Worth switching SVRs at this time, or are all SVRs the same (i.e. at the level of the price cap)?

NatAes

Apologies in advance if this is a bit of a newbie question. 

I understand that in general the energy price cap is the maximum an energy provider can charge on its SVR for the average customer, and that this is currently set to £1277 (although the exact amount will vary depending on usage, with larger homes with greater energy usage paying [considerably] more than £1277). However I've been trying to find out what the price cap is in terms of kWh unit rates, and haven't had much success.

What I want to know is if all energy providers will now have their SVR at the price cap unit rates, or if there is still some benefit to switch to a different provider who's SVR unit rates may be different?

I'm with Outfox the Market at the moment, with electricity at 21.473p unit rates / 18.9p standing charge and gas at 4.275p unit rates / 18.9p standing charge. I'd have thought that all suppliers have priced their SVR at the maximum possible at the moment (i.e. the price cap), yet saw that British Gas in the same area have standard variable rates of electricity 20.871p unit rate / 24.017p standing charge and gas 4.056p unit rate / 26.123p standing charge. 

Does it make sense that standard variable rates across energy providers are different at this time, and if so is it worth switching to another provider's SVR (if indeed cheaper)?

Ultrasonic

The question is somewhat moot as I don't think you can actually choose to move to another supplier's SVR right now even if you wanted to. Rather I believe the only way to get onto one is if you're on a fixed tariff that comes to an end (when you can revert to the same supplier's SVR) or if your energy supplier goes bust (when you'll end up on the SVR of whoever OFGEM agrees will take over your supply.

QrizB

NatAes said:

Apologies in advance if this is a bit of a newbie question. 

I understand that in general the energy price cap is the maximum an energy provider can charge on its SVR for the average customer, and that this is currently set to £1277 (although the exact amount will vary depending on usage, with larger homes with greater energy usage paying [considerably] more than £1277). However I've been trying to find out what the price cap is in terms of kWh unit rates, and haven't had much success.

Here's an explation of the price cap:
https://forums.moneysavingexpert.com/discussion/comment/78658822/#Comment_78658822

And here's @jimjames marvellous on-line calculator that works it out for you, assuming the maximum standing charge and therefore the minimum price per kWh:
energy.jj99.co.uk

NatAes said:

What I want to know is if all energy providers will now have their SVR at the price cap unit rates, or if there is still some benefit to switch to a different provider who's SVR unit rates may be different?

In practice you can't currently switch onto a SVR, only to a fixed rate which is higher than the cap (there are one or two exceptions but those suppliers might not last much longer). Try some quotes and see what you're offered.

wittynamegoeshere

Have a look at uswitch or any other comparison site if you want a despairing laugh.

They need to add a wind sound effect and have a picture of some tumbleweed rolling across the screen.

The energy market is not a market any more.

bristolleedsfan

NatAes said:

Apologies in advance if this is a bit of a newbie question. 

I understand that in general the energy price cap is the maximum an energy provider can charge on its SVR for the average customer, and that this is currently set to £1277 (although the exact amount will vary depending on usage, with larger homes with greater energy usage paying [considerably] more than £1277). However I've been trying to find out what the price cap is in terms of kWh unit rates, and haven't had much success.

What I want to know is if all energy providers will now have their SVR at the price cap unit rates, or if there is still some benefit to switch to a different provider who's SVR unit rates may be different?

I'm with Outfox the Market at the moment, with electricity at 21.473p unit rates / 18.9p standing charge and gas at 4.275p unit rates / 18.9p standing charge. I'd have thought that all suppliers have priced their SVR at the maximum possible at the moment (i.e. the price cap), yet saw that British Gas in the same area have standard variable rates of electricity 20.871p unit rate / 24.017p standing charge and gas 4.056p unit rate / 26.123p standing charge. 

Does it make sense that standard variable rates across energy providers are different at this time, and if so is it worth switching to another provider's SVR (if indeed cheaper)?

Bulb rates are in line with B.G

ad1927

Ultrasonic said:

The question is somewhat moot as I don't think you can actually choose to move to another supplier's SVR right now even if you wanted to. Rather I believe the only way to get onto one is if you're on a fixed tariff that comes to an end (when you can revert to the same supplier's SVR) or if your energy supplier goes bust (when you'll end up on the SVR of whoever OFGEM agrees will take over your supply.

I'm currently with Shell (chose them because cheapest provider for green electricity).

The deal ends in January, and I know gas prices (and hence electricity prices) have got to an eye-watering level since I went fixed price in January (curses, should have taken 2 years fixed!).

That being said, when my contract ends in January, is the default position now that I just let them move me to the SVR and hope for prices to get a bit more normal in April?  I know there is a fixed price which, essentially, is made up of Standing Charge and unit charge, and I suspect some companies may charge more for Standing Charge than others, meaning the unit charge is cheaper.  Personally, that would suit me more as our usage is above average but, judging by what is being said on here, has any choice simply been removed for us all?  Are we at the que sera sera stage where switching is both impossible and pointless meaning I stick with an energy company longer than 12 months (first time for everything)?

Ultrasonic

If your fix doesn't end until January then I'd suggest you revisit the question of what to do nearer the time.