Energy price cap freeze on a fixed tariff

michaels

[Deleted User] said:

michaels said:

[Deleted User] said:

mattgod69 said:

What is the October Ofgem price cap in kw/h for electric and gas.  All I can find is the annual payment which is almost meaningless as it depends on the actual usage...!!

Many thanks.

The price cap is in ££.  This gets turned into p/kWh by using the 'typical household'.

Pretty sure it is the other way around.  However we are too stupid to understand unit rates so it is always communicated as spend for typical usage.

Nope.

The price cap is in ££ (based on one 'typical usage') and then turned into unit rates.

It's then turned back into ££ (based on a different 'typical usage') for public communication.

I thought the level of the price cap was calculated based on forward energy prices that the supply companies needed to pay in order to hedge customer demand at the price cap level - ie based on unit prices?

[Deleted User]

michaels said:

Deleted_User said:

michaels said:

[Deleted User] said:

mattgod69 said:

What is the October Ofgem price cap in kw/h for electric and gas.  All I can find is the annual payment which is almost meaningless as it depends on the actual usage...!!

Many thanks.

The price cap is in ££.  This gets turned into p/kWh by using the 'typical household'.

Pretty sure it is the other way around.  However we are too stupid to understand unit rates so it is always communicated as spend for typical usage.

Nope.

The price cap is in ££ (based on one 'typical usage') and then turned into unit rates.

It's then turned back into ££ (based on a different 'typical usage') for public communication.

I thought the level of the price cap was calculated based on forward energy prices that the supply companies needed to pay in order to hedge customer demand at the price cap level - ie based on unit prices?

One component of the calculation, but not the only one.  The cap calculation spreadsheet is in £.

Ultrasonic

[Deleted User] said:

Ultrasonic said:

Just checked and I see it does now mention a floor! It still says it was last updated on 9/9 but I really don't think it said this then?

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

It got updated a few hours ago - but they haven't changed the 'last updated' details.

A good way to try to hide the new info!

The_Fat_Controller

Looks like those who fixed at rates exceeding the October OFGEM cap have more sums to do if they have exit fees and wish to move to the EPG rates.

Get that fag packet out and start scribbling.

Mstty

The_Fat_Controller said:

Looks like those who fixed at rates exceeding the October OFGEM cap have more sums to do if they have exit fees and wish to move to the EPG rates.

Get that fag packet out and start scribbling.

Allegedly most have agreed to scrap exit fees at the summit held by Martin Lewis this week except one supplier that wasn't there(Scottish Power)

Ultrasonic

Mstty said:

The_Fat_Controller said:

Looks like those who fixed at rates exceeding the October OFGEM cap have more sums to do if they have exit fees and wish to move to the EPG rates.

Get that fag packet out and start scribbling.

Allegedly most have agreed to scrap exit fees at the summit held by Martin Lewis this week except one supplier that wasn't there.

With Scottish Power being the company who didn't attend.

Flat_Earther

Still here guys.

[Deleted User]

I fixed with British Gas on the understanding that "we promise that if the price goes down and you stay with British Gas, there will be no exit fees". Still not able to do this online without exit fees payable. Know its early days yet, we will wait and see.

On the information given this morning, my dual bill on my fixed tarif with the cap reduction of 17p and 4.2p pkw applied, will be approx £480yr more than if I was paying the non fixed tarif at 10.3p and 34p pkw. Also, need to add in the daily standing charge which approx 25p per day, x2. 

You need more than a fag packet to fathom and work out what's going on and best deals! One things for certain, it's going to be more than last year. 

Chrysalis

Ultrasonic said:

Chrysalis said:

Those amendments are an embarrassment it took so long, it really should have been right from the moment it was published or at least corrected the same day.

I thought the amendments added additional information rather than substantially changing anything?

I mean the "up to" addition is an entirely different meaning.  That shouldnt have been left out for days.  The rest is probably making it less vague although it still should have been there last week.

So if you think there was no substantial change what did you mean by "hoping it didnt turn out to be wrong".

Ultrasonic

Chrysalis said:

Ultrasonic said:

Chrysalis said:

Those amendments are an embarrassment it took so long, it really should have been right from the moment it was published or at least corrected the same day.

I thought the amendments added additional information rather than substantially changing anything?

I mean the "up to" addition is an entirely different meaning.  That shouldnt have been left out for days.  The rest is probably making it less vague although it still should have been there last week.

So if you think there was no substantial change what did you mean by "hoping it didnt turn out to be wrong".

Oh I agree, I didn't know the 'up to' had been added this morning when I replied above. There was a revision on 9/9 that didn't change anything but now it seems there's been one which does.