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Will the newly published unit rates go NO higher for the next 2 years?
Hi forgive me if this is a stupid question.
I took the Sainsburys smooth renew v20 a few weeks ago, and it will be implemented when my current fix ends on 7th Oct. When I compared the rates of v20 to the SVR rates predicted BEFORE Truss' announcement, it was looking that it would be higher for Oct - Jan, but then lower than the Jan increase.
Today the new unit prices for SVR have been released, therefore is this the only figure I need to look at when I'm thinking about cancelling smooth renew v20 (no exit fees)? Basically, will these unit rates be the highest it will go for the next 2 years, and I don't need to worry about looking at Jan/Apr predictions like I did initially?
For info, my new Sainsburys tariff V20 rates are:
Elec:
60.08p/kWh 42.24p/day
Gas:
15.09p/kWh 27.22p/day
Martin Lewis today said the new SVR rates are:
Elec:
34.00p/kWh 46.36p/day
Gas:
10.30p/kWh 28.49p/day
Even with the reduction of 17p for elec, and 4.2p for gas for fixes, it looks like my unit rates on sainsburys are higher than the variable rates.
This leads me to believe I should cancel my fix and go on the variable. But I'm worried that being on the variable may mean my unit rates increase at some point next year. Is this a possibility?
Hope this makes sense.
thank you
I took the Sainsburys smooth renew v20 a few weeks ago, and it will be implemented when my current fix ends on 7th Oct. When I compared the rates of v20 to the SVR rates predicted BEFORE Truss' announcement, it was looking that it would be higher for Oct - Jan, but then lower than the Jan increase.
Today the new unit prices for SVR have been released, therefore is this the only figure I need to look at when I'm thinking about cancelling smooth renew v20 (no exit fees)? Basically, will these unit rates be the highest it will go for the next 2 years, and I don't need to worry about looking at Jan/Apr predictions like I did initially?
For info, my new Sainsburys tariff V20 rates are:
Elec:
60.08p/kWh 42.24p/day
Gas:
15.09p/kWh 27.22p/day
Martin Lewis today said the new SVR rates are:
Elec:
34.00p/kWh 46.36p/day
Gas:
10.30p/kWh 28.49p/day
Even with the reduction of 17p for elec, and 4.2p for gas for fixes, it looks like my unit rates on sainsburys are higher than the variable rates.
This leads me to believe I should cancel my fix and go on the variable. But I'm worried that being on the variable may mean my unit rates increase at some point next year. Is this a possibility?
Hope this makes sense.
thank you
0
Comments
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The intention as we understand it at this time, is that they shouldn't change.
However, given that the government has already shown that they can and will change the rules at little or no notice, you can't assume that these things cannot be changed.
As always with fix vs variable, it's your choice as to how you rate each of the various risks.0 -
Thanks, yes I see what you mean. I guess I wanted reassurance of how we stand at this moment - which is that these will be the highest rates for the next 2years.
thank you0 -
Where have these new SVRs been published ?? I can't find any official figures ???0
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AD13 said:Martin Lewis today said the new SVR rates are:
Elec:
34.00p/kWh 46.36p/day
Gas:
10.30p/kWh 28.49p/dayThose will be average rates across all the regions for a single-rate electricity meter and payment by DD, as there isn't just one rate for all regions, metering types and payment methods...... but yes, your fix is high, but I would wait at least another few days to see what your supplier is going to do about the different in your recent fix...
1 -
Those are still just the average top-line numbers which have been given out as guidance pending the proper break-down into the same categories as we are used to from Ofgem.brewerdave said:Where have these new SVRs been published ?? I can't find any official figures ???
0 -
https://www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022brewerdave said:Where have these new SVRs been published ?? I can't find any official figures ???
But as MWT said - it's still headline and average without any true figures.
Also, the Martin Lewis information today seems to be for prepayment rather than DD.2 -
https://www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022brewerdave said:Where have these new SVRs been published ?? I can't find any official figures ???
1 -
That "fact" sheet also says that fixes will be reduced by 17p/kwh for electric and 4.2p/kwh for gas - I don't think so !!Spoonie_Turtle said:
https://www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022brewerdave said:Where have these new SVRs been published ?? I can't find any official figures ???0 -
Well it actually says "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." (my bold).brewerdave said:
That "fact" sheet also says that fixes will be reduced by 17p/kwh for electric and 4.2p/kwh for gas - I don't think so !!Spoonie_Turtle said:
https://www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022brewerdave said:Where have these new SVRs been published ?? I can't find any official figures ???
Several suppliers have already published information seeming to confirm this point - there's just a lack of clarity about how they interpret the vague description and whether there will be a floor.0 -
There is doubt about that, certainly. But you asked where the figures came from, and that's the answer to your questionbrewerdave said:
That "fact" sheet also says that fixes will be reduced by 17p/kwh for electric and 4.2p/kwh for gas - I don't think so !!Spoonie_Turtle said:
https://www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022brewerdave said:Where have these new SVRs been published ?? I can't find any official figures ???
0
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