you input into the CEC?
What is trhe first part of your postcode?

What supplier & tariff is the CEC saying could save you money?

There are lots of suppliers who have tariffs that have unit costs and daily standing charges less than Bulb.

Centage

Gerry1 wrote: »

Forget all claims about savings: Ofgem's formula is absurd.

...

1. MSE CEC does noy use the Ofgem method of calculation by default.
2. Bearing in mind the OP is currently with Bulb, in what way is the Ofgem method of calculation absurd?

Gerry1

Centage wrote: »

in what way is the Ofgem method of calculation absurd?

Ofgem assumes that customers wouldn't otherwise take any action, so the savings that many PCWs quote are often mythical. Those mythical savings are often inaccurate if they are subject to a price cap that is currently unknown.

The fact that another tariff may have cheaper daily charges or unit rates doesn't necessarily mean that it will be cheaper overall, it depends on the annual accurately measured consumption.

Centage

Gerry1 wrote: »

Ofgem assumes that customers wouldn't otherwise take any action, so the savings that many PCWs quote are often mythical. Those mythical savings are often inaccurate if they are subject to a price cap that is currently unknown.

The fact that another tariff may have cheaper daily charges or unit rates doesn't necessarily mean that it will be cheaper overall, it depends on the annual accurately measured consumption.

1. MSE CEC does not use the Ofgem method of calculation by default.
2. Bearing in mind the OP is currently with Bulb, in what way are the savings by the Ofgem method of calculation mythical?
3. According to the OP, the [FONT=&quot]standing charges and the unit prices of those suppliers/tariffs th[FONT=&quot]at MSE indicate will save the OP money [/FONT]are usually higher. (Waiting for the OP to give me the required info to verify this, as curre[FONT=&quot]ntly I'm doing a very good Vic[FONT=&quot]tor Meld[FONT=&quot]rew impression!)[/FONT][/FONT][/FONT] [/FONT]