Guide: What are the price cap unit rates?

Soutie

Current EON Next quote on variable: Gas 14.76 per KwH and Electricity 51.57 per KwH.  How does that stack up with rates quoted by MSE under new "cap" of Gas 10.29 and Electricity 34.00??

brewerdave

Soutie said:

Current EON Next quote on variable: Gas 14.76 per KwH and Electricity 51.57 per KwH.  How does that stack up with rates quoted by MSE under new "cap" of Gas 10.29 and Electricity 34.00??

Not yet updated their website ? Other Utility Cos. are starting to show the new post 0ct.1st "cap" if you look to change your tariff.

[Deleted User]

Soutie said:

Current EON Next quote on variable: Gas 14.76 per KwH and Electricity 51.57 per KwH.  How does that stack up with rates quoted by MSE under new "cap" of Gas 10.29 and Electricity 34.00??

Cap doesn't start until 1 Oct - they don't need to be showing you the cap numbers until then.

Shring

This morning I received notification from Shell Energy about my new Economy 7 capped rates from 1st October.  The night rate electricity will go up from 18.579p to 19.922p per kWh and the day rate will go up from 33.666p to 40.703p per kWh and the standing charge per day is changing from 38.00p to 39.02p

Gas will go up from 7.344p to 10.309p per kWh and the standing charge per day is changing from 27.22p to 28.48p.

From all the media reports, I understood the electricity unit rate cap  from 1st October to be 34p per kWh and gas to be 10p per kWh

Ofgem are showing maximum capped rates of :

Electricity £0.52 per kWh

Gas 46p per kWh

ofgem.gov.uk/check-if-energy-price-cap-affects-you

Shring

UK Gov states :

If you’re on a standard variable tariff

The average unit price for dual fuel customers paying by direct debit will be limited to 34.0p/kWh for electricity and 10.3p/kWh for gas, inclusive of VAT, from 1 October.

gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022

It appears that these rates have changed, according to Ofgem and the latest rate news from Shell.

Apodemus

Are you confusing different terms:  Average, Maximum and your actual rate - which is above the average, but below the maximum.?

[Deleted User]

Shring said:

This morning I received notification from Shell Energy about my new Economy 7 capped rates from 1st October.  The night rate electricity will go up from 18.579p to 19.922p per kWh and the day rate will go up from 33.666p to 40.703p per kWh and the standing charge per day is changing from 38.00p to 39.02p

Gas will go up from 7.344p to 10.309p per kWh and the standing charge per day is changing from 27.22p to 28.48p.

From all the media reports, I understood the electricity unit rate cap  from 1st October to be 34p per kWh and gas to be 10p per kWh

Ofgem are showing maximum capped rates of :

Electricity £0.52 per kWh

Gas 46p per kWh

ofgem.gov.uk/check-if-energy-price-cap-affects-you

You’re comparing the average single-rate cap to your specific regional E7 rate.  That just doesn’t work.

Your new rates look normal.

molerat

The OFGEM rates you have quoted are the old price cap which has been replaced by the price guarantee. 

The new prices for gas are around 10.4p and electric around 34p for single rate, you are on a dual rate which is more complex and not limited by that 34p.

MWT

Shring said:

This morning I received notification from Shell Energy about my new Economy 7 capped rates from 1st October.  The night rate electricity will go up from 18.579p to 19.922p per kWh and the day rate will go up from 33.666p to 40.703p per kWh and the standing charge per day is changing from 38.00p to 39.02p

Gas will go up from 7.344p to 10.309p per kWh and the standing charge per day is changing from 27.22p to 28.48p.

Based on those numbers, I'd guess you were in the Eastern region, and they are entirely consistent with the cap for E7 electricity + gas paid by DD.

As ever you just have to get used to the fact that there isn't just one cap, there are many, with different answers for each region, metering type and payment method.

pensionpawn

Shring said:

This morning I received notification from Shell Energy about my new Economy 7 capped rates from 1st October.  The night rate electricity will go up from 18.579p to 19.922p per kWh and the day rate will go up from 33.666p to 40.703p per kWh and the standing charge per day is changing from 38.00p to 39.02p

Gas will go up from 7.344p to 10.309p per kWh and the standing charge per day is changing from 27.22p to 28.48p.

From all the media reports, I understood the electricity unit rate cap  from 1st October to be 34p per kWh and gas to be 10p per kWh

Ofgem are showing maximum capped rates of :

Electricity £0.52 per kWh

Gas 46p per kWh

ofgem.gov.uk/check-if-energy-price-cap-affects-you

Blimey! Although compared to my email yesterday your day rate is plus 0.254p and your night rate is plus 1.06p, your standing charge is -5.48! Your gas unit rate is -0.148, s/c the same. Some interesting calculations have happened there.