Energy Bills raised by 72% - What is the actual per unit cap?

canguro

Everywhere I read about the price cap is that it's set @ £1277/year based on what Ofgem defines as 'typical use'. This is a useless number as if you use more, you pay more. What I really want to know is what is the actual cap on each unit of energy? That would be a much more helpful number.

Our supplier (Outfox the Market) has just raised my dual fuel DD (standard variable) from £79 / month to £136 / month! A ridiculous 72% increase based on their estimates on what we may use over winter. Not in anywhere near what we realistically will use. Looking at my bills I can also see they've raised the KWH rate as follows:

Gas - 2.5823p to 4.1792p

Elec - 15.9069p to 20.2797p

+ raised the standing charges as well.

Does anyone know what the actual cap is on the rate for each unit of energy? That would be helpful because then I'd know if they are charging more than the cap.

TIA

JGB1955

Try this - Energy Calc V4 (oraclecloudapps.com)

dbks

canguro said:

Everywhere I read about the price cap is that it's set @ £1277/year based on what Ofgem defines as 'typical use'. This is a useless number as if you use more, you pay more. What I really want to know is what is the actual cap on each unit of energy? That would be a much more helpful number.

Our supplier (Outfox the Market) has just raised my dual fuel DD (standard variable) from £79 / month to £136 / month! A ridiculous 72% increase based on their estimates on what we may use over winter. Not in anywhere near what we realistically will use. Looking at my bills I can also see they've raised the KWH rate as follows:

Gas - 2.5823p to 4.1792p

Elec - 15.9069p to 20.2797p

+ raised the standing charges as well.

Does anyone know what the actual cap is on the rate for each unit of energy? That would be helpful because then I'd know if they are charging more than the cap.

TIA

Question has been asked multiple times in multiple threads on this board.

Ofgem do NOT set a capped rate for each unit of Energy. Check out the Ofgem website if you want to know more detail of what exactly they do set under their price cap.

As regards your tariff, advice was for ages before the recent events to fix your tariff (the advice has now changed post the wholesale price rises). Why didn't you fix?

In regards the price cap, it only applies to a supplier's deemed or default tariff, not all variable tariffs.

If you are not on a suppliers deemed tariff, it sounds like you've got a cracking deal from OFTM if they have only increased your variable rates to those mentioned.
If you are on their deemed tariff, I wonder why they have taken almost 2 months to increase your rates?

bristolleedsfan

canguro said:

Everywhere I read about the price cap is that it's set @ £1277/year based on what Ofgem defines as 'typical use'. This is a useless number as if you use more, you pay more. What I really want to know is what is the actual cap on each unit of energy? That would be a much more helpful number.

Our supplier (Outfox the Market) has just raised my dual fuel DD (standard variable) from £79 / month to £136 / month! A ridiculous 72% increase based on their estimates on what we may use over winter. Not in anywhere near what we realistically will use. Looking at my bills I can also see they've raised the KWH rate as follows:

Gas - 2.5823p to 4.1792p

Elec - 15.9069p to 20.2797p

+ raised the standing charges as well.

Does anyone know what the actual cap is on the rate for each unit of energy? That would be helpful because then I'd know if they are charging more than the cap.

TIA

Gas capped kwh rate is normally around 4pish subject to area differences, however going by previous posts OFTM SC is lower than most capped rates hence higher gas kwh rate

QrizB

canguro said:

Looking at my bills I can also see they've raised the KWH rate as follows:

Gas - 2.5823p to 4.1792p

Elec - 15.9069p to 20.2797p

+ raised the standing charges as well.Does anyone know what the actual cap is on the rate for each unit of energy? That would be helpful because then I'd know if they are charging more than the cap.

As others have said, this is a FAQ. Herre is a short thread with links to other more detailed descriptions of how it works:
https://forums.moneysavingexpert.com/discussion/6308669/price-cap
Those new p/kWh rates look, to me, to be broadly in-line with the current Ofgem price cap. That's just how much energy costs domestic consumers at the moment.

canguro

dbks said:

canguro said:

Everywhere I read about the price cap is that it's set @ £1277/year based on what Ofgem defines as 'typical use'. This is a useless number as if you use more, you pay more. What I really want to know is what is the actual cap on each unit of energy? That would be a much more helpful number.

