Cap Confusion

MoneySavingTart

According to various websites the energy cap from today is £1277 for standard variable tariffs and that is based on Mr Average using 12000 kwh gas and 3100 kwh electricity.

However If I put those consumption figures into Martin's comparison site the best offer I get is about £40 more than the cap. How can that be right. this is happening with several different suppliers all with variable tariffs but the "cap does not fit"

Any clues

molerat

The cap is on the SVR.  They do not have to offer their SVR to new switching customers, it is only applicable to existing customers who are currently on that tariff or customers who default to it.

MWT

The cap is based on 3100kWh of electric, but the supplier quotes are based on 2900kWh...

The average of all the UK regions will give a cap of £1,319.05 using the 3100 figure.

Also if you are looking at switching, keep in mind that suppliers are not obliged to offer their SVR to new customers wishing to switch to them...

PeterGr

2900 kWh was the updated TDCV published by OFGEM in 2019.  So that is the value used to calculate the average annual electricity costs.  3100 kWh is used in the model that results in the Price Caps.  To calculate the implied unit rate ( p/kWh) from the price cap uses 3100 kWh.

So in a comparison site use 12000 kWh / 2900 kWh (gas / electric) to replicate the medium TDCV's.