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

Marchesi007

damsonjam said:

Anyone else considering the BG Price Protection v3 (got this today) offer to fix

gas 

Standing charge:  24.48p per day

Unit rate: 16.992p per kWh

at electricity at

Standing charge:  25.587p per day

Unit rate: 61.629p per kWh

these figures don’t pass Martin’s 95% (or 100% !) test based on BG’s projection but I wonder if I’m missing something ..

It depends how long the fix is for. Those unit rates are higher than the "price cap" is expected to reach in October but below the likely January and April 2023 rates. If Cornwall Insight are right; rates may then come down in July & October 2023.

Marchesi007

andy23 said:

Is it mentioned anywhere what units of usage the average household consumption is based on for the price cap calculations ?

Can help me get an idea of my figures again this... 

The price cap is based on "average" consumption of 12,000 kWh of gas and 2,900 kWh of electricity plus standing charges. There are regional variations but the current cap equates to 7.37p per kWh for gas and 28.34p per kWh for electricity plus SC of £100 per annum for gas and £165 for electricity.

So, 12,000 x 7.37p = 884.40; 2,900 x 28.34p = 821.86 plus £265 SC = £1,971 the current "price cap"

Predicted cap for October to December is £3,582. It is assumed that standing charges will not increase very much, probably £270 vs the current £265 so the likely rates are 14.97p for gas and 52.31p for electricity.

The "cap" for January to March 2023 is predicted to be £4,266. Again assuming that standing charges stay the same or similar, the likely rates are 17.23p for gas and 66.53p for electricity.

These may rise again in April 2023 but are predicted to fall thereafter.

To my mind any fix below these rates which covers that period or longer has to be worthy of serious consideration depending upon your usage.

VUDU85

NannaH said:

Mstty said:

VUDU85 said:

With EDF and had been paying £90 p/m in January which was a fixed rate price that ended on 31st March (great timing)

Now on the variable tariff which initially increased to £149 but is going up again this month to £294

EDF are offering a fix for the low monthly sum of £503 

I really need to look into our consumption again as we're always using ~ 22,000 kwh gas per year in a 2 bedroom house, always seems too high

First thing is to generally turn the temp down on the boiler.

Check you aren't heating water all day and to again a high temp. Most are happy with 45oC showers this time of year so have a play and take that into winter. 2 bed house so presume not too many people maybe an hour a day heating hot water before you normally take showers.

What type of boiler do you have?
Is it set on ‘comfort mode’  for hot water?  If so, turn it off.
I can’t fathom how you use so much gas,  it’s 3x higher than mine in a 1970’s 3 bed semi with combi boiler and gas hob.  Is your heating on all day every day in the winter trying to reach temperature due to the room thermostat being in a cold place?
Are you having baths every day? 
Mine is in my living room,  set to 20 degrees when it’s very cold,  on for an hour early morning, 90 mins around lunchtime then 4.30-9.00pm when it usually kicks in once or twice to maintain temperature. 

Hi and thanks for your reply

We have a combi boiler which is a Vaillant ecoTEC Pro28 and a gas cooker too. There are 4 of us living in the household (myself, OH and 2 children). Our thermostat is in the hallway and is set at 19-20c when the heating is on. The heating isn't used from Spring until late Autumn at all but through winter, it is used for large portions of the day - perhaps as much as 10-12hrs per day due to OH being at home during the day

In terms of baths/showers. I'd say we use average amounts in this department, perhaps 15 baths and 5 showers per week for the entire household

We've lived in this property for just over 12 years now and it's always been over 20,000kwh consumption on gas

Chrysalis

I am seeing Octopus customers elsewhere been offered a whopping 75p unit 12 months fixed on electric.

Michelle1992

Been offered a 1 yr fix with Eon v.18 which I am considering given the current predictions (shame I didn’t think about it a bit more a few weeks ago when the fix offered was £30 per month less).

Might be a stupid question but with zero exit fees does that mean I could revert back to the flexible tariff at any time if things changed? Or is it that I could only change to another fixed rate or another provider? 

pochase

Michelle1992 said:

Been offered a 1 yr fix with Eon v.18 which I am considering given the current predictions (shame I didn’t think about it a bit more a few weeks ago when the fix offered was £30 per month less).

Might be a stupid question but with zero exit fees does that mean I could revert back to the flexible tariff at any time if things changed? Or is it that I could only change to another fixed rate or another provider? 

Yes, you can revert back to SVT without cost.

jennielouises

Yesterday BG offered me the fixed oct23v4 that Martin talks about. Today it’s offering me fixed sep23v2 which is more than the 96% increase Martin talks about. Why has it changed overnight? Do I wait to see if I get offered the other one again tomorrow?

Csladeo

2 weeks ago octopus had the elec rate at 46.76 kWh. I was on the variable tariff and cooling off period ends today. No exit fee so I think I’ve done the right thing by fixing for a year. 

pochase

jennielouises said:

Yesterday BG offered me the fixed oct23v4 that Martin talks about. Today it’s offering me fixed sep23v2 which is more than the 96% increase Martin talks about. Why has it changed overnight? Do I wait to see if I get offered the other one again tomorrow?

We keep telling people to take a fixed tariff that looks ok, and start thinking after. You can always use the cool off to get rid of it if you change your mind or see something better within the 2 weeks.

The market is volatile and tariffs may be withdrawn within hours.

damsonjam

Marchesi007 said:

damsonjam said:

Anyone else considering the BG Price Protection v3 (got this today) offer to fix

gas 

Standing charge:  24.48p per day

Unit rate: 16.992p per kWh

at electricity at

Standing charge:  25.587p per day

Unit rate: 61.629p per kWh

these figures don’t pass Martin’s 95% (or 100% !) test based on BG’s projection but I wonder if I’m missing something ..

It depends how long the fix is for. Those unit rates are higher than the "price cap" is expected to reach in October but below the likely January and April 2023 rates. If Cornwall Insight are right; rates may then come down in July & October 2023.

Thankyou ! The fox is until 30th Sept 2023.
Trouble is, I haven’t run the numbers yet but BG estimate (using the same consumption figures as I use) is that this tariff would more than double my current cost.. a whopping £425 a month … which means I’ll be vastly overpaying for 4 months until January ? But then reap the benefit from Jan to Sept, maybe?