How does this workout????

weehamish

Current tariff

Unit rates

Electricity: 15.95p per kWh

Gas: 2.72p per kWh

Standing charges

Electricity: 23.42p per day

Gas: 17.85p per day

Current annual amount: £661.37

New tariff 

⚡ Electricity

Daily standing charge 26.45p /day

Unit rate 25.01p /kWh

Exit fee £0

🔥 Gas

Daily standing charge 26.10p /day

Unit rate 6.43p /kWh

Exit fee £0

Annual amount £1,142.25

Jesus christ its nearly DOUBLE!!! 

[Deleted User]

Hi,

yup, that's the way it is just now, have a read of THIS.

QrizB

Your new tariff is above the Ofgem cap. I assume it's a fixed rate that you've been offered?

You might want to consider just dropping onto the variable rate, it will be cheaper (but still a lot more than your old rate, around 20p/kWh for electricity and 4p/kWh for gas).

Bigphil1474

Is your new gas unit rate a typo - mine has just gone up by 33% having had to move from OFTM. Went to Sainsburys, but gas is still under the 4p/kWh mark. Unfortunately I don't think v18 is still available. :-

Electricity

2 Year Fix and Reward v18 Direct Debit version

Fixed term ends 03/10/2023

19.21p/kWh      26.82p/day

(All rates inc. VAT)

Gas

2 Year Fix and Reward v18 Direct Debit version

Fixed term ends 03/10/2023

3.77p/kWh      26.12p/day

(All rates inc. VAT)

weehamish

Mine climbs every day... octopus energy... im fixed until the 29th and this will be the new tariff.

Im gobsmacked tbh... basically double the price. 

wittynamegoeshere

You need to tell them you don't want a fixed rate, then you'll get the standard 21p/unit capped rate.  They are required to offer this but are intentionally keeping quiet about it as they would prefer you to pay them more.

There seem to be a lot of lies coming out of suppliers about rates at the moment.

[Deleted User]

wittynamegoeshere said:

You need to tell them you don't want a fixed rate, then you'll get the standard 21p/unit capped rate.  They are required to offer this but are intentionally keeping quiet about it as they would prefer you to pay them more.

There seem to be a lot of lies coming out of suppliers about rates at the moment.

There are no lies as such. Every consumer that defaults to the capped tariff is costing suppliers money which is why most suppliers are no longer offering their variable tariff to new customers. Sadly, for all of us, some industry experts are predicting that the Ofgem cap will have to rise by £280 a year in April 2022 (to cover higher wholesale prices and the cost of supplier failures), and that the cost of gas will remain high throughout 2022. Fixed rates reflect what the supplier needs to charge to cover costs and make a small profit.

weehamish

Bigphil1474 said:

Is your new gas unit rate a typo - mine has just gone up by 33% having had to move from OFTM. Went to Sainsburys, but gas is still under the 4p/kWh mark. Unfortunately I don't think v18 is still available. :-

Electricity

2 Year Fix and Reward v18 Direct Debit version

Fixed term ends 03/10/2023

19.21p/kWh      26.82p/day

(All rates inc. VAT)

Gas

2 Year Fix and Reward v18 Direct Debit version

Fixed term ends 03/10/2023

3.77p/kWh      26.12p/day

(All rates inc. VAT)

That deal has long gone... they want 1400 per month off me! 

wittynamegoeshere

Dolor said:

There are no lies as such. Every consumer that defaults to the capped tariff is costing suppliers money which is why most suppliers are no longer offering their variable tariff to new customers. Sadly, for all of us, some industry experts are predicting that the Ofgem cap will have to rise by £280 a year in April 2022 (to cover higher wholesale prices and the cost of supplier failures), and that the cost of gas will remain high throughout 2022. Fixed rates reflect what the supplier needs to charge to cover costs and make a small profit.

I do understand.  However, we have elderly relatives with a big-six supplier, they're long-standing customers, definitely not new.  They have been cold-called and pressure-sold a fixed tariff.  They blindly believed that this was the best rate they offer - they're old, they believe what they're told by supposedly respectable companies.  I do get that there is some potential risk in staying on the capped variable tariff but this tariff is not even being mentioned by the suppliers these days, they're clearly trying to switch customers across to the profitable tariffs regardless of whether this is in the customers' best interests.

The fact is that the cap on the variable tariff lasts until April, so it's effectively fixed until the spring - the time of year when everyone vastly reduces their energy consumption anyway.

They're lying to people to make money.

weehamish

[Deleted User] said:

Hi,

yup, that's the way it is just now, have a read of THIS.

That says a rise of less than £150... mine has literally doubled in price!

[Deleted User]

Hi,

did you see this from CEC,

Here are the key need-to-knows to explain why:
 

• There are no switchable deals meaningfully cheaper than the price cap. We are in the perverse situation where there is nothing meaningfully cheaper than the default price you go to when a deal ends (or if you've never switched). Even though the regulator’s price cap jumped by 12% on Friday 1 October, it is still set substantially below the current cost price of energy – the main reason so many firms are going bust.
• If / when you come off a fix, you will pay a lot more. There’s no getting away from this I’m afraid. Many coming off cheap fixes will find themselves paying up to 50% more than they were – when they move to the price cap – but there is currently no solution. If you do want to fix you’ll pay even more as the current cheapest fix is 30% higher than the price cap, so for most the premium isn’t worth it.
• Consider the price cap a ‘six-month fix’. The new price cap rate is locked in until 1 April 2022, and it will almost certainly rise substantially again then (see why in price cap FAQs). So for the moment consider it a six-month fix, at the market’s cheapest available rate, which you can leave penalty-free at any time.