Tariffs double what I am paying now?

Pat38493

Hi - Of course like everyone else I’m aware that the price cap went up by 54% according to the news.

However if I request from my supplier what are the available tariffs right now, all of the available tariffs are almost double what I am paying now rather than just 54% more.

Is this what I can expect - to be paying double my current prices soon?

I am currently on the standard rate as I heard some time back that the advice was to stay on the standard rate at the moment.

Bob~24601

Well I have just had my offer through, currently paying around £800 a year, the new prices on my tarrif will increase this to £2400!

Think I need to try and find the standard variable tarrif.

From what I understand the cap will go up in April, so it's likely to go up well above th 54% rise that you already are facing

jrawle

Pat38493 said:

Hi - Of course like everyone else I’m aware that the price cap went up by 54% according to the news.

However if I request from my supplier what are the available tariffs right now, all of the available tariffs are almost double what I am paying now rather than just 54% more.

Is this what I can expect - to be paying double my current prices soon?

I am currently on the standard rate as I heard some time back that the advice was to stay on the standard rate at the moment.

The standard variable tariff you are on will go up by ~54% from 1 April. You don't need to do anything if that's what you want. Your supplier is free to offer tariffs that cost more than this. The advantage of these is that the price will be fixed for a period, usually 12 or 24 months. There will be another rise in the standard variable tariff in October, so it's up to you to decide whether it's worth going for a tariff that's 100% more now, in case the October rise is another big one. Sadly, no-one can give you definitive advice on this, neither Martin, nor anyone on the forum, without the benefit of a crystal ball.

bagand96

Pat38493 said:

Hi - Of course like everyone else I’m aware that the price cap went up by 54% according to the news.

However if I request from my supplier what are the available tariffs right now, all of the available tariffs are almost double what I am paying now rather than just 54% more.

Is this what I can expect - to be paying double my current prices soon?

I am currently on the standard rate as I heard some time back that the advice was to stay on the standard rate at the moment.

The quoted 54% is based on the current Ofgem cap to the new one in April.

If you are asking your supplier for quotes then they will be for a new fix, and likely more than the April price cap, so the % rise will be more than the 54%.

If you're already on an SVT just stay on it, you don't need to ask them for quotes, your rates will increase in April, they will notify you of this.

Pat38493

jrawle said:

Pat38493 said:

Hi - Of course like everyone else I’m aware that the price cap went up by 54% according to the news.

However if I request from my supplier what are the available tariffs right now, all of the available tariffs are almost double what I am paying now rather than just 54% more.

Is this what I can expect - to be paying double my current prices soon?

I am currently on the standard rate as I heard some time back that the advice was to stay on the standard rate at the moment.

The standard variable tariff you are on will go up by ~54% from 1 April. You don't need to do anything if that's what you want. Your supplier is free to offer tariffs that cost more than this. The advantage of these is that the price will be fixed for a period, usually 12 or 24 months. There will be another rise in the standard variable tariff in October, so it's up to you to decide whether it's worth going for a tariff that's 100% more now, in case the October rise is another big one. Sadly, no-one can give you definitive advice on this, neither Martin, nor anyone on the forum, without the benefit of a crystal ball.

OK thanks so I guess that means they are not allowed to increase the standard tariff by more than the price cap then.  However, if their fixed rates until end of 2023 are double what I am paying now, I guess that means they are expecting further large increases over the next 2 years, although as you say, nobody can know for certain.

Brie

Just to be sure we understand.....you say what you pay currently is £800 a year.  Is that what you should be paying?  As in, do you regularly submit readings and do your bills show these to calculate accurately?    Lots of people think that their DD = their useage but sometimes it's way off.

And is the £2400 an accurate reflection of what you use or what you energy provider want you to pay to keep you massively in credit?

BUFF

Pat38493 said:

Hi - Of course like everyone else I’m aware that the price cap went up by 54% according to the news.

The 54% is an "average" figure for an "average" house - in reality the eletricity and gas will be going up at different rates - eletricity for most by a bit under 54% & gas by much more than 54%. Especially if you are coming off a good fix & going onto SVT gas in April is going to be a shock.