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

pochase

Haddenham35 said:

My 'People's Energy' tariff with BG ends in a couple of days. Had been offered the Jun v1 fix this time last week, but looks like I've missed out and am now only eligible for the Aug v2 fixed rate.

Elec:

Standard unit rate

43.109p / kWh

Standing charge

28.055p / day*

Gas:

Standard unit rate

12.590p / kWh

Standing charge

25.576p / day*

or my option is to gamble and go with the variable for the time being. Feel a bit sick thinking about it as no idea what the right answer is.

That is with the current predications not  a gamble to stick to SVT, the unit rates offered are higher than my calculations for the new SVT.

Add to that paying three months higher price and potentially the SVT going down from April and it is everything but advisable.

Of course the next prediction might be a £3300 cap, and everything changes again

C.edminson

I am with Octopus and since I'm not very good at maths, can anyone tell me if it's worth signing up for their 'loyal Octopus 12M fixed' tarrif, given the rises in October?

Cost breakdown:

Electricity
Daily standing charge 49.38p / day
Unit rate 40.30p / kWh

Gas
Daily standing charge 27.22p / day
Unit rate 11.27p / kWh

Current annual amount: £934.26

New quote: £1256.37

There is also no early exit fee.

Thank you!

Mstty

C.edminson said:

I am with Octopus and since I'm not very good at maths, can anyone tell me if it's worth signing up for their 'loyal Octopus 12M fixed' tarrif, given the rises in October?

Cost breakdown:

Electricity
Daily standing charge 49.38p / day
Unit rate 40.30p / kWh

Gas
Daily standing charge 27.22p / day
Unit rate 11.27p / kWh

Current annual amount: £934.26

New quote: £1256.37

There is also no early exit fee.

Thank you!

Have you considered Agile for your electricity capped at 35p kWh and Tracker v3 for you gas capped at 11p kWh?

These might be worth considering.

Other than that the latest news on the October price cap is below and equates to roughly 42p kWh for elec and 12.5p kWh for gas. However this can change before the announcement in August by Ofgem up or down.

https://www.cornwall-insight.com/new-forecasts-for-the-january-default-tariff-cap-rise-to-over-3000-for-a-typical-user/

Palmo

Hi All

Long time reader, first time poster.

I need some help like everyone in the position trying to find the best deal before the dreaded winters increase. I missed the July 23 offer last week as my phone was playing up. They have now offered me the Aug 23 rates which are worse and also in comparison to others in this group 

Im with BG and this is my current:

Elec: 29.584 per kwh. Standing Charge 47.581p
Gas:7.365 per kwh. Standing Charge 27.22p


This is what they're offering:

Elec: 43.454 per kwh. Standing Charge 37.719p
Gas:12.611 per kwh. Standing Charge 25.576p

Can anyone help or advise me on what i should be doing 

Palmo

Palmo said:

Hi All

Long time reader, first time poster.

I need some help like everyone in the position trying to find the best deal before the dreaded winters increase. I missed the July 23 offer last week as my phone was playing up. They have now offered me the Aug 23 rates which are worse and also in comparison to others in this group 

Im with BG and this is my current:

Elec: 29.584 per kwh. Standing Charge 47.581p
Gas:7.365 per kwh. Standing Charge 27.22p


This is what they're offering:

Elec: 43.454 per kwh. Standing Charge 37.719p
Gas:12.611 per kwh. Standing Charge 25.576p

Can anyone help or advise me on what i should be doing 

estimated gas consumption is 12,000kwh per year
estimated elec consumption is 2,900kwh per year

pochase

Are you sure the above are the estimates for your energy use? If so you are the average user user Ofgem based their cap percentages on.

There is no need to go into detail here as the standing charges are slightly cheaper (11.506p per day = £42 per year), but the unit rates are more expensive than the predicted rates for the new SVT. 

Electricity = 41.88p vs 43.454
Gas = 12.47 vs 12.611

Add to that the 3 months you pay the higher fixed rate before October and there is almost no chance to save on this deal.  Exception would be a much higher increase than the current 51% in October.

JDogg

My current supplier is Shell Energy, I'm intrigued as to how they can justify first raising the standing charge for electricity by 95.88% when there has been no change to the National Grid.
Secondly they claim that I am one of 1.4 million customers whose electricity comes from 100% rebewable sources, that being so, how do they justify increasing my unit rate per kWh by 33.56%, have the sun and wind suddenly decide to start charging for their services?
Finally are you all aware that you are paying £60 per year to cover the cost of switching custoners whose suppliers went bust aver the last few months?

pochase

You are aware of the cost for SOLR increasing the standing charge, so why are you surprised in your first sentence that the standing charge has increased by a lot? Also the standing charge does not only cover the grid, but also green levies. And the damage from storms does not repair itself, it costs money.

The SOLR is not just the cost of switching, it also covers the credits for the users of the suppliers that went bust. Without it a lot of people would have lost this money.

Generating electricity from sun and wind is not free. Of course there is cost involved, a wind farm costs millions. And the price charged for wind energy and solar is the market price, so if the price to generate electricity from gas increases, the price for all other sources also increases and supplier are buying all the energy at the higher rates.

Regarding 100% renewable, there are only two companies that are really 100% green. Both are exempt from the cap because the cost of green energy is much higher and not lower, and both have rates that are more expensive than the cap.

Palmo

pochase said:

Are you sure the above are the estimates for your energy use? If so you are the average user user Ofgem based their cap percentages on.

There is no need to go into detail here as the standing charges are slightly cheaper (11.506p per day = £42 per year), but the unit rates are more expensive than the predicted rates for the new SVT. 

Electricity = 41.88p vs 43.454
Gas = 12.47 vs 12.611

Add to that the 3 months you pay the higher fixed rate before October and there is almost no chance to save on this deal.  Exception would be a much higher increase than the current 51% in October.

Thanks for the reply. This is the information provided to me when looking into the tariffs on offer through the BG app. Would you suggest calling for a more accurate offer?

pochase

You should have the correct details yourself if you submit regular meter readings. Take two bills 12 months apart and calculate the KWh used in the 12 months. 

But the better knowledge of you usage will not change the fact that the rates offered to you are higher than the expected rates after the 51% predicted increase.

BG have withdrawn most of their reasonable fixes after the 51% increase prediction last week and it seems what they offer now can no longer be recommended.