What should the unit prices be to cover wholesale prices?

savers_united

A very poorly thought out scheme if it is announced, it looks like being just a gesture to look like they are helping, I hope there is an opt out, I don't want to be paying back £200 plus interest, and those who live in band A-C properties are not always the ones worst off, sometimes it's simply a choice not to have a big expensive house and instead have low overheads, nice holidays, nice car, nice neighbours.... And no mortgage.

Compare that to a large family living in a larger more expensive D band property, just about getting by, a larger fuel bill, mortgage, etc... I thought Johnson did not like blunt instruments, this one is the worst kind. 

spot1034

savers_united said:

A very poorly thought out scheme if it is announced, it looks like being just a gesture to look like they are helping, I hope there is an opt out, I don't want to be paying back £200 plus interest, and those who live in band A-C properties are not always the ones worst off, sometimes it's simply a choice not to have a big expensive house and instead have low overheads, nice holidays, nice car, nice neighbours.... And no mortgage.

Compare that to a large family living in a larger more expensive D band property, just about getting by, a larger fuel bill, mortgage, etc... I thought Johnson did not like blunt instruments, this one is the worst kind. 

We only have a few minutes to wait, but my guess would be that it won't be a loan personal to you which you will have to pay back, but the energy suppliers will be expected to pay it back over an agreed period out of normal receipts, so they would adjust their prices accordingly. 

RegForme

spot1034 said:

savers_united said:

A very poorly thought out scheme if it is announced, it looks like being just a gesture to look like they are helping, I hope there is an opt out, I don't want to be paying back £200 plus interest, and those who live in band A-C properties are not always the ones worst off, sometimes it's simply a choice not to have a big expensive house and instead have low overheads, nice holidays, nice car, nice neighbours.... And no mortgage.

Compare that to a large family living in a larger more expensive D band property, just about getting by, a larger fuel bill, mortgage, etc... I thought Johnson did not like blunt instruments, this one is the worst kind. 

We only have a few minutes to wait, but my guess would be that it won't be a loan personal to you which you will have to pay back, but the energy suppliers will be expected to pay it back over an agreed period out of normal receipts, so they would adjust their prices accordingly. 

I agree with you that it will not be a personal loan. However, I think that a lot of the detail will only be revealed in Sunak's 5PM press conference today. I'm expecting 11am to only be the ofgem cap announcement, and the 5pm will explain a bill rebate. But as you said, not long to wait until 11am!

spot1034

RegForme said:

spot1034 said:

savers_united said:

A very poorly thought out scheme if it is announced, it looks like being just a gesture to look like they are helping, I hope there is an opt out, I don't want to be paying back £200 plus interest, and those who live in band A-C properties are not always the ones worst off, sometimes it's simply a choice not to have a big expensive house and instead have low overheads, nice holidays, nice car, nice neighbours.... And no mortgage.

Compare that to a large family living in a larger more expensive D band property, just about getting by, a larger fuel bill, mortgage, etc... I thought Johnson did not like blunt instruments, this one is the worst kind. 

We only have a few minutes to wait, but my guess would be that it won't be a loan personal to you which you will have to pay back, but the energy suppliers will be expected to pay it back over an agreed period out of normal receipts, so they would adjust their prices accordingly. 

I agree with you that it will not be a personal loan. However, I think that a lot of the detail will only be revealed in Sunak's 5PM press conference today. I'm expecting 11am to only be the ofgem cap announcement, and the 5pm will explain a bill rebate. But as you said, not long to wait until 11am!

I think he's due to make a statement in the House of Commons at 11.30.

mysteryUser

Price cap to increase by £693 from April

https://www.ofgem.gov.uk/publications/price-cap-increase-ps693-april

meinnit

@QrizB you're only £151 off from your prediction! Good job!

Spies

What does that make the unit rates?

Edit, found them,

From 1 April the equivalent per unit level of the price cap to the nearest pence for a typical customer paying by direct debit will be 28p per kWh for electricity customers and 7p per kWh for gas customers

bagand96

meinnit said:

@QrizB you're only £151 off from your prediction! Good job!

Indeed, well done @QrizB for your time and effort the last few months.  I'd say maybe Ofgem should be calling on you, but you're probably too accurate for Government work!

euronorris

Spies said:

What does that make the unit rates?

Edit, found them,

From 1 April the equivalent per unit level of the price cap to the nearest pence for a typical customer paying by direct debit will be 28p per kWh for electricity customers and 7p per kWh for gas customers

Presumably it also affects the standing charge?

If we're calculating our own costs, are we best using the current standing charges and kWh, and increasing them all by 54%? I want to be prepared as possible.

markin

Did all the costs stay the same apart from the energy cost?

Edit

"Ofgem will tomorrow announce further measures to help the energy market weather future volatility by increasing financial resilience and have the flexibility to respond so that risks are not inappropriately passed on to consumers. This follows measures announced in December.

The further measures include enabling Ofgem to update the price cap more frequently than once every 6 months in exceptional circumstances to ensure that it still reflects the true cost of supplying energ

"