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

Cola133

This is the Octopus 12m Loyal Fixed V1 that I was offered. Any good?

Loyal Octopus 12m Fixed V1

ELECTRICITY:
69.16/kWh
41.39 P/day

GAS:
18.77p/kWh
27.22p/day

maxmycardagain

Is this correct, says the companies do not set the rates... which i find hard to believe but i await any answers..


the biggest issue is the algorithm used to calculate the price. It used the most expensive source of generating the energy, which is gas, and that sets the figure for everyone. This was a system that was, and is used by the EU to standardise prices across the whole of the EU regardless of where you live. Spain and Portugal have already told the EU where to go with this because neither of these countries use much, if any, gas to produce their electricity, it is solar and wind.
Now since we have left the EU there is no reason whatsoever that we have to stick with this algorithm at all and we could quite simply use the average price of producing our electricity rather than the most expensive and this would cut the price cap rather than increase it.
Some of the electric company's, Octopus in particular, have suggested this already because they do not want to put up the price but are being forced to do so and thus make obscene profits.

maxmycardagain

Gas

Next Flex

7.28 p/kWh 27.22 p/day

(All rates inc. VAT)

--------------------------------------------

Electricity

Next Flex

27.86 p/kWh 48.13 p/day

(All rates inc. VAT)

caveman38

maxmycardagain said:

Gas

Next Flex

7.28 p/kWh 27.22 p/day

(All rates inc. VAT)

--------------------------------------------

Electricity

Next Flex

27.86 p/kWh 48.13 p/day

(All rates inc. VAT)

Surely they are current rates and not the projected ones from October?

BUFF

maxmycardagain said:

Is this correct, says the companies do not set the rates... which i find hard to believe but i await any answers..


the biggest issue is the algorithm used to calculate the price. It used the most expensive source of generating the energy, which is gas, and that sets the figure for everyone. This was a system that was, and is used by the EU to standardise prices across the whole of the EU regardless of where you live. Spain and Portugal have already told the EU where to go with this because neither of these countries use much, if any, gas to produce their electricity, it is solar and wind.
Now since we have left the EU there is no reason whatsoever that we have to stick with this algorithm at all and we could quite simply use the average price of producing our electricity rather than the most expensive and this would cut the price cap rather than increase it.
Some of the electric company's, Octopus in particular, have suggested this already because they do not want to put up the price but are being forced to do so and thus make obscene profits.

The EU doesn't have standardised energy prices.
If you use the average cost of production then some energy producers would be supplying under their cost so may consider shut down/withdrawing .... & I imagine that it would be quite a calculation trying to track the constantly varying production cost for billing (the lowest cost producers now tend to be wind which is not constant).
I guarantee that Octopus will not make obscene profits on energy supply. Most of it's profits have come from the sale of Kraken.

Firemountain

I'm very confused by all this and I actually thought I knew about energy! hence im confused..

I was on variable quite happily paying £114 a month and that was more than I have been using these last few months.

I seen a fixed term two years plan 2 Year fix and protect advertised for existing customers and it gave a discount to some homeplan that I dont need as I rent and boilers already protected.


My understanding was that in October the prices were gonna shoot up but read a thing on MSE that variable tariffs are protected hence I'm confused ( and thinking should i have stayed on that variable ?!)


The new plan is asking for a monthly payment of £265 for the next 2 years minimum DD payment... I refuse to up it to that as I know through being sensible and aware I won't burn that much energy howver the online account wont let me up to it say £ 180 but also they won't increase the DD either meaning you have to do it.


So my plan is to leave it at £114 and then just make additional payments in each month to clear any debit that may eventually occur.


Just dunno if I've done the right things with the rates


Cant find what they were on OVO variable but now its


Electric


Unit rate 57.54 pkwh


Standing charge 55.49p a day


exit fee if break contract before 26th June 2024 is £ 30.


GAS

Unit rate 16.72 per Kwh


Standing Charge 26.21 per day


exit fee if break contract before 26th June 2024 is £ 30.



I made the switch mid August in fear that this fix may have got pulled when the price cap increase was announced so not sure if ive shot myself in the foot or made a wise move.


Forby my own energy I deal with my folks... have them on a fixed plan with eon till June 2023 and hoping that all this will have played out or they are gonna be in serious trouble I think .


Just as well the hairs already fallen out..stress central

Penguin_

Electric 24.0744 per kWh & 24.8745 ppd

Gas 5.8180 per kWh & 26.5965 ppd

All include VAT.

caveman38

Penguin_ said:

Electric 24.0744 per kWh & 24.8745 ppd

Gas 5.8180 per kWh & 26.5965 ppd

All include VAT.

Who is the provider. I assume that is the current rate locked in to a fix?

Penguin_

caveman38 said:

Penguin_ said:

Electric 24.0744 per kWh & 24.8745 ppd

Gas 5.8180 per kWh & 26.5965 ppd

All include VAT.

Who is the provider. I assume that is the current rate locked in to a fix?

Sorry, the Provider is Scotish Power & yes it is fixed until  August 2024.

Spoonie_Turtle

Firemountain said:

…

My understanding was that in October the prices were gonna shoot up but read a thing on MSE that variable tariffs are protected hence I'm confused ( and thinking should i have stayed on that variable ?!)


…


Just dunno if I've done the right things with the rates


Cant find what they were on OVO variable but now its


Electric


Unit rate 57.54 pkwh


Standing charge 55.49p a day


exit fee if break contract before 26th June 2024 is £ 30.


GAS

Unit rate 16.72 per Kwh


Standing Charge 26.21 per day


exit fee if break contract before 26th June 2024 is £ 30.



I made the switch mid August in fear that this fix may have got pulled when the price cap increase was announced so not sure if ive shot myself in the foot or made a wise move.

The standard variable is 'protected' by the price cap, in that it's the maximum it can shoot up to even if suppliers are making a loss.  The price cap - and therefore the variable tariff - is what will be increasing in October (then again in January) and is what all the headlines have been about.

Are those rates what you've fixed at for yourself?  If so, they don't look too bad in light of predictions for January and beyond.