Current Price Cap (as of April 2022)

Gerry1

@MWT The point is that, as you know, you can go seriously wrong if you don't understand the difference between kW and kWh.  It can also cause confusion for other readers of the forum so it's not always pedantic to point it out, gently.

For example, if you have a smart electricity meter that's gone dumb, you press a few buttons until you see a kW figure, you send it off to your supplier, then you may get a very silly bill or your reading may 'bounce'.

Only a kWh figure will do.

MWT

Gerry1 said:

@MWT The point is that, as you know, you can go seriously wrong if you don't understand the difference between kW and kWh.  It can also cause confusion for other readers of the forum so it's not always pedantic to point it out, gently.

Agreed, and I was suggesting that I was being pedantic, not you of course

I'm all for people using the right terminology, especially when it can bite you if you get it wrong.

[Deleted User]

Thank you to all so far for your comments and I stand corrected on how I should have detailed my initial enquiry. I think too much time trying to calculate figures and being in front of a screen makes your mind go numb

Please find as follows my edit:

If the rate is £0.25, then adding 25% on top would equal a total of £0.3125 (i.e., £0.25 plus £0.0625).

So in principal, you should be looking at a tariff of roughly between £0.31 to £0.32 per unit?

I trust I have now expressed this correctly?

[Deleted User]

Using the April Price Cap figures for Unit Rates and Standing Charges in my region, I have calculated based on my last 12 months usage that my predicted annual energy cost would be £1027.16 (obviously barring a serious change in my energy usage over the coming 12 months).

I decided just before April 2022 to take out a fixed tariff for 12 months (E.ON - Next Online  v12) which again, calculating from my past usage, would equate to £1164.08 (i.e., an increase of £136.92 more per year).

Working on the basis of ‘no more than 25% above the April Price Cap’ scenario (using the above figures of £1027.16 + 25% = £1283.95) was this a reasonable move?

All opinions are welcome - thank you.

QrizB

Deleted_User said:

Using the April Price Cap figures for Unit Rates and Standing Charges in my region, I have calculated based on my last 12 months usage that my predicted annual energy cost would be £1027.16 (obviously barring a serious change in my energy usage over the coming 12 months).

I decided just before April 2022 to take out a fixed tariff for 12 months (E.ON - Next Online  v12) which again, calculating from my past usage, would equate to £1164.08 (i.e., an increase of £136.92 more per year).

Working on the basis of ‘no more than 25% above the April Price Cap’ scenario (using the above figures of £1027.16 + 25% = £1283.95) was this a reasonable move?

All opinions are welcome - thank you.

E.ON Next Online V12 was much discussed on the forum back in March (example thread here) and was thought to be a reasonable hedge against the expected October increase - not as good as the previous V11, but better than the following V13!

Choosing it is likely to turn out to your advantage and, if it doesn't, it's not a huge loss.

BUFF

Deleted_User said:

Using the April Price Cap figures for Unit Rates and Standing Charges in my region, I have calculated based on my last 12 months usage that my predicted annual energy cost would be £1027.16 (obviously barring a serious change in my energy usage over the coming 12 months).

I decided just before April 2022 to take out a fixed tariff for 12 months (E.ON - Next Online  v12) which again, calculating from my past usage, would equate to £1164.08 (i.e., an increase of £136.92 more per year).

Working on the basis of ‘no more than 25% above the April Price Cap’ scenario (using the above figures of £1027.16 + 25% = £1283.95) was this a reasonable move?

All opinions are welcome - thank you.

You are currently paying overall about 13% more than you would have done on the current SVT & you will be doing that for 6 months that you wouldn't have on SVT. However, come October with anticipated further SVT rise you will probably spend less in the following 6 months (which is usually the energy heavy use period) than you would have on SVT.
How your energy is split could make a difference - afaik the latest forecast from Cornwall Insight is for a ~20% rise for electricity SVT in October but ~32% rise for gas SVT.

I don't think that you will regret it but I also doubt that there will be hundreds of pounds difference in it.

Sea_Shell

@Deleted_User

I'm in the same V12 boat.

I'll be happy if I break even, but not too sad if it costs me slightly more.  Unlikely to make massive savings.

I think of it as an insurance policy, which may or may not pay off.

We can compare notes this time next year! 😉

[Deleted User]

QrizB said:

Deleted_User said:

Using the April Price Cap figures for Unit Rates and Standing Charges in my region, I have calculated based on my last 12 months usage that my predicted annual energy cost would be £1027.16 (obviously barring a serious change in my energy usage over the coming 12 months).

I decided just before April 2022 to take out a fixed tariff for 12 months (E.ON - Next Online  v12) which again, calculating from my past usage, would equate to £1164.08 (i.e., an increase of £136.92 more per year).

Working on the basis of ‘no more than 25% above the April Price Cap’ scenario (using the above figures of £1027.16 + 25% = £1283.95) was this a reasonable move?

All opinions are welcome - thank you.

E.ON Next Online V12 was much discussed on the forum back in March (example thread here) and was thought to be a reasonable hedge against the expected October increase - not as good as the previous V11, but better than the following V13!

Choosing it is likely to turn out to your advantage and, if it doesn't, it's not a huge loss.

Thanks for the link - bit of a sore point as I missed out on v11 by hesitating for too long   Thought I had lost out on v12 when v13 arrived on the scene so quickly, but spoke to E.ON stating that I had a written quote and they agreed to honor it

Guess time will tell for all as to how things work out in the future!!

[Deleted User]

Sea_Shell said:

@Deleted_User

I'm in the same V12 boat.

I'll be happy if I break even, but not too sad if it costs me slightly more.  Unlikely to make massive savings.

I think of it as an insurance policy, which may or may not pay off.

We can compare notes this time next year! 😉

Pencilled in my diary - in a year, we'll either be happy or crying 

Sea_Shell

Deleted_User said:

Sea_Shell said:

@Deleted_User

I'm in the same V12 boat.

I'll be happy if I break even, but not too sad if it costs me slightly more.  Unlikely to make massive savings.

I think of it as an insurance policy, which may or may not pay off.

We can compare notes this time next year! 😉

Pencilled in my diary - in a year, we'll either be happy or crying 

It's a date!! 😉