Energy Price Cap

Mariantc

I understand that the energy price cap from 1 October will be 51.89p per kWh and Standing Charge 46.36p per day. I am already paying 56.28p per kWh and 49.24p Standing Charge with EDF Energy. What should I do?

GingerTim

Are you on a fixed tariff? 

NannaH

If you are fixed till next summer or beyond you stay put.
In January, estimates range from 92p to £1.17 for electricity!
I’m paying more than the October cap but if rates go above 57p come January then I will be better off.

macman

If you are, you stay on the fix until it ends. The next rise in January will take SVT well above your fix. 

The_Fat_Controller

@mariantc when did you take the fix and how long does it last ?

(@GingerTim the OP MUST be on a fix at those rates!)

kyorin

I have a better deal than this, but I too am paying above the current cap. If the government intervenes and caps prices, some of us are going to be stuck on higher (above cap) tarrifs with huge exit fees - £300 in my case. It looks like some of us that have tried to do do our best to manage the situation are the ones going to be penalised the most for doing so - paying over the current cap, and then having to pay more to get out of the fix.

[Deleted User]

I’ve been threatened with a ban from the forum if I answer this point again, but I would suggest that it’s not very useful raising it in every thread and that people can look in existing threads for the answer.

TheBanker

I think it's best to wait until the Government actually announce their plan, before making any decisions.

Astria

kyorin said:

I have a better deal than this, but I too am paying above the current cap. If the government intervenes and caps prices, some of us are going to be stuck on higher (above cap) tarrifs with huge exit fees - £300 in my case. It looks like some of us that have tried to do do our best to manage the situation are the ones going to be penalised the most for doing so - paying over the current cap, and then having to pay more to get out of the fix.

But energy companies may be forced to allow you to leave such fixes early and without charge, just need to wait and see what happens. Very much doubt you'll be repaid for anything you've paid over the SVT though.

Deleted_User said:

I’ve been threatened with a ban from the forum if I answer this point again, but I would suggest that it’s not very useful raising it in every thread and that people can look in existing threads for the answer.

If we are going to tell someone to look elsewhere, we might as well tell them what we believe instead of "Go search for it" which isn't a very nice thing to do.

[Deleted User]

Deleted_User said:

I’ve been threatened with a ban from the forum if I answer this point again, but I would suggest that it’s not very useful raising it in every thread and that people can look in existing threads for the answer.

If we are going to tell someone to look elsewhere, we might as well tell them what we believe instead of "Go search for it" which isn't a very nice thing to do.

The moderators appear to think the opposite

ariarnia

one question that i don't think i've seen asked or answered. if the rumoured £2500 'average' cap is put in (not quite the october cap but higher than the april cap) what kind of unit rate would that translate to? (i'm assuming the difference will be on the unit cost given the standing charge between april and october is only like a penny) @QrizB any estimates? 

martin has said a cap of 2500 but then minus the 400 col payment would be a roughly 6.5% increase but i can't work that back to the percentage increase without the 400.