British Gas Fix Query

mrwhizzard

@Mstty @pochase - firstly great effort in helping all the folk here work out their queries - am sure its appreciated by all.

My current tariff Exclusive Energy June 2022 v2 comes to an end on June 30th:

Gas Unit Rate	3.413p/kwh used
Gas Standing Charge	17.406p day
Elec Unit Rate	18.24p/kwh used
Elec Standing Charge	21.133 day

Being offered Loyalty Jun 23v1
Gas Unit Rate - 10.628p/kwh used
Gas Standing Charge - 30.645p day
Elec Unit Rate - 35.462p/kwh used
Elec Standing Charge 54.315 day

Estimated annual cost

£3936.92 / year

Estimated monthly cost

£328.08  / month

Currently paying £228 per month and will end plan just slightly in credit according to online account.

Current year to date usage:

2996kwh elec

5839kwh gas

Any opinion on whether to fix or ride onto the variable based on the above much appreciated - if you need any further info please let me know.

pochase

Do you also have the usage figures for the last 12 months?

Otherwise please give the figures they used for their calculation.

 Your £228 direct debit feels extremely for me. They are quoting you £328 on a fixed rate where gas price is 200% higher and electricity doubles.

QrizB

mrwhizzard said:

Current year to date usage:

2996kwh elec

5839kwh gas

If that's YTD, I would guess your full-year consumption will be very roughly double that. In round numbers say 6000kWh/yr elec and 12000kWh/yr gas. That's a *lot* of electricity, more than double the average while your gas is far more typical. Is there a good reason for your electricity to be so high - do you have an EV, a hot tub, a swimming pool, a large collection of tropical fish?

mrwhizzard

@QrizB - have both a pond and an indoor fish tank so would perhaps account for higher than average elec (not to mention nocturnal children! so the house is "alive" most of the day).  

Have recently been on a consolidation exercise in terms of other appliances in use and BG is at least saying Gas consumption compared to this time last year is less (and will remain low now until the winter in terms of heating - also have room based TRVs now which will make a difference hopefully) 

Estimated figures: 

Gas tariff costs

Estimated costs may change depending on your actual usage.

Estimated cost

£114.63 / month

£1375.62 / year

Standard unit rate

10.628p / kWh

Standing charge

30.645p / day*

Exit fee

£75.00 / fuel

Electricity tariff costs

Estimated costs may change depending on your actual usage.

Estimated cost

£213.44 / month

£2561.30 / year

Standard unit rate

35.462p / kWh

Standing charge

54.315p / day*

Exit fee

£75.00 / fuel

Mstty

Looks like you are in safe hands here. The gas rate is high and last time I checked both @QrizB and myself had gas cap rate in October at approx 11p per kWh and Electricity at approx 40p per kWh.

@Pochase runs his estimates higher going on a different estimate for the October price cap so has them at 11.8p gas and 42p elec so the gap will look wider and the benefits larger on those estimates.

So potential saving of electricity and gas whatever you look at it but a fair uplift of electricity until 1st October as presume only hot water running on gas at the moment and maybe a gas hob?

mrwhizzard

Mstty said:

Looks like you are in safe hands here. The gas rate is high and last time I checked both @QrizB and myself had gas cap rate in October at approx 11p per kWh and Electricity at approx 40p per kWh.

@Pochase runs his estimates higher going on a different estimate for the October price cap so has them at 11.8p gas and 42p elec so the gap will look wider and the benefits larger on those estimates.

So potential saving of electricity and gas whatever you look at it but a fair uplift of electricity until 1st October as presume only hot water running on gas at the moment and maybe a gas hob?

Only hot water - hob is electric. 

pochase

As it seems you don't have the information of your annual uasgae I am using 12000KWh gas and slightly more than @QrizB with 6500KWh electricity.




I am getting near enough to the £328 per month from BG with the above £317.88.

What confuses me is that you say you are currently paying £228 and will have a small credit. My figure is only 2/3 of this with £145. I need to go up to 20000KWh gas and 10000KWh electricity to get near the £228 at the moment.

But that would increase the cost for the fix to nearly £490 per month. Something seems to be wrong here, even so BG says they are using estimated figures.

mrwhizzard

Using the BG app and looking at the usage I managed to find these figures:
2021 (Jan-Dec):
Elec 6607Kwh
Gas 14366Kwh

If I went from June 2021 - May 2022 adding each month I get this.
Elec 6635Kwh
Gas 12027Kwh

Hope this helps - if not i'll give BG a ring tomorrow.  

pochase

That is near enough to the first comparison I posted.

I just don;t understand why you are saying you are paying £228 per month and expect only a small credit, when the figures show you should have been fine with £150?

Did you maybe start with a large debt?

Regarding the fix itself I think it should benefit you. Savings on gas are not great, but good savings on electricity that benefit you with your high use.