What rates are you being offered by your provider at the moment?

BUFF

Claireybella1978, those prices look high (I guess that you are paying a premium for the "Green" ) & the prices are only guaranteed for 6 weeks from now, what happens after that? What is the early exit penalty?

Mstty

Cornwall insights predictions for the next 3 price cap rises (barring the 3 monthly changes perhaps incoming)



Source

https://www.cornwall-insight.com/press/cornwall-insight-releases-latest-winter-price-cap-predictions-as-summer-2022-cap-introduced/

pochase

Claireybella1978 said:

pochase said:

Claireybella1978 said:

We are with Scottish Power for Gas and Electric, we were paying £113 per month, the new tariff they are offering us is estimated at £321.50 per month.  I thought that the prices were going up by 54%?  Should I be querying this with Scottish Power?!

The prices are not going up by 54%, the prices for a user who uses exactly 12000KWh of gas and 2900KWh of electricity and who lives in one specific region and pays by direct debit and is already on a standard variable tariff is going up by 54%, change one of the variables and the price increase percentage will change.

You are quoting direct debit amounts, that is not the change in cost, that is what your supplier asks you to pay upfront based on his estimates what energy you are going to use in the next 12 months.

Are you coming off a fixed tariff? That is at the moment the worst shock you can have. Price increases of 100% for electricity and 300 to 350% for gas are not unusual.

If you want somebody to have closer look if the new direct debit is justified you need to give us your energy use for the last 12months for gas and electricity (electricity day and night use if you are on E7). As E7 rates differ between suppliers we would also need day and night rates if you are on E7, otherwise to know what energy region you are in is enough. Last point is we need to know if you are in credit or debt on the last bill, and by how much.

I can't get my usage for the last year at the moment as the stupid Scottish Power website isn't working.  We are in credit by £357.40 and they have said that they have taken that into account with our DD charges over the next year.  New tariff charges below:

Electric

Supplier	ScottishPower
Tariff name	Green Flexi May 2023 M1
Tariff type	Flexi Price
Payment method	Monthly Direct Debit
Standing Charge	43.39p per day
Unit rate	47.610p per kWh
Tariff ends on	31/05/2023
Price guaranteed until	30/06/2022

 

Gas

Supplier	ScottishPower
Tariff name	Green Flexi May 2023 M1
Tariff type	Flexi Price
Payment method	Monthly Direct Debit
Standing Charge	27.22p per day
Unit rate	15.591p per kWh
Tariff ends on	31/05/2023
Price guaranteed until	30/06/2022

That  is an very expensive tariff you are quoting here. It almost seems that it is something like a tracker as your fixed until 31/05/2023, but the price is only guaranteed until end of next month.

The rates are exorbitant. Gas is more than double the CAP SVT rate, electricity around 70% more expensive than SVT.

Don't go for this tariff, it is the worst I have seen for a while.

What are the rates for electricity and gas you were paying up to now?

pochase

chezzzer said:

Hi can anyone tell me the % increase on the below 3 deals? Does ML advise to fix if lower than 25%?

Thank you 😊

My current OVO tariff is

Elec 15.59p per kWh and SC 22.39 p/day

Gas 3.11p per kWh and SC 26.04 p/day

And my DD is currently £120 p/mth

ELEC Future annual consumption   4745 kWh

GAS Future annual consumption   9128 kWh

 

Ovo new plans offered for June 2022.

Variable plan paid by Direct Debit

Elec 28.01p kWh 42.24 p/day S/Charge

Gas 7.34 p/kWh 27.22p/day S/Charge

 

Or, 1 yr fixed better energy plan

Elec 37.91p kWh 44.46 p/day S/Charge

Gas 11.03 p/kWh 27.52p/day S/Charge

 

Or, 2 yr fix & protect plan

Elec 37.38p kWh 44.46 p/day S/Charge

Gas 10.77 p/kWh 27.52p/day S/Charge

 

The 1 year fix is over 35% more expensive for electricity and over 50% more expensive for gas. The two year plan is 33.45% more expensive for electricity and 46.7% for gas. 

Both plans don't make any sense for fixing, there are fixed tariffs with other supplier that are much cheaper.

The usage data you have listed is in line with you old direct debit so seems to be usable for calculations.

Based on those your cost for the the next year on the SVT rates will be £2252 or £188 per month. That is not including further increases.

The 1 year fix would be £3068 or £256 per month.

sneakybenben

Hello,

I have been offered the following... with up coming price rises in Oct, does this sound like a good plan?

my current:

Tariff details

Name Flexible Octopus

Tariff code VAR-19-04-12

 

Gas charges

Unit rate 7.48 p per kWh

Standing charge 27.22 p per day

 

Costs

Estimated annual cost £986.81

New Quote, 12M fixed GAS ONLY (elec already fixed)

Tariff details

Name Loyal Octopus 12M Fixed

Tariff code LOYAL-FIX-12M-22-04-21

Gas charges

Unit rate 11.38 p per kWh

Standing charge 27.22 p per day

 

Costs

Estimated annual cost £1450.50

pochase

One word answer is NO.

You are looking at a 50% increase which is far more than the expected increase for October, while the higher cost for the remaining summer months before the increase should not matter much

QrizB

sneakybenben said:

Hello,

New Quote, 12M fixed GAS ONLY (elec already fixed)

Tariff details

Name Loyal Octopus 12M Fixed

Tariff code LOYAL-FIX-12M-22-04-21

Gas charges

Unit rate 11.38 p per kWh

Standing charge 27.22 p per day

 

Costs

Estimated annual cost £1450.50

That's crazy.

You can join Gas Tracker with the same SC and an 11p/kWh cap (currently 4.8p/kWh). Even if it hits the cap tomorrow and stays there for a year you'll still save vs. that fix.

bristolleedsfan

QrizB said:

sneakybenben said:

Hello,

New Quote, 12M fixed GAS ONLY (elec already fixed)

Tariff details

Name Loyal Octopus 12M Fixed

Tariff code LOYAL-FIX-12M-22-04-21

Gas charges

Unit rate 11.38 p per kWh

Standing charge 27.22 p per day

 

Costs

Estimated annual cost £1450.50

That's crazy.

You can join Gas Tracker with the same SC and an 11p/kWh cap (currently 4.8p/kWh). Even if it hits the cap tomorrow and stays there for a year you'll still save vs. that fix.

No guarantee voluntary product cap Octopus have put on tracker tariff will stay the same for 12 months, nothing to say that they cannot if they wish align all versions of tracker tariff with same product cap (whatever that is) in less than 5 months time or by very early next year.

None of the components/calculations that make up Octopus tracker tariff are officially fixed bar fact tariff is stated to be for fixed term of 12 months no exit fees with price not guaranteed.

Loyal Octopus 12M Fixed is supposed to be for customers 8 months +,  would therefore not be ethical for them to intend to offer a cheaper gas 12 M fixed rate available to all which is what you are implying.

pearl123

Octopus flexible.
Unit rates

Electricity: 29.48p per kWh

Gas: 7.32p per kWh

Standing charges

Electricity: 41.39p per day

Gas: 27.22p per day

I can't find anything cheaper.

Sam14Til

This is currently available on British Gas. Fixed for a year. Worth it when considering the likely October rise?