Zog has gone 😢

jobdone1

QrizB said:

Patr100 said:

EDF Energy to raise energy bills by 54% after UK price cap decision

Well, what a surprise (not!). 
https://www.nasdaq.com/articles/edf-energy-to-raise-energy-bills-by-54-after-uk-price-cap-decision

Time for us to keep our eyes open for a gas fix below 7p/kWh, then!

Good luck with that, I have visited energy supply sites and none are below, most are 9p plus

DiseasedBunny

On the plus side, minimal gas useage from April to October so no great rush to sort it

casjen

Patr100 said:

EDF Energy to raise energy bills by 54% after UK price cap decision

Well, what a surprise (not!). 

https://www.nasdaq.com/articles/edf-energy-to-raise-energy-bills-by-54-after-uk-price-cap-decision

Why is that newsworthy?... they are all going up.

nrmsmith

Currently paying about 4p/kWh at EDF on the capped tariff I was pushed onto after Zog went under (had been paying about 2.8p/kWh fixed at Zog).  

Assuming a 54 % increase as announced in the new capped tariff - surely this should make a new capped rate slightly more than 6p/kWh?  Or am I missing something?

QrizB

nrmsmith said:

Assuming a 54 % increase as announced in the new capped tariff - surely this should make a new capped rate slightly more than 6p/kWh?  Or am I missing something?

The 54% is an average. Electricity is going up by around 35%, gas by 80%. See the link in my signature for a table breaking it down by supply region.

BUFF

nrmsmith said:

Assuming a 54 % increase as announced in the new capped tariff - surely this should make a new capped rate slightly more than 6p/kWh?  Or am I missing something?

Its ~54% on average but the electricty & gas rates are going up by different amounts.  https://www.ofgem.gov.uk/check-if-energy-price-cap-affects-you The new cap rate for gas is 7p.

Shedman

Slightly over 7p kWh in fact ...somewhere between 7.23 and 7.52 incl VAT depending on region (unless EDF juggle the figures slightly between unit and SC somehow)

[Deleted User]

nrmsmith said:

Currently paying about 4p/kWh at EDF on the capped tariff I was pushed onto after Zog went under (had been paying about 2.8p/kWh fixed at Zog).  

Assuming a 54 % increase as announced in the new capped tariff - surely this should make a new capped rate slightly more than 6p/kWh?  Or am I missing something?

Zog like a number of suppliers was offering gas at a price much lower than the Ofgem October 2021 cap of c.4p/kWh. This wasn’t an issue provided it had hedged properly. Sadly, the company that supplied its energy went bust. It follows the % increase that you should expect is not on what you were paying Zog: it is an increase in the Capped price from one Cap to another or, in other words, an increase of 150% on the cheap deal that you had with Zog.

nrmsmith

[Deleted User] said:

nrmsmith said:

Currently paying about 4p/kWh at EDF on the capped tariff I was pushed onto after Zog went under (had been paying about 2.8p/kWh fixed at Zog).  

Assuming a 54 % increase as announced in the new capped tariff - surely this should make a new capped rate slightly more than 6p/kWh?  Or am I missing something?

Zog like a number of suppliers was offering gas at a price much lower than the Ofgem October 2021 cap of c.4p/kWh. This wasn’t an issue provided it had hedged properly. Sadly, the company that supplied its energy went bust. It follows the % increase that you should expect is not on what you were paying Zog: it is an increase in the Capped price from one Cap to another or, in other words, an increase of 150% on the cheap deal that you had with Zog.

I was expecting a % increase based on the current capped price that I’m now getting from EDF but what I hadn’t realised was that the headline 54% was an average of gas+elect increases.

Patr100

It still somewhat irks  me when the press headline a monetary figure for increases rather than a percentage. I know they are taking the average and using that but to me a percentage increase for gas or lec is much more useful to above/below average users to estimate the impact of rises.