October 22 price cap announcement

Mstty

There you go for those.needinf to revise their fixes

Shedman

Let's hope for a very mild winter.....

daaave

…and even at the new price cap, it nowhere near covers the wholesale costs.

Those of us on the cap (most of us, AIUI) are being subsidised by the retail energy suppliers.

I hope they’ve got deep pockets….

eastcorkram

Those figures give a price for standing charge. I hadn't realised that had a cap. Mine , electric, is higher than the new figure shown above . 

TheBanker

I am glad the Standing Charges haven't increased by much this time. But although expected the increase in the unit charges are horrific and will cause hardship to millions of people. 

I guess now we wait until mid-September when the new government is in place, to see what if any extra help might be available to those in need.

TheBanker

eastcorkram said:

Those figures give a price for standing charge. I hadn't realised that had a cap. Mine , electric, is higher than the new figure shown above . 

They are the national average. The actual SC cap varies by region reflecting different costs of distribution.

Also the price shown is for those on variable tariffs - if you're on a fixed tariff then I think different rates apply. 

tghe-retford

Delaying the inevitable. The wholesale prices of today are coming, it will just be pain later and harder.

pochase

Also a bit of rounded numbers. Unit rates and are usually three digits behind the dot.

I am interested to see what the standing charge increase is for. I believe this is the first time (at least for some years) they did an increase in October.

GingerTim

Just wait until the January review - Cornwall Insights predicting a 'cap' of £5,300. Grim is an understatement.

wrf12345

That is a huge increase in electric, it does not reflect the average wholesale electric price over the last year which is less than half but does reflect the price over the last month or so. The govn has thrown enough money at the sector, now it is down to reduction in use by consumers rather than lining the pockets of the energy companies. The high users have a much easier time than the low users to reduce bills but a return of "free" solar with smart meters that run backwards so the consumer has the full credit is about the only option - rolled out to suitable roofs by household income. But to do that on scale we need a couple of mega factories in the UK churning out the latest spec solar panels, inverters etc.

TheBanker

wrf12345 said:

That is a huge increase in electric, it does not reflect the average wholesale electric price over the last year which is less than half but does reflect the price over the last month or so. The govn has thrown enough money at the sector, now it is down to reduction in use by consumers rather than lining the pockets of the energy companies. The high users have a much easier time than the low users to reduce bills but a return of "free" solar with smart meters that run backwards so the consumer has the full credit is about the only option - rolled out to suitable roofs by household income. But to do that on scale we need a couple of mega factories in the UK churning out the latest spec solar panels, inverters etc.

I don't have solar panels, but if I did I would like the option to donate any surplus energy to those in need, rather than receiving a credit. Maybe I'm unusual in this sense.