Energy price cap freeze on a fixed tariff

[Deleted User]

Ballymoney said:

Chrysalis said:

Such a big article and they couldnt put the unit rates in there.  Instead people will look at those headline prices for their property size and think that will be their bill.

If people STILL don’t understand the meaning of typical household and how the price cap works after the months of discussions and news articles then high energy prices are the least of their worries.

We still get people on here every other day asking why they're being charged more than £2,500 a year.

robbo990

My post was not ignorance of the way the price cap works, but information for those who may be within the 14 day cooling off period at a high fixed price tariff - as it MAY be wise to cancel and revert to the SVR

silverwhistle

[Deleted User] said:

We still get people on here every other day asking why they're being charged more than £2,500 a year.

And I still periodically shout at my screen as I read various articles in various media - "GIVE ME THE B****Y UNIT RATES!"

Sorry..:-)

PeteHl

Ah well. No reduction for me. My fix is 0.001% less than the new cap. 33.86p per unit compared to new cap 34.0. So no reduction and I've been paying the new rate for 3.5 months. Cost me about £250 given limited consumption over summer.

[Deleted User]

PeteHl said:

Ah well. No reduction for me. My fix is 0.001% less than the new cap. 33.86p per unit compared to new cap 34.0. So no reduction and I've been paying the new rate for 3.5 months. Cost me about £250 given limited consumption over summer.

Have you actually looked at the cap for your region?

MWT

PeteHl said:

Ah well. No reduction for me. My fix is 0.001% less than the new cap. 33.86p per unit compared to new cap 34.0. So no reduction and I've been paying the new rate for 3.5 months. Cost me about £250 given limited consumption over summer.

Did you check the actual unit rates for your region yet?

The 34p isn't 'the new cap' it is the average of the new regional caps for single-rate metering and payment by DD.

https://www.moneysavingexpert.com/utilities/what-are-the-price-cap-unit-rates-/#regional

Spies

Still rubbish that people who had the foresight to take a fixed rate early on are out of pocket now. 

MWT

Spies said:

Still rubbish that people who had the foresight to take a fixed rate early on are out of pocket now. 

They were always going to be 'out of pocket' for the period up to October if they took a fix above the current cap, and if their fix is above the new cap they are going to see a reduction down to that cap so they still gain.

Nothing there to be unhappy about unless you really wanted the prices to be higher...

It was always a gamble and I'm happy to have fixed in the spring so I had peace of mind all summer that nothing bad was heading my way in October, paying a few pounds extra for that was well worth it...

[Deleted User]

MWT said:

Spies said:

Still rubbish that people who had the foresight to take a fixed rate early on are out of pocket now. 

They were always going to be 'out of pocket' for the period up to October if they took a fix above the current cap, and if their fix is above the new cap they are going to see a reduction down to that cap so they still gain.

Nothing there to be unhappy about unless you really wanted the prices to be higher...

It was always a gamble and I'm happy to have fixed in the spring so I had peace of mind all summer that nothing bad was heading my way in October, paying a few pounds extra for that was well worth it...

Somebody 'wins' and they don't.  It's as simple as that.

Chrysalis

MWT said:

Spies said:

Still rubbish that people who had the foresight to take a fixed rate early on are out of pocket now. 

They were always going to be 'out of pocket' for the period up to October if they took a fix above the current cap, and if their fix is above the new cap they are going to see a reduction down to that cap so they still gain.

Nothing there to be unhappy about unless you really wanted the prices to be higher...

It was always a gamble and I'm happy to have fixed in the spring so I had peace of mind all summer that nothing bad was heading my way in October, paying a few pounds extra for that was well worth it...

I am not a selfish person and agree with you,  I wont be bitter if I dont get any discount from it, but will be happy for the millions who have had some help from this.