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

pittcity

I'd be interested in how the maths works in working out if you're going to be better or worse off under the new cap than your present fix.

wrf12345

Low users have the main advantage as the £400 is for all households, have to see what capped s/c's work out at. I wish they had just averaged out the s/c and unit costs all over the country rather than the current gibberish, an excuse not to front up with the rates.

xzibit

The tariff I'm on works out at £3,649.04 a year based on the average 2900kWh electric and 12000kWh gas. I don't need to see the unit rates to know I need to get back onto the SVT asap as I use less than the average.

shack69MSE

Based on the expected rise in October I fxed with EDF and having therefore been paying a higher rate since June.  If my fixed rate is higher then this new cap will I been moved to the capped rate, or can i leave my fixed rate without any penalty.

Happy_Sloth

So the announcement has just been made that the price cap is getting fixed at £2500. 

Anyone know what that means in terms of Price Per KWH for gas and electric?

I have the way people keep talking about this "Average family"  none of us are average we all use more or less.  i wish they would simply tell us the KWH capped rate then i could see how that will effect me personally. 

Mstty

I wonder if I call up Eon Next and say if I cancel my fix can we split the Government money you get and then you can resell the hedged energy you bought for my fix contract for loads more money.

Win/win lol

Ella_fella

shack69MSE said:

Based on the expected rise in October I fxed with EDF and having therefore been paying a higher rate since June.  If my fixed rate is higher then this new cap will I been moved to the capped rate, or can i leave my fixed rate without any penalty.

This. I went onto a 12 month fixed rate with British Gas in May which was 25% higher that the price cap at that time in the expectation that the price cap would go up by 55 to 60% in October.

Does this now mean I can exit this and move to a potentially cheaper tariff without prejudice?

StevieJ

Mstty said:

I wonder if I call up Eon Next and say if I cancel my fix can we split the Government money you get and then you can resell the hedged energy you bought for my fix contract for loads more money.

Win/win lol

Looks like they have not thought this through.

mrsmac59

Does anyone know  the exact breakdown of price per kwh and daily standing charge rate for the new cap now of £2,500.I always look at this  to work out what is best for me.At present on a fix of 31.919 kwh,55.762 daily standing charge,with British gas till end of next May with exit fee of £75.I've read those on a fix can revert to svt, hopefully without penalty.Obviously if its higher than fix,I'll not consider.
I do hope Martin is doing a one off special to let the nation know.

Mstty

mrsmac59 said:

Does anyone know  the exact breakdown of price per kwh and daily standing charge rate for the new cap now of £2,500.I always look at this  to work out what is best for me.At present on a fix of 31.919 kwh,55.762 daily standing charge,with British gas till end of next May with exit fee of £75.I've read those on a fix can revert to svt, hopefully without penalty.Obviously if its higher than fix,I'll not consider.
I do hope Martin is doing a one off special to let the nation know.

It's not been published yet