New capped prices

PaulDesmond

Hi. Having heard the PM announce a new caped price lower than the regulator had put in place of £2,500, I can't find the unit price for both gas and electricity. I am assuming the £2,500 is passed on Electric 2,900 Kwh and Gas 12,000 Kwh. Does anyone have these unit figures and are they with or without VAT. I like the pre VAT price just in case the PM scraps VAT but pigs might fly.

Thanks.

elsien

They haven’t announced them yet. There’s some educated guesses but nothing definite. 

Chrysalis

Estimations done on here are just under 35p for electric and around 10p for gas.

[Deleted User]

They haven't published them yet - and I don't expect to ever see official kWh figures.  They don't do that for the existing cap, and I can't see them starting now.  None of the raw published caps at the moment are even at the press release pounds value.

Pretty sure it will just be a modification to the massive tables of numbers already used for the existing caps, with the overall UK average calculated magically to get the round £2500.  

PaulDesmond

I have April as £1,971 per year with

Electric Day 45.34p and unit 28.34p

Gas Day 27.22p and unit 7.37

I have October £3,578 per year with

Electric Day 46.00p and unit 52.00p

Gas Day 28.00p and unit 15.00p

[Deleted User]

PaulDesmond said:

I have April as £1,971 per year with

Electric Day 45.34p and unit 28.34p

Gas Day 27.22p and unit 7.37

I have October £3,578 per year with

Electric Day 46.00p and unit 52.00p

Gas Day 28.00p and unit 15.00p

And you will find those numbers precisely nowhere in the actual cap calculation tables.

If you want to read them, they are here:

https://www.ofgem.gov.uk/sites/default/files/2022-08/Default%20tariff%20cap%20level%20-%201%20October%202022%20-%2031%20December%202022.pdf 

https://www.ofgem.gov.uk/sites/default/files/2022-02/Default%20tariff%20cap%20level%20-%201%20April%202022%20-%2030%20September%202022.pdf

I hope you see from these why we can't just give you a simple answer.

[Deleted User]

And how to read those tables?

Find your billing method and fuel, then find the row corresponding to your region.

The nil kWh column divided by 365 gives you the standing charge cap.
The m column minus the nil column is the total charge for the energy, so divide it by the number in the header of the m column to get the capped unit rate.

Remember to pick the right pair of electricity columns depending on whether you have single rate or multi rate meters.  Still isn't exactly true for E7, but seems you don't need that.

wrf12345

"And how to read those tables?"

Just about sums up everything that is wrong with the way customers are treated, talk about making something simple complex

[Deleted User]

wrf12345 said:

"And how to read those tables?"

Just about sums up everything that is wrong with the way customers are treated, talk about making something simple complex

Oh yes. I'm lucky(?) that understanding and interpreting (and occasionally helping to design) this sort of thing was my job for nearly a decade - I was hoping to give a good indication of how complicated they make these things because they honestly believe that it's the fairest and most transparent way to do it.

PaulDesmond

Okay. I got these figures from Ofgem. https://www.ofgem.gov.uk/check-if-energy-price-cap-affects-you

But would I be right in saying, if Sainsburys give me the unit prices and I apply those to the average usage of Electric 2,900 kwh and gas 12,000, I should arrive at £2,500. 

Or does that not work either?

[Deleted User]

PaulDesmond said:

Okay. I got these figures from Ofgem. https://www.ofgem.gov.uk/check-if-energy-price-cap-affects-you

But would I be right in saying, if Sainsburys give me the unit prices and I apply those to the average usage of Electric 2,900 kwh and gas 12,000, I should arrive at £2,500. 

Or does that not work either?

as we have said - ish.  

Stop reading press releases for numbers.  They are meaningless averages that nobody actually pays.