massive energy cost from ovo

Wishboneash

Hi All

Last years energy cost £1740.

On the various fixes offered, energy cost stated as approx. £7400 per annum.

425% increase !!!!

I've seen about the energy price cap increase etc., but nothing like my potential increase.

Is this really the case, or have I got something wrong  ?

Wishboneash

current plan:-

 Electricity

Plan name

2 Year Fixed Energy - Economy 7

Peak unit rate

16.80p per Kilowatt hourkWh

Off-peak unit rate

8.64p per Kilowatt hourkWh

Standing charge

20.64p a day

Contract start date

17th August 2020

Contract end date

16th August 2022

Exit fee

There are no exit fees to pay

Future annual consumption

6283 kWh

Meter Point Administration NumberMeter Point Administration Number

(Removed by Forum Team)

Meter Serial Number

(Removed by Forum Team)

 Gas

Plan name

2 Year Fixed Energy

Unit rate

2.66p per Kilowatt hourkWh

Standing charge

24.79p a day

Contract start date

17th August 2020

Contract end date

16th August 2022

Exit fee

There are no exit fees to pay 

Future annual consumption

22486 kWh

Meter Point Reference NumberMeter Point Reference Number

(Removed by Forum Team)

Meter Serial Number

(Removed by Forum Team)
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Proposed loyalty 2 year fix I'm offered:-

2 year fixed loyalty bundle

(2 Year Fix And Protect - Economy 7)

Fix your energy for 2 whole years - plus, get up to 23% off boiler cover. Show boiler cover details

Hide energy plan details

Plan features
• Fixed rates for 2 years
• 100% green electricity1
• 1 tree planted a year2
• 3-5% Interest Reward3
• Ovo Greenlight4
• £30 exit fee per fuel

Tariff Information Label

Plan ratesElectricityDay unit rate:

49.89p/kWh

Night unit rate:

35.06p/kWh

Standing charge:

44.52p/day

Gas

Unit rate:

14.33p/kWh

Standing charge:

27.52p/day

Estimated energy cost

£534

a month

+

Boiler cover cost from

£10

a month5

Renew now

gefnew

I would remove meter details from your post.

Mstty

The 54% increase was for people moving from the October 2021 price cap Standard Variable Tariff (SVT) to the new April 2022 price capped SVT.

They couldn't possibly go through all the hundreds maybe thousands of fixed tariffs people would be on like yours and give a percentage for all

This type of increase and more is all too common for people coming off 2-3 year fixes now.

Ballymoney

You’re coming off a very low historic rate. If your usage really is Elec: 6300kwh and Gas: 22500kwh then sadly those future monthly payments are correct. 

That fixed rate is pretty much what the expected cap is going to be from Oct 1st so you need to consider whether you want to lock that in for 2 years. The £30 exit fee isn’t too bad so I guess there’s not a lot to lose.

Is there a reason for using so much Electricity? Guessing you have gas central heating so your electricity usage is huge.

GunJack

you're coming off a very good fixed rate, so yes that increase is not unusual. Looks like you're a very high user, so maybe work on lowering your consumption?

k_man

Gas is high too (both are approx double average household usage).
Assuming the gas is for heating, then economy 7 tariff for electricity is not usually the most cost effective.

Ultrasonic

What are your separate day and night electricity use figures? And actually are you happy the figures you shared are accurate rather than based on poor estimates?

Ultrasonic

For what it's worth the figures you quoted are a 325% increase (x4.25) rather than 425%. Your quote is also for a fix and you may well find the standard variable rate will be cheaper even after the October rise. 

On-the-coast

Your usage is high…. It’s also about 20%  lower than my electric & very similar on gas.  Im currently “floating” at £4800 py on usage figures higher than yours. 

So as the poster above said - it may be worth going to SVR - although that’s likely to jump higher in October.   

You can pay more now & remove the uncertainty.  Or find ways of economising. Sorry. 

QrizB

Wishboneash said:

Is this really the case, or have I got something wrong  ?

It's a 325% increase, and yes this really is the current state of the market.

Electricity
Day unit rate: 49.89p/kWh

Night unit rate: 35.06p/kWh

Standing charge: 44.52p/day

Gas
Unit rate: 14.33p/kWh
Standing charge: 27.52p/day

Those rates aren't a million miles away from my guesstimates for EDF's October 2022 capped SVT here. I've assumed EDF maintain their current split, but OVO have chosen less difference between day and night rates; as we don't know your split, I can't say whether this works to your advantage or not.