Gas hike in prices - but what about electricity

EMW44

All the comments on the news talk about the cost of gas going up. But what if one is all electric as in our retirement flats? Is electricity going up as much as gas - or does it make no difference? 

savers_united

The majority of the homes in this country are heated by Gas so it does have a greater impact on most as heating is where most of the costs come from.

And its also a fact that Gas has increased more in percentage terms than Electricity. 

I was paying 2.5p for Gas this time last year and 14p for Elec. Even with this latest rise Elec for me would have doubled in a year, Gas would almost trebled and that is where most of my use comes from. 

MWT

EMW44 said:

 Is electricity going up as much as gas - or does it make no difference? 

Gas is used to generate electricity so yes, it is still going up, but not by as much.

We don't have the details yet, but expect the capped kWh charge for electricity to go up to around 28p, from where it is now at around 21p.

When this change will affect your costs depends on the tariff you are on now of course...

Also we don't have the details of changes in standing charge yet either.

We should get the missing information tomorrow.

schnegge_london

I'm sitting in the same boat, living in an all electric flat... what a joy (sorry, sarcasm...)
Unfortunately electricity is way more expensive than gas (3-4 times), so especially if you heat with electricity be prepared for an even bigger price shock..
The problem is how electricity is generated - around 40% is generated by burning gas. So if the gas prices go up, electricity goes up as well. 
They haven't said the specific rate the energy companies can charge, but expect something around 28-30p per kwh for electricity (up from currently slightly under 21p per kwH)
Don't be fooled by the word "price cap". It is more a rate cap. An average household is about to spend £1971 per year on the new price cap. So if you're an electricity only customer, I expect you to pay even more as the price cap is calculated on a duel fuel user.
Probably you have an old bill with your overall usage from last year, then you can calculate once we know the rates. 

Not nice times ahead unfortunately... I have no idea how they think an average household can pay for this...

matelodave

We are all electric and our consumption is around 7500-8000kwh a year. Last year with Symbio it cost me just about £1000, since they went bust it's increased to around£1750 and with the latest increase I can anticipate that it will be approx £2700, so that's all my beer money gone and I doubt we'll go very far on holiday either.

markin

They stated the rate on the website.

"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"

And the will be a £200 credit/loan in October