Help choosing tarrif with price cap news - stay or go?

investme

Hi all,

I am struggling to find information on what the new proposed price cap is in terms of 'actual costs (in kwh and standing charges). Everything seems to be dumbed down for a quick glance on news sites etc. So it's making it difficult to work out whether or not it's a good option.

I'm trying to work out whether to heed the general advice on MSE and switch as it's within the 30% ish percent cost increase range, over to a 12 month fixed with no exit fees with e-on next.

My current tarrif (not fixed, so will obviously increase) is coming in around £1,134.82 year.

The charges are as follows:

Electric

Unit rate 20.87p per kWh

Standing charge 24.02p per day

Gas

Unit rate 4.06p per kWh

Standing charge 26.12p per day

The fixed tarrif is estimated at £1,550.12 per year

The charges are:
Electric

Unit rate 26.98p per kWh

Standing charge 40.20p per day

Gas

Unit rate 5.53p per kWh

Standing charge 42.31p per day

Is anyone able to help? All I really want (unless someone wants to do the sums for me ) is to see the breakdown of the upcoming April price cap in units/standing charges and work out if the fixed is cheaper.

Thanks

GingerTim

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

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

(with regional and supplier variation, Bear in mind those increased standing charges are about another £120 on your annual bill)

investme

GingerTim said:

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

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

(with regional and supplier variation, Bear in mind those increased standing charges are about another £120 on your annual bill)

Thank you. I did see this, but i could have sworn previously i've seen a nice comprehensive easy to use table to compare!

How does the regional and supplier variation work? Is the cap not exactly that, a cap. Why does the supplier or location matter? (not being awkward btw, genuinely don't understand).

Is the standing charge capped at all? or is that not managed by Ofgem? 

GingerTim

Ofgem will be releasing the revised table tomorrow, apparently. On the variation, there is some slight variation in unit and standing charge prices across the country - tomorrow's table will show this in detail.

The unit price and SC are all part of the cap, and it's the energy companies who decide how to levy them - others might offer a lower SC but a higher unit price. Section 4 in the link in my previous post explains why the SC charge is increasing (network costs, absorbing the costs of bust suppliers, etc).

(PS - I think this is the table you referred to - this is for the current price cap: https://r6fd51uoetngaqh-db202106081427.adb.uk-london-1.oraclecloudapps.com/ords/r/apex_live/energy-price-calculator/home?session=109870183905866 You'll see the variation by selecting different regions)