Variable rates

Daphney_1

Martin what I would like to know with the current state of the market, why are providers not all charging the same rate/standing charges for variable? Surely it's not ethical that some charge more? It would save a lot of time doing searches. I find it very frustrating and some providers are being greedy 🤷

pochase

Where do you see suppliers charging more?

SVT (EPG) defines the maximum price they are allowed to charge, so a supplier can only charge less, not more.

And except for very few exceptions they are all charging the same.

[Deleted User]

Daphney_1 said:

Martin what I would like to know with the current state of the market, why are providers not all charging the same rate/standing charges for variable? Surely it's not ethical that some charge more? It would save a lot of time doing searches. I find it very frustrating and some providers are being greedy 🤷

Martin won’t answer, he doesn’t come here.

The “current state of the market” is that there are different price caps and therefore different prices in each region.

Try to understand what goes on before determining its unethical and greedy.

Daphney_1

Your last paragraph was a bit snotty!! I totally understand that there are different prices for different regions, but obviously when I am doing a search in my POSTCODE area the prices offered are all different and some are higher, so to me that isn't fair on the consumer and equates to greed by some providers.

QrizB

What exactly are you searching for?

Are you looking for Economy 7?

EssexHebridean

Daphney_1 said:

Your last paragraph was a bit snotty!! I totally understand that there are different prices for different regions, but obviously when I am doing a search in my POSTCODE area the prices offered are all different and some are higher, so to me that isn't fair on the consumer and equates to greed by some providers.

Hi Daphney - maybe give us an idea of the rough area of the country you are in, whether you are electric only or gas as well, and as Qriz says, whether you have an Economy 7 supply. Then if you are on a single rate supply someone will be able to show you what the capped rates for your region would be. It's more difficult if Economy 7 is involved - and then you would see different rates, as it is for the suppliers to set their own split of day/night rates - although at a set point it still has to average at the capped price under the EPG. (Allowing the suppliers to set their own rates is actually a good thing for consumers as it means there is actually still competition within the Economy 7 area - for example as a heavy night user EDF will suit me well as I'll make a significant saving from their very low night-rate even in spite of their somewhat eye-watering day rate!) 

There are a few suppliers like Octopus who are still aiming to undercut others but it's only by pennies, and realistically it won't be different enough for most to justify a switch. Then there are MLM schemes like Utility Warehouse who will give lower prices but only if you take other services from them - and those services are generally well above the price you would pay for them elsewhere in the market, so negating any savings. 

[Deleted User]

Daphney_1 said:

Your last paragraph was a bit snotty!! I totally understand that there are different prices for different regions, but obviously when I am doing a search in my POSTCODE area the prices offered are all different and some are higher, so to me that isn't fair on the consumer and equates to greed by some providers.

There’s a price cap. Everyone is priced almost exactly at the price cap.  There are two tiny differences that EssexHebridean has pointed out, but apart from that everyone is at the cap.

I dont see it as unfair and greedy to charge exactly the capped price the same as almost everyone else.

Ultrasonic

Daphney_1 said:

Your last paragraph was a bit snotty!! I totally understand that there are different prices for different regions, but obviously when I am doing a search in my POSTCODE area the prices offered are all different and some are higher, so to me that isn't fair on the consumer and equates to greed by some providers.

Are you comparing the daily standing charge and unit prices (cost per kWh), or possibly quoted DD payments? The latter will depend on estimated usage whereas it's the former that is basically the same for all suppliers. Unless you're on an Economy 7 tariff as mentioned above. 

LindsayT

As there are no comparisons now, I have to wonder where the OP is getting these different prices from?

EssexHebridean

LindsayT said:

As there are no comparisons now, I have to wonder where the OP is getting these different prices from?

As you can see from the replies above already, the most likely answer is that they are on an Economy 7 tariff - so as you go around the different providers even using the same postcode it would indeed throw up a lot of different prices. 

pammy14

In my region Eon is cheaper per kWh than Bulb for electricity.  Bulb day they can set their own price.