Energy Price Guarantee (announced 8 Sep): initial reaction & questions

Mstty

SJMALBA said:

Make of this what you will...

This makes perfect sense. The energy companies will need a brand new contract for each 3 month price cap change by Ofgem.

SJMALBA

Mstty said:

SJMALBA said:

Make of this what you will...

This makes perfect sense. The energy companies will need a brand new contract for each 3 month price cap change by Ofgem.

It might also relate to current implementation by contract, rather than legislation (the latter, presumably, still to come?)?

However, I was also thinking of how much trust people might have in government in general, and the current incumbent of No. 10 in particular (Liz 'Say one thing, then do something different in the blink of an eye' Truss), in respect of the 2 year guarantee, and what, if any, impact it might have in the consideration of changing/sticking with tariffs?

I guess that given how many people are affected by all of this, and an election 'round the corner'-ish, might help...?

Mstty

SJMALBA said:

Mstty said:

SJMALBA said:

Make of this what you will...

This makes perfect sense. The energy companies will need a brand new contract for each 3 month price cap change by Ofgem.

It might also relate to current implementation by contract, rather than legislation (the latter, presumably, still to come?)?

However, I was also thinking of how much trust people might have in government in general, and the current incumbent of No. 10 in particular (Liz 'Say one thing, then do something different in the blink of an eye' Truss), in respect of the 2 year guarantee, and what, if any, impact it might have in the consideration of changing/sticking with tariffs?

I guess that given how many people are affected by all of this, and an election 'round the corner'-ish, might help...?

This policy buys support and votes. The two years scheme leads nicely into buying the next election so they can't be that bad.....can they😅(evil laugh)

Mstty

Just to add the saviour is also

BBC News - Tax-cutting mini Budget on Friday next week

https://www.bbc.co.uk/news/uk-politics-62917548

danmed

mrsmac59 said:

danmed said:

I may be chiming in here at the wrong time.. and tell me if i am .. but i'm on economy 7 because my house has an immersion water heater and it kicks in on a seperate circuit which is activated by the energy company / smart meter during the 7 hour period over night... 

I'm assuming that i will be paying over the 34p during the day and under the during the night.. but averaging out at 34p (ish) over a 24 hour period.. I am a little confused why this hasn't been confirmed yet.. but i guess it's because in theory an energy company could decide to massively offset the night vs day rate (make day rate like 48p and night rate 1p (if my excel skills havn't failed me.. that would be about right with a 17 / 7 split) to try and make the most out of the current situation? 

Can I ask how  you got on E7 ,as I have emmersions too, andI only have the one unit rate for 24hrs? 

I've always been on it so in all honesty i've no idea.

Qyburn

Deleted_User said:

Did you notice the most recent news on this?  It seems that offering people a 52p per unit discount isn't considered enough motivation to shift demand away from the peak - the conclusion was that it would need to be somewhere nearer a £2 per unit payment for enough people to change their behaviour.

Presumably the increase in electric cars will eventually mean that overnight electricity becomes more expensive, as the load from EV charging will be greater than normal domestic use.

gt94sss2

I do wonder if those suppliers which currently charge non direct debit customers the same prices as those who pay by direct debit will now have to charge the extra to customers.

Otherwise, those customers will be getting "more" of their bill paid by the taxpayer guarantee vs the Ofgem cap 

[Deleted User]

Qyburn said:

Deleted_User said:

Did you notice the most recent news on this?  It seems that offering people a 52p per unit discount isn't considered enough motivation to shift demand away from the peak - the conclusion was that it would need to be somewhere nearer a £2 per unit payment for enough people to change their behaviour.

Presumably the increase in electric cars will eventually mean that overnight electricity becomes more expensive, as the load from EV charging will be greater than normal domestic use.

Already is sometimes - for tomorrow's market the cheapest price is between 3pm and 4pm, less than 70% of the price between 11pm and midnight.

QrizB

danmed said:

mrsmac59 said:

Can I ask how  you got on E7 ,as I have emmersions too, andI only have the one unit rate for 24hrs? 

I've always been on it so in all honesty i've no idea.

@mrsmac59 if you have a smart meter, and it's working as it should, your supplier should be able to switch you from standard rate to E7 remotely. You should ask them (although possibly not right now when everyone is calling them about the EPG).

If you have an old-fashioned dumb meter, switching to E7 will almost always need the meter to be changed.

mrsmac59

QrizB said:

danmed said:

mrsmac59 said:

Can I ask how  you got on E7 ,as I have emmersions too, andI only have the one unit rate for 24hrs? 

I've always been on it so in all honesty i've no idea.

@mrsmac59 if you have a smart meter, and it's working as it should, your supplier should be able to switch you from standard rate to E7 remotely. You should ask them (although possibly not right now when everyone is calling them about the EPG).

If you have an old-fashioned dumb meter, switching to E7 will almost always need the meter to be changed.

I don't have a smart meter,I know what uses energy in my house. I read my meter daily (don't ask)!!
I am a saddo, I submit a meter reading once a month.
I'll certainly look into it but for what I use dunno how it'll work out.