Energy price cap freeze on a fixed tariff

Inigo_Montoya

PennineAcute said:

BG have just confirmed my new "fixed tariff" rates for October.  UP reduced and SC stays the same.  The saving in SCs should compensate for the extra I paid from July.

I am also with BG for the 3 accounts I manage - 2 of which are still on a fixed rate for electric

The reduced unit rate from October for electricity on the "fixed rate" on one account I manage has gone down to 35.057p per kWh

I notes that yours is 33.477p which is around 1.5p less & so not an insignificant difference  - it seems quite a big difference for just a "regional variation" ?

I am wondering if they are taking into account the standing charge amount which is not changing i.e. you get a bigger unit rate reduction if your standing charge is higher ? (my standing charge is lower than yours at 32.165p )

Shedman

Inigo_Montoya said:

PennineAcute said:

BG have just confirmed my new "fixed tariff" rates for October.  UP reduced and SC stays the same.  The saving in SCs should compensate for the extra I paid from July.

I am also with BG for the 3 accounts I manage - 2 of which are still on a fixed rate for electric

The reduced unit rate from October for electricity on the "fixed rate" on one account I manage has gone down to 35.057p per kWh

I notes that yours is 33.477p which is around 1.5p less & so not an insignificant difference  - it seems quite a big difference for just a "regional variation" ?

I am wondering if they are taking into account the standing charge amount which is not changing i.e. you get a bigger unit rate reduction if your standing charge is higher ? (my standing charge is lower than yours at 32.165p )

If you look at the Ofgem regional rates https://www.moneysavingexpert.com/utilities/what-are-the-price-cap-unit-rates-/#regional you'll see that there are indeed some big variances in the regional unit rates eg Northern 32.24p vs North Wales and Mersey @ 36.02p (nearly 12% more).  Does seem hard to understand/justify such a large differential.

MWT

Shedman said:

If you look at the Ofgem regional rates https://www.moneysavingexpert.com/utilities/what-are-the-price-cap-unit-rates-/#regional you'll see that there are indeed some big variances in the regional unit rates eg Northern 32.24p vs North Wales and Mersey @ 36.02p (nearly 12% more).  Does seem hard to understand/justify such a large differential.

If you want to dig into the details they are all contained in the usual Ofgem cap spreadsheet, but the differences do reflect the regional variations in the kWh based costs the suppliers face in delivering energy in those regions.

mexicano54

Does anybody know if GEUK will reduce their fixed rate tariffs? I signed up to their v6 in July. There's nothing yet on their website.

I did find this article from uswitch that says that GEUK is exempt from the price fix cap, but it's dated May 2022:

https://www.uswitch.com/gas-electricity/suppliers/green-energy-uk/

Ultrasonic

mexicano54 said:

Does anybody know if GEUK will reduce their fixed rate tariffs? I signed up to their v6 in July. There's nothing yet on their website.

I did find this article from uswitch that says that GEUK is exempt from the price fix cap, but it's dated May 2022:

https://www.uswitch.com/gas-electricity/suppliers/green-energy-uk/

They are exempt from the price cap but you may still get some support. 

mexicano54

Ultrasonic said:

mexicano54 said:

Does anybody know if GEUK will reduce their fixed rate tariffs? I signed up to their v6 in July. There's nothing yet on their website.

I did find this article from uswitch that says that GEUK is exempt from the price fix cap, but it's dated May 2022:

https://www.uswitch.com/gas-electricity/suppliers/green-energy-uk/

They are exempt from the price cap but you may still get some support. 

Fingers crossed 🤞 

mattgod69

I am on a fix and have a dual electric rate,  the higher rate slightly higher than the price guarantee and the lower one around 17.6. My gas is around 7.3. The SC for both is way higher than the price guarantee.   An I correct in thinking that the higher electric rate is the only one that will change? Is probably still worth staying on my fix due to the slightly lower gas rate... I use around 26000 kwh and even with the higher SC this is not much additional cost compared to the additional cost of my gas increases to around 10p/kwh.  Are any others in similar situations?

[Deleted User]

mattgod69 said:

I am on a fix and have a dual electric rate,  the higher rate slightly higher than the price guarantee and the lower one around 17.6. My gas is around 7.3. The SC for both is way higher than the price guarantee.   An I correct in thinking that the higher electric rate is the only one that will change? Is probably still worth staying on my fix due to the slightly lower gas rate... I use around 26000 kwh and even with the higher SC this is not much additional cost compared to the additional cost of my gas increases to around 10p/kwh.  Are any others in similar situations?

Gas won't change and SC won't change.  Both electricity rates either will or won't.  They are unlikely to change one part of the electricity rate without the other based on what we are seeing (assuming your tariff is like the E7 ones that we already know about).

QrizB

mattgod69 said:

I am on a fix and have a dual electric rate,  the higher rate slightly higher than the price guarantee and the lower one around 17.6.

An I correct in thinking that the higher electric rate is the only one that will change??

If your peak electricity rate is under 40p and is coupled with an off-peak rate of 17.6p, it's unlikely that either will change.

mattgod69

QrizB said:

mattgod69 said:

I am on a fix and have a dual electric rate,  the higher rate slightly higher than the price guarantee and the lower one around 17.6.

An I correct in thinking that the higher electric rate is the only one that will change??

If your peak electricity rate is under 40p and is coupled with an off-peak rate of 17.6p, it's unlikely that either will change.

The peak rate is like 34.66!... only marginally higher than the guarantee rate...