October price cap electricity cost per kwh

pochase

The Ofgem calculation is based on 2900KWh. It was changed in April 2020 from 3100 to 2900.

puddsykit

pochase said:

The Ofgem calculation is based on 2900KWh. It was changed in April 2020 from 3100 to 2900.

Yeah i spotted that, ive updated the post.

Venerabledom

Can someone explain to me British Gas' current fixed price offer to me?  Gas 16.1p Kwh and Electricity 56.670p Kwh.  Predictions are saying Oct 12p Gas and 43p electricity, and in Jan '23 is it going to go above these fixed rates???  Otherwise what is the point in them?  Also the SC is higher as well on the fixed rate.  Do they know something we don't?  As I'm currently paying 7.2p gas and 27.3p Electricity it just doesn't make sense why anyone would fix now at those prices, tell me I'm missing something please!!

Evan3020

I don't think anyone knows anything.

pochase

Venerabledom said:

Can someone explain to me British Gas' current fixed price offer to me?  Gas 16.1p Kwh and Electricity 56.670p Kwh.  Predictions are saying Oct 12p Gas and 43p electricity, and in Jan '23 is it going to go above these fixed rates???  Otherwise what is the point in them?  Also the SC is higher as well on the fixed rate.  Do they know something we don't?  As I'm currently paying 7.2p gas and 27.3p Electricity it just doesn't make sense why anyone would fix now at those prices, tell me I'm missing something please!!

Maybe you have not seen todays predictions?

12p for gas predictions are over a month old.

You cannot compare a new fixed tariff offer with outdated information. Even so the rates offered to you are questionable if you will save money.

It depends how accurate the predications are, and what you will lose up to January, where you would start to save. You need to know your usage very well to make the calculations for each quarter.

Venerabledom

pochase said:

Maybe you have not seen todays predictions?

12p for gas predictions are over a month old.

You cannot compare a new fixed tariff offer with outdated information. Even so the rates offered to you are questionable if you will save money.

It depends how accurate the predications are, and what you will lose up to January, where you would start to save. You need to know your usage very well to make the calculations for each quarter.

Ok thanks for the updates on the new predictions, it makes more sense now.  I don’t have my monthly usage for sep-dec only from Jan until now so it’s a bit of guess work.  But if those predictions hold and we used the same energy we would save £400 on the fixed tariff.  Think I’m going to fix it based on that tbh.

NeverendingDMP

Hope no one minds but can I get your expertise on what is hopefully an easy question for you all but is baffling Mr!.  What is the typical/average use that the cap is based on please. I know as a family we spend 1.5 times the energy cap currently and I can see from the latest projections that we have to become average Spenders -that's all our budget allows. I've read up on it, seen projections etc but can't find anywhere how many units the "typical" user is for the cap. 
I think 2900 kWh per year is typical electricity from previous posts in this thread (so just under 8 units a day) but how much gas is typical? I read in units off my meter and they they are converted into kWh for my bill.
I'm guessing at £1795 pounds/14.97 pence so maybe about 12000 kWh for gas. ? Please correct me. Not sure what this will be unit wise on my machine.
Thanks all

poppy10_2

NeverendingDMP said:

 What is the typical/average use that the cap is based on please. 
I think 2900 kWh per year is typical electricity from previous posts in this thread (so just under 8 units a day) but how much gas is typical?

Price cap is based on typical usage of

2,900 kwh for electricity

12,000 kwh for gas

NeverendingDMP said:

 Not sure what this will be unit wise on my machine.

You can convert units to kwh here

https://www.theenergyshop.com/guides/how-to-convert-gas-units-to-kwh

NeverendingDMP

poppy10_2 said:

NeverendingDMP said:

 What is the typical/average use that the cap is based on please. 
I think 2900 kWh per year is typical electricity from previous posts in this thread (so just under 8 units a day) but how much gas is typical?

Price cap is based on typical usage of

2,900 kwh for electricity

12,000 kwh for gas

NeverendingDMP said:

 Not sure what this will be unit wise on my machine.

You can convert units to kwh here

https://www.theenergyshop.com/guides/how-to-convert-gas-units-to-kwh

Thankyou. I knew someone would Know - the mse forum is ace. I now have a tragedy to become average. Wish me luck!

MisterMotivated

pochase said:

Maybe you have not seen todays predictions?

12p for gas predictions are over a month old.

You cannot compare a new fixed tariff offer with outdated information. Even so the rates offered to you are questionable if you will save money.

It depends how accurate the predications are, and what you will lose up to January, where you would start to save. You need to know your usage very well to make the calculations for each quarter.

May I ask where you got these figures?

It seems the lower standing charge offered with my most recent fix offer is a bigger deal for me than the kWh rate when trying to compare with staying on the price cap.  According to my relatively quick calculations, (assuming the above £100/£170p.a. split evenly across the year and kWh rate forecasts above are accurate), I'd save £114 over the year by fixing now.  Surprisingly, £67 of that saving comes from the daily standing charge being lower.