Help working out new cost - is it all a guess

Jolin

Hi everyone, 

I wonder if anyone could please help me work out my cost from April (I’m aware it’ll go up again in October). Scottish Power are saying they won’t release new prices till the 10th of March so how is everyone working it out?  Is it just an estimate based on the price cap increase but could potentially be more? 

Last years annual use was 12708 for gas and 3120 kwh’s for electricity. I’ve been lurking and see there are some clever people on here who work out the sums. I would really appreciate some help as the dread is now setting in. My fixed price tariff ends on the 31st of March and just would like an idea of what standard variable will look like come April. In hindsight I was getting some ok figures for a fixed price but I sat tight and when I checked today, it’s almost doubled 😩

Verdigris

You're very slightly above the national average, for each fuel, so your annual cost will be slightly more than the "average" figure bandied about in the media. Say £2000/annum.

Here's the actual rates for each region, courtesy of QrizB.

https://forums.moneysavingexpert.com/discussion/comment/78957887/#Comment_78957887

QrizB

There will be some regional variation, but on average:

• Current cap - £1352/yr, £113/month
  
• Forthcoming April cap - £2086/yr, £174/month

Scottish Power are saying they won’t release new prices till the 10th of March ...

According to Which? they need to give 30 days' notice, so if they don't tell you until the 10th they won't be able to apply the new prices until the 10th of April.

Jolin

Thanks so much for this. I had seen you help people on other posts and secretly hoped you would see this! 

Thanks for sharing your knowledge. It is greatly appreciated. This is what SP are saying, so helpful 

Jolin

Verdigris said:

You're very slightly above the national average, for each fuel, so your annual cost will be slightly more than the "average" figure bandied about in the media. Say £2000/annum.

Here's the actual rates for each region, courtesy of QrizB.

https://forums.moneysavingexpert.com/discussion/comment/78957887/#Comment_78957887

Sorry, I just seen QrizB’s reply. Feel rude now! Thanks for your advice. Think I might be slightly above because I have a son who’s a tech nerd with computers on constantly and he’s also been mainly online with college for the last 2 years so is home all the time. 

QrizB

Interestingly, SP seem to think they only need to give 21 days' notice, not the 30 days that Which? quote.

The Ofgem licence conditions only seem to say "reasonable notice" so, unless there's a guidance note somewhere that I can't find, SP's three weeks could be correct.

Jolin

I wouldn’t have known about notice at all if you hadn’t said. I thought the announcement of the 54% increase was the notification until I logged on today and seen this. Just glad to have some ball park figure for standard variable . The fixed tariffs they’re offering me are £300! 

otb666

also SP fixes have a clause see Ending your agreement  Or we can end the agreement by

giving you 42 calendar days’ prior notice thus  fix is not a fix

Jolin

otb666 said:

also SP fixes have a clause see Ending your agreement  Or we can end the agreement by

giving you 42 calendar days’ prior notice thus  fix is not a fix

Didn’t know this either. Thanks for sharing 

Northern_Wanderer

QrizB said:

Interestingly, SP seem to think they only need to give 21 days' notice, not the 30 days that Which? quote.

The Ofgem licence conditions only seem to say "reasonable notice" so, unless there's a guidance note somewhere that I can't find, SP's three weeks could be correct.

I'm interested to know the notice period as I haven't received any price increase notification from either my gas or electric supplier. Happy to follow up any non-compliance and get charged at the old rates for as long as possible