Is economy 7 capped

Options
My price cap on economy 7 with Edf is higher than the standard variable rate price cap. Does that mean there is no price cap on economy 7?
«134

Comments

  • MWT
    MWT Posts: 9,276 Forumite
    First Anniversary First Post Name Dropper
    edited 7 September 2022 at 12:54PM
    Options
    No, it just means the E7 price cap is different to the single rate cap.
    As long as you are on the Standard Variable Tariff, your kWh/standing charge rates are capped.
    Also keep in mind that when you say 'the standard variable rate price cap', there isn't just one cap, there are lots of them for different regions, payment methods metering types etc, so the numbers you see in the press are averages across all the regions and typically only apply to single rate meters and DD payment method.
  • QrizB
    QrizB Posts: 13,822 Forumite
    First Anniversary First Post Photogenic Name Dropper
    Options
    There's a explanation of the price cap, including how it applies to E7 and other multi-rate tariffs, at the link in my signature below.
    N. Hampshire, he/him. Octopus Go elec & Tracker gas / Shell BB / Lyca mobi. Ripple Kirk Hill member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 30MWh generated, long-term average 2.6 Os.
    Taking a break, hope to be back eventually.
    Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs.
  • mmmmikey
    mmmmikey Posts: 1,676 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
    Options
    ....as an aside, on the April East Midlands paid by direct debit, I'm buying night rate electricity at the bargain basement price of 13.4p per kWh, set to go up to a modest 24.75p in October, although best guess is that it will end up nearer 17p when Liz has done her stuff. With EDF in the East Midlands there's a bigger difference between the night and day rates than for other suppliers so it's well worth making sure you know your day/night switchover times and using everything possible at the night rate.
  • dunstonh
    dunstonh Posts: 116,596 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    mmmmikey said:
    ....as an aside, on the April East Midlands paid by direct debit, I'm buying night rate electricity at the bargain basement price of 13.4p per kWh, set to go up to a modest 24.75p in October, although best guess is that it will end up nearer 17p when Liz has done her stuff. With EDF in the East Midlands there's a bigger difference between the night and day rates than for other suppliers so it's well worth making sure you know your day/night switchover times and using everything possible at the night rate.
    Times are vital and you shouldn't assume that the meter actually switches at the time they should.

    Our meter switches to night rate at 8.55am and goes to day rate at 3.55pm.   Every few months the clock changes and it moves on a bit more.    Every month, when I read the meter, I check the clock and when its moved, I have to change the timer on the devices that are designed for E7 night rate to match. 

    Hopefully, at some point next year, I will get evening use covered by the night rate.   
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • NorfolkCanary
    Options
    dunstonh said:
    Our meter switches to night rate at 8.55am and goes to day rate at 3.55pm.......
    Wish mine did that, sadly I'm stuck at 01:25 - 08:25 during DST & hour 'earlier' outside of that :neutral:

  • Plasticman
    Plasticman Posts: 2,504 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    If you're not using much electricity a night, Economy 7 can be vastly expensive. Use it or ditch it!!
    If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered." -Thomas Jefferson 1802
  • Daniels3
    Options
    Hi, I’m new to this so please go easy, in May this year I signed up for A fixed price deal with EDF on my economy 7 electric, that deal was I thought at the time was to protect me from future price rises, I pay 39.09 day / 21.49 night and 42.33 daily standard charge. I’ve since seen the government’s capping prices and it looks like I’m paying more than the price cap. Could anyone please advise if I need to cancel my package.Thanks for any help or advice.
  • [Deleted User]
    Options
    If it is more expensive, you will get an automatic discount.
  • Daniels3
    Options
    Thanks for your help. 😀
  • QrizB
    QrizB Posts: 13,822 Forumite
    First Anniversary First Post Photogenic Name Dropper
    Options
    Daniels3 said:
    Hi, I’m new to this so please go easy, in May this year I signed up for A fixed price deal with EDF on my economy 7 electric, that deal was I thought at the time was to protect me from future price rises, I pay 39.09 day / 21.49 night and 42.33 daily standard charge. I’ve since seen the government’s capping prices and it looks like I’m paying more than the price cap. Could anyone please advise if I need to cancel my package.Thanks for any help or advice.
    Just to add to the the reply above, your current rate works out as a weighted average of 31.7p/kWh, so pretty close to the EPG capped E7 average. It varies by region but you can see the capped rates below:
    However, the way EDF has implemented the cap means that, in general, their EPG-capped daytime rates are higher than your fox, but the nighttime rates are lower. If you use much more electricity at night than in the day, you moght be better off on the EPG cap rather than your fix.
    EDF's rate card is here:
    You'll see that every nighttime rate is lower than your 21.49p, but the daytime rates are all higher than 39.09p.
    Do you know how much electricity you typically use, per year, at each of the two rates?
    N. Hampshire, he/him. Octopus Go elec & Tracker gas / Shell BB / Lyca mobi. Ripple Kirk Hill member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 30MWh generated, long-term average 2.6 Os.
    Taking a break, hope to be back eventually.
    Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs.
Meet your Ambassadors

Categories

  • All Categories
  • 343.6K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.8K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards