British Gas Loyalty Jul23 v1 worth staying with it in view of Gov announcement of new cap??

Anthear

I signed up to the British Gas Loyalty Jul23 v1 for my electricity supply.

My rates are:  unit rate = 38.817 p; Standing Charge 37.642p per day.

Had an email today from British Gas saying that I could change to their Standard Variable Rate without penalty if I wished.

Has there been an announcement as to the new Electricity rates?  Had a quick look and cannot find them so not sure if it's worth my while switching or staying put.

Thanks

QrizB

Impossible to say at present.

If you switch to the SVT you'll be paying less until the end of the month, and after that you'll be paying around 34p/kWh.

If  you stay on the fix you'll be paying more until the end of September. After that there are various possibilities fandor what you'll be paying:

- your current tariff, or

- around 34p/kWh, or

- your current tariff less 18p, so 20.817p/kWh, or

- something else.

Anthear

Thanks, yes, appreciate that it's a bit of an unknown at the moment.... can you explain why it might be my current tariff less 18p?  Thanks :-)

[Deleted User]

Anthear said:

Thanks, yes, appreciate that it's a bit of an unknown at the moment.... can you explain why it might be my current tariff less 18p?  Thanks :-)

QrizB meant 17p because of this line in the government paperwork:

"If you’re on a fixed tariff at a higher rate caused by recent energy price rises, your unit prices will be reduced by 17p/kWh for electricity and 4.2p/kWh for gas."

What we don't know is which tariffs were "at a higher rate caused by recent energy price rises" and whether there will be any floor that the prices can't drop below.

QrizB

Sorry, yes, slip of the mind.

Chrysalis

Sometimes it feels like obvious sticky posts dont exist, this question has been so common the last few days.