Energy price cap freeze on a fixed tariff

DAVEMCFC

michaels said:

Rather than communicating to Martin it would be great if the govt just published their plan - or even just gave a date and time for when they will publish it....

...it almost feels like Martin is chatting to someone in the department going what about this or that situation and they are making things up on the fly....

Also, its not clear if Martin is passing on a fact, or just a rumour which may not happen.

[Deleted User]

ab1234567890abcdefgh said:

spot1034 said:

MWT said:

Important addition...

What does it mean?

I'm guessing that if the difference between Oct SVT and the new capped SVT electric unit rate is, purely as an example, 20p, they'll knock 20p off your fixed rate unit prices.

I think you've got that spot on - I read it the same way.

Astria

DAVEMCFC said:

MWT said:

Important addition...

Don't understand this at all. Pity there is no TV special on ITV, to explain it in plain english.

Yes all he's doing at the moment is confusing people.

We had a plain simple £2500 cap, and now saying that a reduction could be applied to fixes?  So it's not a cap then if it could go up again next year (just not as high as previously thought).

wwally

spot1034 said:

Why on earth couldn't a full document be released as the PM was giving her statement, similar to what happens with the Budget? You don't expect every detail to be in a speech but the information should be available immediately so that it can be studied by those who are looking for specific facts.

The simple answer is that there is no full document! It's clear from the official statements that they have sorted the headlines but have no detail (as I predicted). It is fiendishly complex with many hundreds of edge cases to be considered. An example, one of many, is "How is the Discretionary Fund for LPG and Heating Oil going to work?"

Shedman

MWT said:

Important addition...

Not sure what that means...but got quite excited about the 30% figure he came out with first of all as that would put my current fix for electric back to below what I was paying with NR back before the sh.t hit the fan.  Oh well wasn't expecting anything off the fix so as Tesco say "every little helps" whatever the reduction turns out to be.

What_time_is_it

Are there any envelopes left in Whitehall? Any fag packets?
Need something to write on.

Shedman

spot1034 said:

Why on earth couldn't a full document be released as the PM was giving her statement, similar to what happens with the Budget? You don't expect every detail to be in a speech but the information should be available immediately so that it can be studied by those who are looking for specific facts.

They clearly have a document (the draft bill?) as the Speaker alluded to it during Liz's speech as some MPs were complaining that there weren't enough copies printed for all of them and the Speaker said that they were printing them as fast as they could (gawd knows what they're using to produce copies....an old Roneo device by the sound of it lol).  So there must be a PDF version anyway

[Deleted User]

There's a new factsheet just been discovered by another forumite - with two relevant points in my reading of it.

• The new cap will set a new maximum unit price for gas and electricity.

• The capped unit rates will apply to the SVT and to all fixed tariffs.

This seems to mean that all fixes above the cap will be reduced right down to cap levels, and all fixes below the cap will be left alone.  Very different from what Martin's tweets say.

https://www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022

spot1034

[Deleted User] said:

There's a new factsheet just been discovered by another forumite - with two relevant points in my reading of it.

• The new cap will set a new maximum unit price for gas and electricity.

• The capped unit rates will apply to the SVT and to all fixed tariffs.

This seems to mean that all fixes above the cap will be reduced right down to cap levels, and all fixes below the cap will be left alone.  Very different from what Martin's tweets say.

https://www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022

So if that is true, there is still an incentive to cancel to save money in the run up to Oct 1st? 

[Deleted User]

spot1034 said:

[Deleted User] said:

There's a new factsheet just been discovered by another forumite - with two relevant points in my reading of it.

• The new cap will set a new maximum unit price for gas and electricity.

• The capped unit rates will apply to the SVT and to all fixed tariffs.

This seems to mean that all fixes above the cap will be reduced right down to cap levels, and all fixes below the cap will be left alone.  Very different from what Martin's tweets say.

https://www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022

So if that is true, there is still an incentive to cancel to save money in the run up to Oct 1st? 

Assuming you agree with my interpretation of the factsheet and there aren't any more secrets to discover.