54% increase - Was No to fix before hand the wrong advice ?

EssexHebridean

razord said:

There will also never be an answer that is universal for everyone. Because this price cap rise is so heavily weighted to gas (~37.5% elec increase vs ~90% gas increase) - it also depends how much of each you use.

Not seen the details on this one yet but this is precisely where we land. We only use gas for cooking, everything else is electric. 

MWT

boniouk said:

Can someone explain what this cap is? It appears so vague as they say it can rise to £1,971. but it can be more or less if you use more or less.... I was expecting a cap on the rate per hour of Kwh? But this just seems to be a rough cap on average bills, nothing more. Can i find the ACTUAL CAP on the granular metrics anywhere?

Soon, but not yet, there is a spreadsheet which will be made available which will include all the regional variations, the total bill cap and the standing charge cap along with all the variations by payment method.Once we have that then it will be possible to state the kWh cap for the various different combinations.

Until then we just have the national average total bill cap for a typical user.

wild666

The price is even higher than what I said in one or two posts that I read in the Express it was going to be £1897 but that is nearly £100 out on the price it will go up to in April

jobdone1

Does anyone know what the new cap unit rates are?? I appreciate each region is slightly different but to give me some idea what the heck I do to light and heat my home

razord

We don't have the full document of pricing per region etc to produce accurate unit pricing yet, but OFGEM did add this to the statement:

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

Bossworld

MWT said:

boniouk said:

Can someone explain what this cap is? It appears so vague as they say it can rise to £1,971. but it can be more or less if you use more or less.... I was expecting a cap on the rate per hour of Kwh? But this just seems to be a rough cap on average bills, nothing more. Can i find the ACTUAL CAP on the granular metrics anywhere?

Soon, but not yet, there is a spreadsheet which will be made available which will include all the regional variations, the total bill cap and the standing charge cap along with all the variations by payment method.Once we have that then it will be possible to state the kWh cap for the various different combinations.

Until then we just have the national average total bill cap for a typical user.

I don't know if I'm doing the right thing as an estimate, but MSE had a piece saying the average across the regions was

Gas stand	0.26
Gas unit	0.04
Elec stand	0.25
Elec unit	0.21

I've applied a blanket * 1.54 increase, and my bill (fixed until mid way through this month) will go from £1264 on my fixed tarriff, to £1836 on those caps, to £2827 if it's an across-the-board 54% uplift.

Appreciate it won't be that simple, but monthly cost for me goes £106 > £153 > £235, so sounds about in line with the horror stories that were coming.

EDIT: Just seen razord's post.  Jesus, if it's gas orientated then we're more knackered as a family than I feared.

The_Green_Hornet

boniouk said:

Can someone explain what this cap is? It appears so vague as they say it can rise to £1,971. but it can be more or less if you use more or less.... I was expecting a cap on the rate per hour of Kwh? But this just seems to be a rough cap on average bills, nothing more. Can i find the ACTUAL CAP on the granular metrics anywhere?

According to the official Ofgem press release:

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

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

rogerc446

MWT said:

boniouk said:

Can someone explain what this cap is? It appears so vague as they say it can rise to £1,971. but it can be more or less if you use more or less.... I was expecting a cap on the rate per hour of Kwh? But this just seems to be a rough cap on average bills, nothing more. Can i find the ACTUAL CAP on the granular metrics anywhere?

Soon, but not yet, there is a spreadsheet which will be made available which will include all the regional variations, the total bill cap and the standing charge cap along with all the variations by payment method.Once we have that then it will be possible to state the kWh cap for the various different combinations.

Until then we just have the national average total bill cap for a typical user.

According to the ofgem press release https://www.ofgem.gov.uk/publications/price-cap-increase-ps693-april, it's basing the price cap on 28p per kWh for electricity customers and 7p per kWh for gas customers. 

Based on that and the overall price cap which takes into account the standing charge, it would suggest they're allowing the standing charge element to increase from £188 to £319 (assuming that a company charges the capped amount for the typical usage 2900/12000).

milgo

Fred2712 said:

So 54% increase on the standard variable rate just announced, I fixed a while ago so was Martin’s advice not to fix wrong ?

If Martin had advised that everyone should fix as soon as possible and then the news today was that the increase was below what you had chosen to fix at then the question that you have asked today would still be the same just reversed.

The truth is that nobody knew what would happen today prior to it happening.

brewerdave

Because of the loading on gas, looks I'll be paying ~136% more after April than I was paying when Neon Reef and Zog were still trading - life is definitely a b**ch !!