Energy Cost Calculator

pochase

For you and I it is a nice tool, we know the drawbacks.

Btw strangely if you enter 12000/2900 the unit rates are fine, but the totals are very slightly off form the CI predictions, something like £30-£40. No big issue it is a prediction anyway.

Irratus_Rusticus

Aaron3195 said:

Annual Usage: 4,700 Gas, 3,900 Electricity

Electricity 20.69p/kWh, 17.19p/day
Gas 3.85p/kWh, 19.27p/day
(All rates inc. VAT)

Hi, can't upload my xlsx file, so attaching picture. (Other users will no doubt check for accuracy!) I've only used MSE's predictions as of date of posting. Your region may have a slightly different tariff cap, mind. What you'll be charged will depend on any credit/debit at end of fix. Why not create your own spreadsheet? Use MSE's guide for rates and projected % increases and incorporate same. Just multiply tariff by your kwhs and SC by 365 for each fuel, then total as needed.

pochase

This is not how the calculation for new rates works.

You can't just take a percentage you find somewhere and increase standing charges and unit rates for  gas and electricity by this percentage. 

- we don't expect an increase in the standing charges. If there will be, it will be very minor, and not 30p
- if there is no increase in the standing charges, the increase for unit rates is of course higher than the on figure percentage. At the moment we work out new rates by deducting the standing charges from the prediction for gas and electricity and dividing the remaining amounts by 12000/2900
- the percentage figures in your table are old, latest prediction see for example an 82% increase. Your figures are from beginning of July
- the increase for gas and electricity are completely different

Here are the rates calculated based on the latest CI predictions from last Monday, as you can see completely different to you figures.



Here is the link to the latest Ci cap predictions the above figures are based on.

https://www.cornwall-insight.com/press/price-cap-forecasts-for-january-rise-to-over-4200-as-wholesale-prices-surge-again-and-ofgem-revises-cap-methodology/

As you know Excel it should be easy for you to adjust your table. Just keep an eye on the CI site for new updated predictions to keep up to dat.

Irratus_Rusticus

Hi pochase.

Thank you for putting me right! All I know about this price cap malarky is what I read on MSE.  The MSE guide "What is the energy price cap?" is where I found the % projections used above (dated 2 August to be fair). Must be newer guide I missed.

Like everybody, I wanted a decent idea of what I could pay for my consumption once my fix ends in December. I just took a punt that the SC and tariff increased and my results for the Ofgem average consumption came within a few quid of the above MSE article totals.  I pay dual fuel so not bothered knowing in a projection where the split in cost lands, just the annual total.

Interesting (to me anyway!), your more informed calcs for Q4 2022 and Q1 2023 give £3582.37 and £4285 (working out at 82% and 19%), including the SC. When I match my % projections, even using the wrong SC, I get £3587.40 and £4269.01 (see pic). That's close enough for me as an amateur projection for dual fuel! 

pochase

Yes it is very near when you stick with the 2900/12000 usage. The problem kicks in when you use the unit rates calculated to do calculations for users with different usage.

Try for example a extreme low user, you high standing charges will completely mess up the calculation. A user with 1000KWh electricity on your calculation in January works out to £971 while it is £835 based on the rates from the prediction. Might look near enough, but many of the fixed rate comparisons have a much lower difference than this and need to be as accurate as we can be if you consider that much of it is guesswork.

As long as works for you just do it this way, but it would also be extremely easy for you to adjust the table to use the gas and electricity predictions from CI.