Price cap - electricity only?

Strummer22

I don't have a gas supply and get central heating and hot water using electricity (ground source heat pump). 

The price cap is predicted to go up by 46% in October and slightly higher again in January. Is there any info out there as to whether electricity and gas are both expected to rise by 46%, or whether gas is likely to go up by more and electricity by less? Obviously I expect to use vastly more electricity in winter when the central heating is in use, so it may be worth fixing but the more the price cap rise is due to gas, the less benefit I'll get from fixing - it might even end up more expensive.

diystarter7

ATM, it is anyone's guess.

pochase

If you go by the latest estimate from Cornwall-Insights it would be 30% for electricity and 60% for gas, but your gas is as good as our guesses. Fact is that the increase for gas was almost double the increase for electricity in April. So their estimate would be in line with what happened in April.

QrizB

Strummer22 said:

I don't have a gas supply and get central heating and hot water using electricity (ground source heat pump). 
The price cap is predicted to go up by 46% in October and slightly higher again in January. Is there any info out there as to whether electricity and gas are both expected to rise by 46%, or whether gas is likely to go up by more and electricity by less?

Two or three of us have looked at options for the October capped prices based on Ofgem's predicted increase in the headline capped dual-fuel rate to £2800/yr.

We've all come to similar results, with electricity around 40p/kWh and gas around 11p/kWh. Those are increases of 42% and 47% respectively. (The standing charges are assumed to be unchanged in these calcs.)

pochase said:

If you go by the latest estimate from Cornwall-Insights it would be 30% for electricity and 60% for gas, but your gas is as good as our guesses. Fact is that the increase for gas was almost double the increase for electricity in April. So their estimate would be in line with what happened in April.

Cornwall Insight's numbers work out at more like 41p/kWh for electricity (+46%) and 12p/kWh (+60%) for gas, again assuming standing charges are unchanged.