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Energy price cap freeze on a fixed tariff
Comments
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robbo990 said:
If you’re on a fixed tariff
If you’re on a fixed tariff at a higher rate caused by recent energy price rises, your unit prices will be reduced by 17p/kWh for electricity and 4.2p/kWh for gas.
These unit prices have been passed to suppliers to ensure that they are used to calculate bills on time for 1 October.
Energy suppliers will adjust fixed tariffs automatically. Customers on fixed tariffs do not need to take any action to get the benefits of this scheme.
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robbo990 said:
If you’re on a fixed tariff
If you’re on a fixed tariff at a higher rate caused by recent energy price rises, your unit prices will be reduced by 17p/kWh for electricity and 4.2p/kWh for gas.
These unit prices have been passed to suppliers to ensure that they are used to calculate bills on time for 1 October.
Energy suppliers will adjust fixed tariffs automatically. Customers on fixed tariffs do not need to take any action to get the benefits of this scheme.
This is so confusing, why couldn't they just drop all fixed tariffs in excess of the cap to the cap level for the duration of the price freeze? That would have been so much easier and wouldn't have meant a mass of people whose tariffs where > 52p from attempting to quit their fixed tariff.AbbieCadabra said:robbo990 said:If you’re on a fixed tariff
If you’re on a fixed tariff at a higher rate caused by recent energy price rises, your unit prices will be reduced by 17p/kWh for electricity and 4.2p/kWh for gas.
These unit prices have been passed to suppliers to ensure that they are used to calculate bills on time for 1 October.
Energy suppliers will adjust fixed tariffs automatically. Customers on fixed tariffs do not need to take any action to get the benefits of this scheme.
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Problem is interpreting this if you fixed at a higher rate than the new cap, it will be reduced. But, if like me, you fixed in June and paid 4 months, at a 25% higher rate than the cap then, but your fixed rate is a fraction of a penny less than the new cap, then tough luck.2
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PeteHl said:Problem is interpreting this if you fixed at a higher rate than the new cap, it will be reduced. But, if like me, you fixed in June and paid 4 months, at a 25% higher rate than the cap then, but your fixed rate is a fraction of a penny less than the new cap, then tough luck.
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AbbieCadabra said:we're with BG 1 year fix until 31.05.23, electricity only, 0.33236p/kwh inc vat. Based on this latest info, I'm presuming that our tariff won't be reduced as we're already under the average of 34p being quoted?
The only question is if they apply a floor. But I'm not sure a floor is that straight-forward because it would obviously mean a sliding scale of winners/losers because the discount applied would then have to be on a sliding scale....again, dodgy ground legally I would have thought.
I just wonder if they may end up having to apply those quoted unit rate reductions across ALL fixed tariffs currently out there, with no floor? It's the simplest way to do it and the least problematic, legally (at least from where I'm sitting). Any other solution I've read thus far just doesn't stack up for me.''He who takes no offence at anyone either on account of their faults, or on account of his own suspicious thoughts, has knowledge of God and of things devine.''0 -
In fact, surely in the case of a fix that doesn't get a discount they're actually doing nothing to the contract and it is remaining exactly as was signed.4 -
I’m sure once it’s confirmed there’ll be winners and losers like every other thing…2
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Personally, I don't think anybody's contracted fixed unit rates will be reduced and that they will stay exactly the same as they are now.
What will probably happen is that a rebate will be applied when a bill is generated equivalent to the government's Energy Price Guarantee subsidy.2 -
The_Green_Hornet said:Personally, I don't think anybody's contracted fixed unit rates will be reduced and that they will stay exactly the same as they are now.
What will probably happen is that a rebate will be applied when a bill is generated equivalent to the government's Energy Price Guarantee subsidy.
Interesting take on what might happen.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)1 -
Deleted_User said:
In fact, surely in the case of a fix that doesn't get a discount they're actually doing nothing to the contract and it is remaining exactly as was signed.
''He who takes no offence at anyone either on account of their faults, or on account of his own suspicious thoughts, has knowledge of God and of things devine.''0
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