Economy 7

[Deleted User]

My fixed deal ends on 30/4/22. 
All I can see is the standard

QrizB

ImDoingItForMe said:

My fixed deal ends on 30/4/22. 
All I can see is the standard  rates for gas and electric with both having a daily rate and a standing charge 
How do I find what the price cap would be with the date rate, night rate and standing charge?

Here's an explation I wrote earlier (copied from here).

Capped rates for E7 ("multi-rate metering") are more difficult to calculate than single-rate electricity. Ofgem set a cap on the standing charge in the usual way but the cap on energy bills is for a typical user with a certain split of day/night units. How the energy companies meet that cap is up to them.

Let me illustrate with an example.

In the North-West, Ofgem's caps for multi-rate metering paid by DD are:

• Zero kWh : £147.15/yr
• 4200kWh: £1203.78/yr

The cap on the standing charge - the zero kWh cap - is relatively straightforward. Divide it by 365 and add 5% VAT and you get 42.3p/day.

If the standing charge is £147.15/year, 4200kWh of electricity costs £1056.63. If it was all charged at the same rate, that would be 25.16p/kWh+VAT = 26.42p/kWh.

But it isn't all charged at the same rate. In Ofgem's model, it's assumed that the consumer uses 58% on the day rate (DR) and 42% on the night rate (NR). The energy company can therefore set two rates such that DRx0.58 + NRx0.42 = 26.42

So the following rates would all be acceptable to the cap:

• DR 28p/kWh, NR 24.24p/kWh
• DR 30p/kWh, NR 21.48p/kWh
• DR 32p/kWh, NR 18.71p/kWh

... but there's an endless number combination of options available for the suppliers to choose from.

QrizB

ImDoingItForMe said:

Oh my goodness. It's so complicated.
At the moment I'm with Scottish power.
Date rate 20.88
Night rate 10.26
Daily standing charge 16.44
I have yet to work out my usage but I'm a very lower user.

That's your current fixed deal, yes?

Scottish Power's current variable tariff for my region (from here, yours will vary) is something like:

• Day rate: 25.228
• Night rate: 11.074
• Daily standing charge: 24.19

I can't tell you exactly what it will be from April, as that's a commercial decision for Scottish Power. It *could* be somewhere around 34 day / 15 night / 43 pence SC.

Curiousgirl1

[Deleted User] said:

Thank you so much for this information.
This is what I was trying to find.
I know the prices are going up in April but at least when I put my details in it gives me a rough idea of the prices now.

Edited it add. Yes that's my fixed deal until 30/4/23.
Thanks again QrizB.

If you’re fixed until end of April 2023, I don’t know why you’re so worried now. You’ve got a great deal for the next 13 months. Worry about it nearer the time & just bask in the knowledge the next 2 price caps won’t affect you