Energy Price cap v fixed term deal

CGibb

I am currently with EDF who have quoted more than  £200 per month for new fixed deals and £158 for the new standard variable deal or £1896 per annum
If  the energy price cap for a variable rate is increased to  £1375 per annum then surely I will be better off by signing up to EDF new standard variable rate ?

y3sitsm3

CGibb said:

I am currently with EDF who have quoted more than  £200 per month for new fixed deals and £158 for the new standard variable deal or £1896 per annum
If  the energy price cap for a variable rate is increased to  £1375 per annum then surely I will be better off by signing up to EDF new standard variable rate ?

The price cap is not an absolute cap on what you will spend.  The figure quoted is the cost for a particular usage.  Essentially a representative figure to show which direction the price is going in.

How much you pay will be based on your usage.  Based on what you've quoted it will be quite a bit north of £1375.

alleycat`

The SVR is capped on a price per kwh with an average consumer (whatever one of those is) equating to the value mentioned.

Compare the kwh of the fixed and the svr (which is capped until april 2022).

Realistically you're sort of right that the capped SVR is now cheaper than any fix on the market (as it's effectively fixed for 6 months anyway)....

The 150 and 200 values are based on some sort of guesstimate of usage based on whatever data you've supplied.

Flight3287462

You needed to fix last week at the latest to get a deal better than the fixed rate cap.  Now you have to decide what will happen in April when the next fix comes along.  My gamble would be this shortage can't go on for ever.

BUT

Many things are going on in the back ground, which suggests things could get a lot worse. Gazprom are saying they are at maximum output and the Asians and Chinese are buying up LNG cargoes

Crdw

I agree that, as of now, a fixed deal isn't the right move.
Stick with a variable rate at the cap, with a £0 leaving fee and see how things go the beginning of next year.

Check your annual consumption (found on your statement) and do an actual quote based on these figures for accurate costs to you in ££

Swipe

Flight3287462 said:

My gamble would be this shortage can't go on for ever.

Soaring gas prices may not be temporary, the chief executive of Ofgem has warned:

https://news.sky.com/story/energy-crisis-shortages-may-not-be-temporary-and-more-suppliers-could-go-bust-ofgem-chief-warns-12414292

jd84

Does anyone know to find the actual capped prices per kw, is it different for each area?

The ofgem site just seems to mention the total price for an average customer, which makes it difficult to work out as everyone is different.

How are we supposed to compare suppliers and know whether they are under the cap or not?

Thanks

waynedance

Just been on the big 6 sites and all seem to be charging more per unit than the below figures quoted by Ofgem. Just found out today Avro have gone bust so waiting to see who I end with. 

"From 1 October the equivalent per unit level of the price cap to the nearest pence for a typical customer paying by direct debit will be 21p per kWh for electricity customers and 4p per kWh for gas customers"

jimjames

waynedance said:

Just been on the big 6 sites and all seem to be charging more per unit than the below figures quoted by Ofgem. Just found out today Avro have gone bust so waiting to see who I end with. 

"From 1 October the equivalent per unit level of the price cap to the nearest pence for a typical customer paying by direct debit will be 21p per kWh for electricity customers and 4p per kWh for gas customers"

I found out earlier the Ofgem figures don't include VAT as I was trying to compare the numbers from here to EDF for validation.

http://price-calc.321web.co.uk/