Electricity rate per kWh increase over 300%

VerybigG

I use a lot of electricity. I’m currently on a fixed dual rate till 6 August. They’ve offered to move me on to a single rate which is over 3 times higher than my current rate. They’re overestimating my usage and proposing to charge me over £1000 a month. How can I find out what their standard ‘price capped’ rate is?

The_Fat_Controller

@verybigc who is your provider ?

What are your current standing charges and unit rates ?

What is your actual annual usage and split between the two rates ?

What are the offered SC and unit rate ?

Mstty

Over 41000 kWh for the year at current cap for £1000 a month.

What is your actual yearly usage?

pochase

I assume you mean 3 times the cost, that is a 200% increase , not 300%.

About 200% sounds about right if had a good fix of around 14 to 15p. Current fixed rate offers go up to 45p, and current SVT until October will be average 28p as we don't know what region you are in.

Predicted new October SVT rate for electricity was a 41.88p average. This might have to go up with a new prediction from a third party yesterday. They predicted 3150 instead of the 2980 from Cornwall Insights on 24th of June. That would bring up the prediction for electricity to over 44p. I am not sure how reliable they are, or if should see if there is a new prediction from Cornwall Insights to stick with the same source. 

Just see that you are using also gas. Increase here might be as much as 500% if you are currently on a good fix. Current SVT is 7.3p, and predicted SVT over 12.4p

So yes, if £1000 is three times your current cost, than this does not sound very far off.

VerybigG

Outfox the Market. I used 13600 kWh in the last full year. I’m in a dispute with them re them charging me all at day rate even though I have a dual meter. I estimate 10,400 at day rate and 3,200 at night rate. I currently pay 19.3p and 13.7p and 24p standing charge, tariff is called 7 Heaven fixed. They propose 65p and 46p standing charge on tariff Clean E fix’d X 29   Thanks for responding. I have always found information about electricity costs to be horrendously confusing and difficult to find the simplest information which would be a schedule of rates per kWh 

Mstty

Roughly £330 per month at the current price cap and come October £490 per month.

Outfox won't be a good fix deal so stay on the standard variable tariff or phone Octopus and move to them and then get on the Octopus Agile contract 21p standing charge and capped at 35p a kWh Electricity.

Persistence is key to joining octopus and may need several attempts 

QrizB

VerybigG said:

Outfox the Market. I used 13600 kWh in the last full year. I’m in a dispute with them re them charging me all at day rate even though I have a dual meter. I estimate 10,400 at day rate and 3,200 at night rate. I currently pay 19.3p and 13.7p and 24p standing charge, tariff is called 7 Heaven fixed. They propose 65p and 46p standing charge on tariff Clean E fix’d X 29   Thanks for responding. I have always found information about electricity costs to be horrendously confusing and difficult to find the simplest information which would be a schedule of rates per kWh 

Outfox's current fixed-rate deal is the worst I know of; even the uncapped green suppliers Ecotricity and Green Energy UK have better rates.

I've just got a quote from Green Energy UK using your estimates. On their "Sparkling" tariff I get:

• Day rate: 43.25p/kWh
  
• Night rate: 26.13p/kWh
  
• Standing charge: 43.48p/day
  
• Cost: approx. £5500/yr, £460/month

It would be quite a lot cheaper than that if you could move more of your day-rate electricity use to night-rate instead. Do you know where all your daytime electricity goes? Could you do whatever-it-is at night instead?

MWT

VerybigG said:

How can I find out what their standard ‘price capped’ rate is?

Just to answer that question, OFTM call their SVT 'Paper' ...

https://help.outfoxthemarket.co.uk/hc/en-gb/articles/4405900308252-Standard-Variable-Tariffs-April-2022-Files

QrizB

MWT said:

VerybigG said:

How can I find out what their standard ‘price capped’ rate is?

Just to answer that question, OFTM call their SVT 'Paper' ...

https://help.outfoxthemarket.co.uk/hc/en-gb/articles/4405900308252-Standard-Variable-Tariffs-April-2022-Files

"Paper Standard" is the pay-on-receipt-of-bill cash/cheque tariff; a bit further down the page you'll find "Standard" which is the DD version.

(Curiously, standard electric-only is zero standing charge, while standard dual-fuel is more conventional.)

markin

VerybigG said:

Outfox the Market. I used 13600 kWh in the last full year. I’m in a dispute with them re them charging me all at day rate even though I have a dual meter. I estimate 10,400 at day rate and 3,200 at night rate. I currently pay 19.3p and 13.7p and 24p standing charge, tariff is called 7 Heaven fixed. They propose 65p and 46p standing charge on tariff Clean E fix’d X 29   Thanks for responding. I have always found information about electricity costs to be horrendously confusing and difficult to find the simplest information which would be a schedule of rates per kWh 

What is the single rate they are charging?  As your night is so low it may be a good thing.

Are you sure the rate 1 and rate 2 aren't mixed up?

VerybigG

Thanks again everyone. I’ve been misusing the term dual rate. I can’t use gas, there’s none in the village. I should have said economy 7. I’m in NW England, Cumbria. I presume if I can’t get in with another supplier my next best bet is to let them move me on to their standard DD Fox Standard Elec? Is that how it works? If I don’t select a fixed rate they have to put me on their SVT? They’re trying get me to sign up to a very pricey fixed rate deal. I’ll do the maths on whether a single rate would be better now I’ve got the information I’ve been yearning for. Thanks so much for that link. I don’t understand why there’s no standing charge on the electricity only tariff. I haven’t got the rates the wrong way round, the unit charge for night rate is always lower than the day rate. I’ve got Fischer electric radiators which, now I’m retired, are on much more. Needless to say I will be cutting down hugely on their usage! Thank you for info re Green Energy UK