Price cap

Grange74

Can someone give me some advice on electricity.  We have a day and night reading on our meter and I was wondering what the price cap in April means for the two rates as it only shows one rate on all the documents I have found.  Does it mean that both rates can't go above 28.34p?

PeterGr

Your supplier should publish its  day and night rates for each region.  The cap does limit the tariff but it is not as straight forward as the single rate supplies.

MWT

Best to check your region with your supplier, most have published their April prices now.

Just as an example, here is the Octopus tariff for the Eastern region...

Most of the cap numbers you will have seen in the news refer to the average figure for a typical customer on a single rate tariff, using both gas and electricity, those numbers do not apply to those with multi-rate metering like Economy 7.

EssexHebridean

I can give you an example of how ours are changing - but this will not be identical for you unless you are with the same supplier and in the same region.

                                      Current prices until 31 March                         New prices from 1 April2022
Standing Charge (per day)              22.87 p                                                                       36.237 p
Day Unit Rate (per kWh)                 27.804 p                                                                     34.34 p
Night Unit Rate (perkWh)                  7.56 p                                                                       17.648 p

(I should also add - unless you are with Utility Warehouse it's likely you've already been paying more than this for your off peak rate - so likelihood is it may not jump up by quite the same level ours is!) 

QrizB

The way the price cap works with E7 is explained here.

Examples of the rates from April can be seen for EDF here or Octopus here.

EssexHebridean

I did a direct comparison with the EDF rates for our region (eastern) against the UW rates shown above over the weekend - theoretically and based on our annual use over the past 12 months, we would save approximately £12 a year switching to EDF - BUT that's specific to our day/night split - which is an unusual 25/75%. This is the issue with E7 - you do have to drill down to your own personal split to work out an accurate picture of your own situation. 

Grange74

Thank you everyone