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

pochase

BUFF said:

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.

Depends how you define obscene. Is 1£ per month per customer obscene? 

As far as I know their profit per customer is slightly over 10£ per year.

pochase

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)

That is the current SVT and not a fixed tariff.

pochase

Penguin_ said:

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.

And I assume it was not offered to you recently, but this is a 2 year fix from 2021.

Fromdownwest

Afternoon all

Number from the calculator show

The new tariff you've been offered is 131% more than your current tariff.

Currently on Octopus Flexi 
Elec 47.88 per day 28.29 per kwh
Gas 27.22 per day 7.43 per kwh

Offered
Elec 47.88 per day 67.49 per kwh
Gas 27.22 per day 18.09 per k

Seems a lot of money to buy security! Anyone else taken the jump with Octopus

littlemissbossy

Fromdownwest said:

Afternoon all

Number from the calculator show

The new tariff you've been offered is 131% more than your current tariff.

Currently on Octopus Flexi 
Elec 47.88 per day 28.29 per kwh
Gas 27.22 per day 7.43 per kwh

Offered
Elec 47.88 per day 67.49 per kwh
Gas 27.22 per day 18.09 per k

Seems a lot of money to buy security! Anyone else taken the jump with Octopus

Yes, I’ve just taken this. Not sure if I’ve done the right thing but no exit fee’s if I change my mind. 

Fromdownwest

littlemissbossy said:

Fromdownwest said:

Afternoon all

Number from the calculator show

The new tariff you've been offered is 131% more than your current tariff.

Currently on Octopus Flexi 
Elec 47.88 per day 28.29 per kwh
Gas 27.22 per day 7.43 per kwh

Offered
Elec 47.88 per day 67.49 per kwh
Gas 27.22 per day 18.09 per k

Seems a lot of money to buy security! Anyone else taken the jump with Octopus

Yes, I’ve just taken this. Not sure if I’ve done the right thing but no exit fee’s if I change my mind. 

I am tempted, as at least I have security, and flexibility to change if things do fall.

It just seems contray to logic to fix a rate that is double what I am paying now, even though I know the cap increase is coming!

Cola133

Fromdownwest said:

Afternoon all

Number from the calculator show

The new tariff you've been offered is 131% more than your current tariff.

Currently on Octopus Flexi 
Elec 47.88 per day 28.29 per kwh
Gas 27.22 per day 7.43 per kwh

Offered
Elec 47.88 per day 67.49 per kwh
Gas 27.22 per day 18.09 per k

Seems a lot of money to buy security! Anyone else taken the jump with Octopus

I've just fixed with similar, but not sure if its the right thing to do. Its very expensive for the next 4 months, but if the January rise happens, then we'll be better off. But 4 months of tightening our belts at the peak time :-( I just don't know!

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

nrmsmith

EDF have announced my SVT rate for gas from 1st Oct:

14.665 p/kwh (inc vat) and 28.48 /day SC

bit higher than the 80 % increase expected (currently 7.28 p/kwh)??  

Think I’ll just leave the boiler off this winter….

pochase

The 80% is the average for both standing charges, gas and electricity. Gas is nearer to 100%

Telegraph_Sam

millie said:

Keith_F said:

millie said:

Will probably need to speak to octopus on phone.
rates here 
http://mysmartenergy.uk/Tracker/North-East-England

Thanks I will have a think about it over the weekend and probably speak to them Tuesday, If I can get through,

I am in the West Midlands so may be slightly different.

You could try moving house to the North East ...