We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

EON NEXT V12

Options
2

Comments

  • pochase
    pochase Posts: 3,449 Forumite
    1,000 Posts Third Anniversary Name Dropper
    @Mstty
    Thanks I know the thread. But can you point me to where it says that the increase for both gas and electricity will be the same? You are saying the CAP increase might 30% and you use the same 30% increase in your forecast for your electricity only home.

    Looking at my own 2 year fix the cost for electricity is 18% higher than April SVT, while gas is 25%higher . So EDF seems to expect the increase to be different, with gas again increasing more than electricty.


  • Mari1971
    Mari1971 Posts: 6 Forumite
    Sixth Anniversary Name Dropper First Post Combo Breaker
    @pochase sorry I misread your original reply 

    here are my readings since last summer. We were with Powershop but got transferred to EON and can’t access my readings with them (I keep a record now!) 

    Meter readings

    2/8/21.  69418

    2/9/21.  70119.       = 701 units


    2/10/21. 70782.     = 663 units


    1/11/21.   71553.     = 771 units


    4/12/21.  72410.     = 857 units


    1/1/22.     73149.     = 1009 units


    1/2/22.     74048.    = 899 units


    1/3/22.     74805.    = 757 units


    31/3/22.   75508.    = 703 units 

    I think my average is more like 800 looking at this! 

    Thanks again 



  • Mstty
    Mstty Posts: 4,209 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    @pochase

    As well as multiple sources suggesting 30-50% most with a good track record of forecasting I like Cornwall insights as they have a track record of just coming in under what the price cap gets set to. They can in at 9% for October 2021 and it was 11% rise. 46% Apr 2022 and it came out as 54%. They predict 32% for Oct 2022 so I would suggest 30% is at the very lower end.

    Martin Lewis himself on ITV two days before 1st April Cap warned it would go up to £2500 for the average user down from the originally estimated £3000

    Don't forget the burning of gas to produce is the reason electricity increases as well so they are linked

    Personally I am happy with my research to date that 30% is a reasonable estimate for the new price cap in October. I have done my research and until I see a reduction in wholesale gas prices, the end of the war in Ukraine then we can re-estimate at that time.

    Conversely I am happy for you to challenge that as your opinion to be 25% and advise accordingly to the best of your knowledge👍


  • pochase
    pochase Posts: 3,449 Forumite
    1,000 Posts Third Anniversary Name Dropper
    @Mstty

    I am not challenging the price cap of 30% at all. What I am challenging is that if there is a price cap of 30% it will be 30% increase for gas and 30% increase for electricity.

    For the April price cap of 54% it worked out to 25% for electricity and 70 to 75% for gas. Why would that be completely different now?
  • pochase
    pochase Posts: 3,449 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Mari1971 said:
    @pochase sorry I misread your original reply 

    here are my readings since last summer. We were with Powershop but got transferred to EON and can’t access my readings with them (I keep a record now!) 

    Meter readings

    2/8/21.  69418

    2/9/21.  70119.       = 701 units


    2/10/21. 70782.     = 663 units


    1/11/21.   71553.     = 771 units


    4/12/21.  72410.     = 857 units


    1/1/22.     73149.     = 1009 units


    1/2/22.     74048.    = 899 units


    1/3/22.     74805.    = 757 units


    31/3/22.   75508.    = 703 units 

    I think my average is more like 800 looking at this! 

    Thanks again 



    What are you using for heating? It does not look like there is big difference between summer and winter for you energy consumption?


  • Mari1971
    Mari1971 Posts: 6 Forumite
    Sixth Anniversary Name Dropper First Post Combo Breaker
    @pochase we have oil heating 😱 which is another story!! 
  • Mstty
    Mstty Posts: 4,209 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    @pochase not sure where you get 25% from our electricity went from 20.84p kWh (price cap pre Apr 1st) to 29.24p kWh
  • pochase
    pochase Posts: 3,449 Forumite
    1,000 Posts Third Anniversary Name Dropper
    @Mstty
    Ok, so it was a 40% increase for you, which is still not the 54% increase nor the real 70% to 75%  increase for gas.
  • Mstty
    Mstty Posts: 4,209 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    pochase said:
    @Mstty
    Ok, so it was a 40% increase for you, which is still not the 54% increase nor the real 70% to 75%  increase for gas.
    No that wasn't just for me that was generally for everyone on SVT. Also that doesn't include the Standing Charge increase of roughly £65 a year. So that has a bearing on percentage depending on use.

    To answer your gas increase question again I have to question the mathematics October 2021 SVT was on average 4p kWh and April 2022 SVT is on average 7p kWh so nowhere near 70-75% and the SC went up by average 1p (of course not for those coming off fixed contracts but the figures all deal with SVT changes)

    I am happy for you to stick with 25% for electricity only tariffs, like I said you have done your research and so have I. I have backed mine up with a source and still come up with a sensible figure of 30% which will be a useful benchmark for either dual or single fuel customers and a decent stab for something they can aim to save up or be prepared for.

    I certainly won't roast you for say 25% the same I won't for someone saying 35%. It's a best guess scenario and on this board I just like to give the picture as ai see it from my research and hopefully then people are as prepared as they can be.


  • pochase
    pochase Posts: 3,449 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Mari1971 said:
    @pochase we have oil heating 😱 which is another story!! 
    So you are just using quite a bit of energy, what was also true of myself while we were using the hot tub the last years.

    See below calculation for an averaged use of 4200 KWh before 1st of October and after 1st of October

      Fixed       Variable
      KWh rate Cost   KWh rate Cost
    first 6 months 4200 0.3358  £ 1,410.36   4200 0.2841  £ 1,193.22
    seconds 6 months 4200 0.3358  £ 1,410.36   4200 0.386376  £ 1,622.78
           £ 2,820.72        £ 2,816.00
                   
                Increase percentage 36

    As you can see the fix would be 217£ more expensive for the first 6 month. To make this up in the second part of the year the price for electricity would have to go up to 38 638p to save 213£, 

    This does not take the different standing charges into account, but from the rate of 28.41 I assume you are in the South West and the standing charge would be nearly the same you quoted for your fix deal. 

    Even with a 50% increase you would only save 165£ gambling on the fixed tariff


      Fixed       Variable    
      KWh rate Cost   KWh rate Cost
    first 6 months 4200 0.3358  £ 1,410.36   4200 0.2841  £ 1,193.22
    seconds 6 months 4200 0.3358  £ 1,410.36   4200 0.42615  £ 1,789.83
           £ 2,820.72        £ 2,983.05
                   
                Increase percentage 50

    and using the 30%electricity increase Mstty  is using you are 76£ better off not taking the fix.

      Fixed       Variable    
      KWh rate Cost   KWh rate Cost
    first 6 months 4200 0.3358  £ 1,410.36   4200 0.2841  £ 1,193.22
    seconds 6 months 4200 0.3358  £ 1,410.36   4200 0.36933  £ 1,551.19
           £ 2,820.72        £ 2,744.41
                   
                Increase percentage 30

    Nobody can or should advise you what to do here. Nobody knows what is going to happen in October, I can only provide you with some facts, but I only did a fix  at a tariff slightly lower (32.905p) than yours because it was for 24 months, and to fix the gas price, which has increased much more with this April Cap than electricity.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.