Our supplier (Outfox the Market) has just raised my dual fuel DD (standard variable) from £79 / month to £136 / month! A ridiculous 72% increase based on their estimates on what we may use over winter. Not in anywhere near what we realistically will use. Looking at my bills I can also see they've raised the KWH rate as follows:

Gas - 2.5823p to 4.1792p

Elec - 15.9069p to 20.2797p

+ raised the standing charges as well.

Does anyone know what the actual cap is on the rate for each unit of energy? That would be helpful because then I'd know if they are charging more than the cap.

TIA

Question has been asked multiple times in multiple threads on this board.

Ofgem do NOT set a capped rate for each unit of Energy. Check out the Ofgem website if you want to know more detail of what exactly they do set under their price cap.

As regards your tariff, advice was for ages before the recent events to fix your tariff (the advice has now changed post the wholesale price rises). Why didn't you fix?

In regards the price cap, it only applies to a supplier's deemed or default tariff, not all variable tariffs.

If you are not on a suppliers deemed tariff, it sounds like you've got a cracking deal from OFTM if they have only increased your variable rates to those mentioned.
If you are on their deemed tariff, I wonder why they have taken almost 2 months to increase your rates?

I sense some frustation that I'm asking a question that has been asked before. For that please accept my apologies.

With regards to why I didn't fix, we had to move house in June and all the fixes at that time were far worse than the SVR. If I had a crystal ball and known what was coming I woul have fixed.

With regards to my tarrif. Nowhere on the literature or my online account does it say if it's a default/deemed tarrif. I am currently in a chat queue to find this information out.

Thanks

Astria

You could get cheaper those rates at the beginning of October, but good luck getting them now.

That said, they are pretty much useless without posting the standing rates as well, as if your standing rates are very low then your costs above are very reasonable.

dbks

canguro said:

With regards to my tarrif. Nowhere on the literature or my online account does it say if it's a default/deemed tarrif. I am currently in a chat queue to find this information out.

Thanks

Surely it would be more prudent to have looked at your statements to see what tariff you are on?

Pretty sure it's on all their statements.

Pretty sure it would have been stated in the notice you received saying the price was increasing.

If you have access to your online account, that will also tell you what tariff you are currently on.

Most suppliers raised their default tariffs on 1st October (as soon as they could)
I think Zog were the last who did not raise theirs until the middle of the month (probably because they were tardy issuing notice to those affected. Most Zog customers were on a fixed rate tariff prior to Oct this year)

canguro

dbks said:

canguro said:

With regards to my tarrif. Nowhere on the literature or my online account does it say if it's a default/deemed tarrif. I am currently in a chat queue to find this information out.

Thanks

Surely it would be more prudent to have looked at your statements to see what tariff you are on?

Pretty sure it's on all their statements.

Pretty sure it would have been stated in the notice you received saying the price was increasing.

If you have access to your online account, that will also tell you what tariff you are currently on.

The actual tariff I'm on is a SVR one (as written in my original post). The important part of my reply to yours is where I wrote "Nowhere on the literature or my online account does it say if it's a default/deemed tarrif". In this case "Literature" means my contract, my statements and "Online account" means online account.

Oh, and the notice I got that the price was increasing was last week. Not beginning of October.

DBKS - you've taken the time to reply so for that I extend my thanks but unfortunately it's outweighed by your condescending tone.

Peace and love.

Ant555

canguro said:

...What I really want to know is what is the actual cap on each unit of energy? That would be a much more helpful number.

Does anyone know what the actual cap is on the rate for each unit of energy? That would be helpful because then I'd know if they are charging more than the cap.

TIA

Im not 100% sure of the ins and outs of the price cap as i'm waiting for it all to play out and just skimming all the headlines not the details, however my mother in laws fixed deal is about to end with British Gas and this was sent by email recently offering a new fix or the standard variable rates below.

Although the £ cost is based on her specific usage, im guessing the standing charges and rates are likely to be the SVR cap rates or something very close to it?

hope this helps.

Gas: £696.05

Standing charge: 26.123p per day

Unit rate: 4.043p per kWh

Electricity: £591.07

Standing charge: 24.383p per day

Unit rate: 20.141p per kWh

QrizB

canguro said:

With regards to why I didn't fix, we had to move house in June and all the fixes at that time were far worse than the SVR. If I had a crystal ball and known what was coming I woul have fixed.

I know hindsight is great but, with respect, June was an excellent time to fix.

BG Exclusive Energy June 2023, to pick one example from a major supplier, was offering electricity at 18.8p and gas at 3.4p fixed for 24 months.

Once Ofgem announced the winter cap in August, prices started to creep up but there were still good fixes to be had.