Anyone who switched to Sainsburys Smooth Renew V20 received new rates yet?

AD13

Hi tried searching for this but can't seem to find anything.

I switched to V20 which will be implemented on 7th Oct. They haven't yet contacted me about the new rates and the website isn't clear on whether the rates for this fix will be reduced enough to fall in line with the new cap/guarantee. 

My V20 rates as of 7th Oct currently are:
Elec
60.08 / 42.24 standing charge 
Gas
15.09 / 27.22 standing charge

Even with the 17p/4.2p reduction, it won't match the variable tariff cap. 

I tried to call Sainsburys and gave up, so tried on Twitter and after some back and forth, they have said:

"We are trying to get this sorted for every one as soon as we can and we will be amending the rates on the foxed to fall in line with the governments announcement so the rates will all fall in line for you."

I just wondered if anyone has been definitely told whether the v20 rates will either be only reduced by 17p/4.2p or whether they will be reduced even further to meet the level of the new guarantee?

Thanks

drlabman

The only change so far has been the £66 a month reduction due to the government's £400 refund.  Still waiting for a further adjustment due to the price cap.

GreenCustomer

Sainsbury/EON replied to my message that the EPG will apply to the Smooth Renew  v20 to bring it down to the EPG price (gas will average at 10.3p/kWh and electricity at 34p/kWh)

AD13

Great thanks both. At least if they bring it down to be the same rates we'd be locked in at those rates for a year. Lets hope they do. Taking their time contacting customers though

[Deleted User]

E.ON's messages are as yet unclear.

They say that the EPG will apply to fixed tariffs.  This is correct.  The method by which a fixed tariff must comply with the EPG is a discount of 17p/4.2p on unit rates, nothing more.

The second message that E.ON have is what confuses the matter, where it says that if this discount isn't enough to reach the EPG cap, "To make sure that those customers also benefit from the EPG we will bring their fixed price down to be in line with the government's £2,500 average threshold."

It's a strange message, because these customers have already benefitted from the EPG by the mandatory discount, but can be read that all fixed rates will be at the EPG cap or below from 1 Oct.

No other supplier appears to be describing it this way.

On a side note, some suppliers have said they will refund any 'extra' that someone has paid by being on a fix in August/September etc compared to the SVT.  E.ON have said that they will not do this.  So it seems like there is some variation between suppliers on some aspects of EPG implementation at least.

Blakey0500

I have just been emailed by Sainsbury's/EON Next the Economy 7 rates for SVT for the midlands area.

Day Rate: 43.63p
Night Rate: 13.60p
SC: 49.24p

I think that's a pretty good split overall, just wish they'd communicate whether those of us on the fixed deal need to do anything or to change to SVT. 

[Deleted User]

Deleted_User said:

E.ON's messages are as yet unclear.

........

The second message that E.ON have is what confuses the matter, where it says that if this discount isn't enough to reach the EPG cap, "To make sure that those customers also benefit from the EPG we will bring their fixed price down to be in line with the government's £2,500 average threshold."

It's a strange message, because these customers have already benefitted from the EPG by the mandatory discount, but can be read that all fixed rates will be at the EPG cap or below from 1 Oct.

No other supplier appears to be describing it this way.

On a side note, some suppliers have said they will refund any 'extra' that someone has paid by being on a fix in August/September etc compared to the SVT.  E.ON have said that they will not do this.  So it seems like there is some variation between suppliers on some aspects of EPG implementation at least.

I'm staggered that Eon Next are yet to clarify this very point particularly for those customers on (or about to go on) the v18, v19 and v20 Next Online DD tariffs.  The difference between the cap and those who only get 17p/4,2p reductions applied is very small on v18 but increases to maybe as much as £2+ per day depending on your usage for v20 (e.g in my region an extra 17.1p/kWh for electric compared to the cap (32.24p/kWh) after only 17p reduction applied to v20's published rate of 66.34p/kWh).

spot1034

Anyone who finds themselves disadvantaged in any way at such short notice must surely have a claim for some sort of compensation? Those of us on E7 versions of fixed tariffs have a very good reason for wanting to know whether the day and night charges are to be altered in such a way that the breakeven point changes. I find it extraordinary that with less than 36 hours to go I am still waiting to hear about this.

[Deleted User]

spot1034 said:

Anyone who finds themselves disadvantaged in any way at such short notice must surely have a claim for some sort of compensation? Those of us on E7 versions of fixed tariffs have a very good reason for wanting to know whether the day and night charges are to be altered in such a way that the breakeven point changes. I find it extraordinary that with less than 36 hours to go I am still waiting to hear about this.

Why does everything nowadays have to become "a claim for some sort of compensation"?

What actual loss are you going to suffer?  A few days of paying slightly more than the absolute minimum?  A couple of quid in total?

The situation might be a little irritating, but not more than that.

spot1034

[Deleted User] said:

spot1034 said:

Anyone who finds themselves disadvantaged in any way at such short notice must surely have a claim for some sort of compensation? Those of us on E7 versions of fixed tariffs have a very good reason for wanting to know whether the day and night charges are to be altered in such a way that the breakeven point changes. I find it extraordinary that with less than 36 hours to go I am still waiting to hear about this.

Why does everything nowadays have to become "a claim for some sort of compensation"?

What actual loss are you going to suffer?  A few days of paying slightly more than the absolute minimum?  A couple of quid in total?

The situation might be a little irritating, but not more than that.

If an E7 tariff is changed in such a way that the breakeven point (relative to the single rate) changes significantly, there can be a substantial difference. I presume that there wouldn't be any objection to a request to change to the single rate as from Oct 1st in these circumstances, but there might have been a bigger saving to be made by abandoning the fix and going back on to the SVT at the earliest possible moment in September. But how can you make such a decision when you have no idea what rates you will be charged?

[Deleted User]

spot1034 said:

Deleted_User said:

spot1034 said:

Anyone who finds themselves disadvantaged in any way at such short notice must surely have a claim for some sort of compensation? Those of us on E7 versions of fixed tariffs have a very good reason for wanting to know whether the day and night charges are to be altered in such a way that the breakeven point changes. I find it extraordinary that with less than 36 hours to go I am still waiting to hear about this.

Why does everything nowadays have to become "a claim for some sort of compensation"?

What actual loss are you going to suffer?  A few days of paying slightly more than the absolute minimum?  A couple of quid in total?

The situation might be a little irritating, but not more than that.

If an E7 tariff is changed in such a way that the breakeven point (relative to the single rate) changes significantly, there can be a substantial difference. I presume that there wouldn't be any objection to a request to change to the single rate as from Oct 1st in these circumstances, but there might have been a bigger saving to be made by abandoning the fix and going back on to the SVT at the earliest possible moment in September. But how can you make such a decision when you have no idea what rates you will be charged?

Did you have the same requirement to claim compensation when nobody could tell you six months in advance what the original October cap was going to be?  Or the April cap?  Or next January's cap?

All of those situations would have required you to make the same decision - am I better off staying on my fix or moving to the SVT.

Similarly, what about anybody who had a fix but didn't know whether it was worth changing through the period between the government announcement and the later statement of discount on fixes?

A massive reduction in energy prices for pretty much everyone, and what happens?  People asking "Where's my compo?".

They've left this late, true enough, probably in part because the system of calculation was changed at zero notice by the PM's announcement.  We don't even know if they're still discussing contractual terms in the background, which might be vital given the cap is being imposed by commercial contract with each supplier individually and not legislation for at least the first three months.