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QrizB said:Mstty said:BBC News - Cost of living: Energy bills forecast to hit £3,363 a yearhttps://www.bbc.co.uk/news/business-62094435
Makes sense seeing all these 50p elec and 15-17p gas fixes now😳Cornwall Insight original press release here:New forecasts from Cornwall Insight have seen the Default Tariff Cap for Q1 2023 (Jan-Mar) rise to £3,363 a year for an average domestic consumer, increasing significantly from the £3,003 figure released two weeks ago. Predictions for the Q4 2022 (Oct-Dec) Cap, have also seen a steep increase, and now sit at £3,244 a year.
Figure 1: Cornwall Insight’s Default Tariff Cap forecasts
QUARTERLY Q4 2022 CI Forecast Q1 2023 CI Forecast Electricity £1,444.20 £1,485.89 Gas £1,800.34 £1,877.81 TOTAL £3,244.54 £3,363.70 AVERAGE £3,304.12 Source: Cornwall Insight
If I break that down, assuming similar standing charge rates to the April cap, I get:Q4 2022 Q1 2023 Gas SC £ 100 100 Gas price £ 1700.34 1777.81 Gas /kWh p 14.17 14.82 Elec SC £ 170 170 Elec price £ 1274.2 1315.89 Elec /kWh p 43.94 45.38 0 -
pochase said:That's over 100% gas price increase by January.
N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill member.
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.Not exactly back from my break, but dipping in and out of the forum.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!0 -
If I break that down, assuming similar standing charge rates to the April cap, I get:
Q4 2022 Q1 2023 Gas SC £ 100 100 Gas price £ 1700.34 1777.81 Gas /kWh p 14.17 14.82 Elec SC £ 170 170 Elec price £ 1274.2 1315.89 Elec /kWh p 43.94 45.38
Just amending my spreadsheet yet again to see how these numbers stack up with my anticipated actual usage. Not pretty and just getting worse seemingly every fortnight.
Can I assume that the figures for standing charge are for each quarter? If so it will cost folk an eye-watering £90 pcm before any energy is used
Can I also assume that the figures (both SC and rate) do not include VAT?
I am prepared for all of this but even so when I start translating these numbers into the actual bills I am likely to receive post-October, it is still jaw-dropping. There will be some/many folks yet to come off fixes who are blissfully unaware of just how brutal all of this will be in the months to come. My October 2021 12m fix with Eon Next ends in October 2022. I will certainly see comfortably in excess of over 100% rise post-October in what I pay for using what will no doubt be less energy.
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[Deleted User] said:If I break that down, assuming similar standing charge rates to the April cap, I get:
Q4 2022 Q1 2023 Gas SC £ 100 100 Gas price £ 1700.34 1777.81 Gas /kWh p 14.17 14.82 Elec SC £ 170 170 Elec price £ 1274.2 1315.89 Elec /kWh p 43.94 45.38
Just amending my spreadsheet yet again to see how these numbers stack up with my anticipated actual usage. Not pretty and just getting worse seemingly every fortnight.
Can I assume that the figures for standing charge are for each quarter? If so it will cost folk an eye-watering £90 pcm before any energy is used
Can I also assume that the figures (both SC and rate) do not include VAT?
I am prepared for all of this but even so when I start translating these numbers into the actual bills I am likely to receive post-October, it is still jaw-dropping. There will be some/many folks yet to come off fixes who are blissfully unaware of just how brutal all of this will be in the months to come. My October 2021 12m fix with Eon Next ends in October 2022. I will certainly see comfortably in excess of over 100% rise post-October in what I pay for using what will no doubt be less energy.
Sadly, this is so true. A juggernaut is heading their way.☹️
Even those on SVTs who are not billed regularly (or accurately) are in for nasty shocks too.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0 -
DerwentMailman said:Can I assume that the figures for standing charge are for each quarter? If so it will cost folk an eye-watering £90 pcm before any energy is used
Can I also assume that the figures (both SC and rate) do not include VAT?My assumed SC numbers are annual (close to the current 27p/day for gas and 45p/day for electricity, but rounded for my convenience).And I'm working on the same VAT basis as Cornwall Insight areMy October 2021 12m fix with Eon Next ends in October 2022.
My electric fix with Octopus ends in September. My gas tariff, fortunately, is good until May 23.N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill member.
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.Not exactly back from my break, but dipping in and out of the forum.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!0 -
The standing charges @Qrizb is using are annual and all amounts should include VAT.
The standing charges are in the above table as they are deducted from the forecasts amounts, and the difference is than divided by the Ofgem averages to get to the new unit rates. That is under the assumption that nothing will change for the SC.
Doing my spreadsheets I use the current standing charges and starting today the 43.94p and 14.17p for the new SVT.
If you are only paying 100% more you have reduced your usage by a lot.
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QrizB said:DerwentMailman said:Can I assume that the figures for standing charge are for each quarter? If so it will cost folk an eye-watering £90 pcm before any energy is used
Can I also assume that the figures (both SC and rate) do not include VAT?My assumed SC numbers are annual (close to the current 27p/day for gas and 45p/day for electricity, but rounded for my convenience).And I'm working on the same VAT basis as Cornwall Insight are0 -
pochase said:QrizB said:DerwentMailman said:Can I assume that the figures for standing charge are for each quarter? If so it will cost folk an eye-watering £90 pcm before any energy is used
Can I also assume that the figures (both SC and rate) do not include VAT?My assumed SC numbers are annual (close to the current 27p/day for gas and 45p/day for electricity, but rounded for my convenience).And I'm working on the same VAT basis as Cornwall Insight are
N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill member.
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.Not exactly back from my break, but dipping in and out of the forum.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!0 -
I think a
is called for. ☹️
How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)2
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