EDF standard tariffs higher than energy price cap

parkerparker

EDF's current standard energy tariffs Units and Standing charges are all showing higher than the current energy price cap. Before I spend two hours waiting for the call centre to answer any ideas why? 
EDF Electricity: Unit Rate = 29.58p Standing Charge = 47.58p......energy cap rates (28p / 45p)
EDF Gas: Unit Rate = 7.365p Standing Charge = 27.22p.....energy cap rates (7p / 27p)
Cheers

The_Fat_Controller

The cap varies slightly by region and payment method.

https://www.edfenergy.com/sites/default/files/standard_variable_r891.pdf

Read this article, noting that the capped rates quoted are averages and do vary by region.

https://forums.moneysavingexpert.com/discussion/6337769/energy-price-cap-your-questions-answered#latest

parkerparker

Thanks for the link. I can see that EDF varies it's tariffs by region. Does it explain why EDF's tariffs are higher than the energy cap?

molerat

There is no one price cap. The energy cap, often misquoted as a fixed figure, is simply an average of averages. It varies by region and payment method. The prices on the links provided comply with the regional price caps.

Here is the actual cap document https://www.ofgem.gov.uk/sites/default/files/2022-02/Default tariff cap level - 1 April 2022 - 30 September 2022.pdf

You need to work it out yourself, the prices do not include 5% VAT

parkerparker

OK thanks for the replies. I kind of understand now. Like most of these things it is all sufficiently vague and difficult to pin down. The bold print bringeth and the small print taketh away. Except in this instance the bold print taketh away as well......

PeterGr

It is OFGEM that publishes the various rates for the different regions and payments methods.  There is no single value.  The (28p / 45p) (7p / 27p) values you gave are just approximations that get used, and are not an actual price cap.

pochase

All the easy numbers published by Ofgem and picked up by the media are their way to seemingly make complicated calculations looks easy.

Unfortunately when people look into the details the easy Ofgem numbers don't match what they experiencing.

There is no 54% overall increase, it depends how much gas and electricity you use. The increase for gas was almost double the increase for electricity, and the standing charge for electricity almost doubled.

The prices they published for the unit rates with 7p and 28p are just an indicator, real unit rates differ by region and have three digits after the dot.

So by trying to make it understandable, they cause more confusion the moment somebody tries to understand how it works. 

MWT

parkerparker said:

OK thanks for the replies. I kind of understand now. Like most of these things it is all sufficiently vague and difficult to pin down.

The irony is that the actual cap calculations are publicly available and cover the way each individual cap is calculated for each combination of region, tariff type and payment method in excruciating detail. There is nothing vague about it.

The vague part comes in when people and press take the single numbers stated to be averages and present them as a single cap figure which does not of course exist.

QrizB

parkerparker said:

OK thanks for the replies. I kind of understand now.

If you are still unsure, there's a link in my signature to a post explaining the cap.