Fixed Tariff Reduction

The_Fat_Controller

EDF have just updated the electricity price for my Total Service Fix May 24v4 tariff

It was above the new cap for my region at 34.85p and has been reduced to 33.76p

The 3 other elements of the tariff are below the EPG figures and remain the same.

It saves me £23.44 a year !

Mr/Mrs Average User save £78.53 a year in South Scotland by being on May 24v4 as opposed to the EPG cap.

Detail_Merchant

The_Fat_Controller said:

EDF have just updated the electricity price for my Total Service Fix May 24v4 tariff

It was above the new cap for my region at 34.85p and has been reduced to 33.76p

The 3 other elements of the tariff are below the EPG figures and remain the same.

It saves me £23.44 a year !

Mr/Mrs Average User save £78.53 a year in South Scotland by being on May 24v4 as opposed to the EPG cap.

Similar story to me on May24v3 - it has reduced from 34.78p/kWh to 33.86p/kWh, everything else the same.
It should cost me ~£40/year less, which will roughly balance the £20/month extra I paid from June-September due to choosing the fix.
Thanks for posting the update - it prompted me to re-check mine (it hadn't changed when I looked earlier today).

the_lunatic_is_in_my_head

So are the energy suppliers only getting the difference (fix down to gov cap) from the government or are they getting a flat 17p and keeping the difference if the fix is less than 17p above the gov cap? 

[Deleted User]

the_lunatic_is_in_my_head said:

So are the energy suppliers only getting the difference (fix down to gov cap) from the government or are they getting a flat 17p and keeping the difference if the fix is less than 17p above the gov cap? 

The energy suppliers are (sort of) getting paid the difference between how much they have actually paid for energy and how much they would have paid for energy if the 'true' cost was only at the cap.

The_Green_Hornet

The_Fat_Controller said:

EDF have just updated the electricity price for my Total Service Fix May 24v4 tariff

It was above the new cap for my region at 34.85p and has been reduced to 33.76p

The 3 other elements of the tariff are below the EPG figures and remain the same.

It saves me £23.44 a year !

Mr/Mrs Average User save £78.53 a year in South Scotland by being on May 24v4 as opposed to the EPG cap.

Thanks for the heads up.

My EDF Fix Total Service Jun24v6 tariff for gas only has gone down from 11.532p to 10.237p saving me £90 a year.

I was also lucky enough to get the £136.50 credit for going on this tariff so no complaints from me on how it has all worked out.

Ella_fella

I've just checked my tariff with BG which is Loyalty July 23 v1, two things I can't understand please:-

1. The tariff now shows as sc 38p with the day rate 39p and the night rate 19.5p - I have an Economy 7 meter - surely the day rate and sc is above the reduced energy cap?

2. I fixed this tariff in April this year when I was paying sc of 39p and a day rate of 43p night rate  25p - so effectively I've been overpaying on these rates for half a year - how do I recoup this difference back?

QrizB

Ella_fella said:

1. The tariff now shows as sc 38p with the day rate 39p and the night rate 19.5p - I have an Economy 7 meter - surely the day rate and sc is above the reduced energy cap?

An E7 daily standing charge of 38p is lower than the EPG cap everywhere except London region when paying by DD.

For E7 the EPG cap is on the weighted average of the two tariffs, 42% night and 58% day. Your weighted average is 30.8p/kWh, which is below the EPG cap.

2. I fixed this tariff in April this year when I was paying sc of 39p and a day rate of 43p night rate  25p - so effectively I've been overpaying on these rates for half a year - how do I recoup this difference back?

You can't. You've had six months of peace-of-mind from your fixed tariff, you can't claim the difference back now it turns out with hindsight to be a less good deal. It would be like trying to claim a refund on your car insurance if it isn't stolen.

[Deleted User]

Ella_fella said:

I've just checked my tariff with BG which is Loyalty July 23 v1, two things I can't understand please:-

1. The tariff now shows as sc 38p with the day rate 39p and the night rate 19.5p - I have an Economy 7 meter - surely the day rate and sc is above the reduced energy cap?

2. I fixed this tariff in April this year when I was paying sc of 39p and a day rate of 43p night rate  25p - so effectively I've been overpaying on these rates for half a year - how do I recoup this difference back?

1. The cap that gets talked about is the single rate cap, it's different for E7.

2. You don't.  Why should you?

Ella_fella

[Deleted User] said:

Ella_fella said:

I've just checked my tariff with BG which is Loyalty July 23 v1, two things I can't understand please:-

1. The tariff now shows as sc 38p with the day rate 39p and the night rate 19.5p - I have an Economy 7 meter - surely the day rate and sc is above the reduced energy cap?

2. I fixed this tariff in April this year when I was paying sc of 39p and a day rate of 43p night rate  25p - so effectively I've been overpaying on these rates for half a year - how do I recoup this difference back?

1. The cap that gets talked about is the single rate cap, it's different for E7.

2. You don't.  Why should you?

1. Where can I reference the new E7 energy cap tariffs please or is it not that simplistic?

2. Why shouldn't I? I had the foresight to react to the well forecast hikes in the energy cap and was totally justified in doing this until the government stepped in. Why should I or anyone else similar be penalised for 6 months for organising themselves correctly?

QrizB

Ella_fella said:

1. Where can I reference the new E7 energy cap tariffs please or is it not that simplistic?

Here's a set of tables showing the averaged costs (from Octopus).

DD rates:

Cash/cheque rates:

And prepay / PAYG rates:

Ella_fella said:

2. Why shouldn't I? I had the foresight to react to the well forecast hikes in the energy cap and was totally justified in doing this until the government stepped in. Why should I or anyone else similar be penalised for 6 months for organising themselves correctly?

I've answered that already above.