GEUK newbie customers - What are you doing?

What_time_is_it

Anybody heard any news from GEUK yet?

The_Green_Hornet

EssexHebridean said:

I’d take “in line with” to mean “matching” to be honest - otherwise I’d think “similar” would be a better choice of words - however this could be wishful thinking… 😆

Definition according to the Cambridge Dictionary (other dictionaries are available).

in line with something

idiom

 similar to, or at the same level as something:

• The company's results are in line with stock market expectations.
• We're seeking a pay rise that's in line with inflation.
• The salaries of temporary employees ought to be brought into line with those of permanent staff.

https://dictionary.cambridge.org/dictionary/english/in-line-with

seanfos

What_time_is_it said:

Anybody heard any news from GEUK yet?

Nothing so far. I am hoping for updates soon though now we've had the mini-budget laid out

Sean

nekr0mantik

Nothing yet either 

MattRS914

Looks like early next week now.

The_Green_Hornet

As long as they have it in place by the time I receive October's bill in November then I will be happy.

Logen

GEUK have updated their website to include information about the Energy Price Guarantee.

It will apply to the Sparkling Tariff which many MSE readers signed up to.

GEUK say they will be writing to customers to provide an annual personal projection.

George_Am

From their updated FAQ:

I’m on a Fixed rate tariff – am I covered by the Energy Price Guarantee?

Yes, energy suppliers will adjust fixed tariffs automatically. Customers on fixed tariffs do not need to take any action to get the benefits of this scheme. Any transfer to a different tariff is a matter for suppliers.

For customers on fixed rate tariffs, a ‘floor’ unit price for gas averaging at 10.3p/kWh and for electricity averaging at 34p/kWh for direct debit customers will also come into effect on 1st October 2022. There is a floor price because some people will have fixed at much lower prices some time ago, meaning their annual payments will already be below the £2,500 average set by the Energy Price Guarantee.

Unit price reductions of up to 17p/kWh for electricity and 4.2p/kWh for gas will apply to fixed tariff customers to bring their rates down to, but not below, the floor unit price. Customers on fixed rate tariffs that are already below the floor unit prices will continue to enjoy those low rates, but will not receive a further discount for the duration of their fixed term.

For the small number of consumers who fixed at a high rate exceeding the October Ofgem price cap of £3,549, they will receive the full discount of 17p for electricity and 4.2p for gas. However, given the higher starting point, their fixed rate tariff will still have a unit rate that is above the EPG rates. This will ensure that a fair price is paid by everyone.

What_time_is_it

Interesting. Thanks for the update @George_Am

2 thoughts...

1. Will they account for regional variations? i.e. Will the price floor for GEUK be the EPG per region?
2. What about standing charges? 

George_Am

What_time_is_it said:

Interesting. Thanks for the update @George_Am

2 thoughts...

1. Will they account for regional variations? i.e. Will the price floor for GEUK be the EPG per region?
2. What about standing charges? 

I think there will be regional variations and we need to wait for the email with the exact costs...

Does the Energy Price Guarantee apply to fixed tariffs like Sparkling, EKO and TIDE?

Yes. We are writing to all our customers to let them know what this means for their personal annual projection.