October price cap electricity cost per kwh

PK12

Does any one have any idea what the price will be per kwh in October. It is currently about 28p.

QrizB

There are several guesstimates on this forum at present, typically around 42p/kWh.

wild666

I'm guessing that it will be around to 42p to 43p mark for electric and 10.9p to 11.4p for gas so at least £2500 before any SC's are added.

oellph

Sounds right. BG offering a fixed 12 month right now at 41p per unit for elec.

savers_united

wild666 said:

I'm guessing that it will be around to 42p to 43p mark for electric and 10.9p to 11.4p for gas so at least £2500 before any SC's are added.

Is that Gas rate a finger in the air or is it based on actual data.
If that is going to be close to new cap rate in Oct then tracker with an 11p cap is going to be a good option now with it some days below the SVT.

I may speak with Octopus tomorrow to see what the 11p cap on tracker means in terms of guarantee over the next 12mths.

Mstty

savers_united said:

wild666 said:

I'm guessing that it will be around to 42p to 43p mark for electric and 10.9p to 11.4p for gas so at least £2500 before any SC's are added.

Is that Gas rate a finger in the air or is it based on actual data.
If that is going to be close to new cap rate in Oct then tracker with an 11p cap is going to be a good option now with it some days below the SVT.

I may speak with Octopus tomorrow to see what the 11p cap on tracker means in terms of guarantee over the next 12mths.

So if you take how the April 2022 increases were split between gas and electricity and take into account the Cornwall Insights new price cap prediction I concur that both the following could be true

michaels

I did some reverse calcs when £2800 cap was being banded about and got 11.8p for gas.  Will be more again if the new £2980 figure is correct. 

Don't know why the forecasts for £2800 etc don't break it down even between gas and electricity let alone into per kwh, I googled their press releases and found nothing

pochase

But they do. This is the one Martin was referring to last week, and it is broken down.

https://www.cornwall-insight.com/press/cornwall-insight-comments-on-its-january-default-tariff-cap-forecast-rising-to-3000-for-a-typical-user/

Maybe another one of let's stick with just one figure like the 54%? This single figures are much nicer for headlines.

QrizB

pochase said:

But they do. This is the one Martin was referring to last week, and it is broken down.
https://www.cornwall-insight.com/press/cornwall-insight-comments-on-its-january-default-tariff-cap-forecast-rising-to-3000-for-a-typical-user/
Maybe another one of let's stick with just one figure like the 54%? This single figures are much nicer for headlines.

Here's a table that breaks those CI forecasts down, with an assumed SC per fuel similar to the current one:

	Q4 2022	Q1 2023	Q2 2023	Q3 2023
Gas SC £	100	100	100	100
Gas price £	1496.11	1503.45	1311.76	1270.19
Gas /kWh p	12.47	12.53	10.93	10.58
Elec SC £	170	170	170	170
Elec price £	1214.52	1229.75	1176.57	1145.53
Elec /kWh p	41.88	42.41	40.57	39.5

Hope this helps.

jrawle

Do we think the standing charge will be about the same, or is there a chance Ofgem will cut this, resulting in a higher cost per unit? There has been talk of Ofgem looking to cut standing charges for October.

si_74

Whether the standing charge is a factor in deciding what to do or not will largely be dependant on usage. I don't know whether it will go up, down or stay that same. I am a higher end user of energy it seems and for me that current standing charges (SVT) make up just over 6% of my bill so it is the unit rate that is by far the majority of the bill. I am sure many will be the same but maybe haven't realised.