MSE News: energy prices to rise in April 2023 as Government scales back support

molerat

diystarter7 said:

I'm a tad confused. The so-called/confusing EPG/Cap is set at a current 2600, correct?
The new EPG/Cap in April 2023 is 3000 quid, correct?
If so, how come its a 1000 pound rise as reported in the press?

NB: Please be warned that the so-called 'price cap' is very misleading as the 'cap' is on the price per unit of gas/elec and standing charge = average price cap at current rates of 2600. But most of us are paying a load me and we are paying close to double that.

Apols if I have got it wrong hence my query here. Thanks.

Current cap is £2500 but the government are bunging you £400 so effectively £2100. April cap £3000 so a £900 increase on what you are paying now.

The_Green_Hornet

So the smart move was to fix your rates for two years in the summer after all.

Unless they change their minds again that is.

diystarter7

molerat said:

diystarter7 said:

I'm a tad confused. The so-called/confusing EPG/Cap is set at a current 2600, correct?
The new EPG/Cap in April 2023 is 3000 quid, correct?
If so, how come its a 1000 pound rise as reported in the press?

NB: Please be warned that the so-called 'price cap' is very misleading as the 'cap' is on the price per unit of gas/elec and standing charge = average price cap at current rates of 2600. But most of us are paying a load me and we are paying close to double that.

Apols if I have got it wrong hence my query here. Thanks.

Current cap is £2500 but the government are bunging you £400 so effectively £2100. April cap £3000 so a £900 increase on what you are paying now.

Many thanks.
In a way I'm lucky by the fact I was seeing the present cap 2600. Many thanks for you help, appreciated.

MikeJXE

Can you please explain why the price cap is going up when energy companies are making eye watering profits ?

Spoonie_Turtle

MikeJXE said:

Can you please explain why the price cap is going up when energy companies are making eye watering profits ?

Are they really?  Or do you perhaps mean the energy producers? 

ariarnia

MikeJXE said:

Can you please explain why the price cap is going up when energy companies are making eye watering profits ?

energy producers and energy suppliers aren’t the same thing. suppliers only make about 2% on energy to customers. 

your energy supplier has to buy the gas and electric you use on the open market. prices for fuel are still massively higher than they were a year ago. the cap limits what they can charge you and the government pays the difference. 

diystarter7

MikeJXE said:

Can you please explain why the price cap is going up when energy companies are making eye watering profits ?

Price cap is going up to line the pockets of the rick owners. This is why the new price fixes were changed from 6 months to 3..

Those energy generators that claim to be a hundred percent renewable, they must be making a killing.

I bet you when prices go down and they will, the caps will remain at these levels and you don't need to look far how easy it is to put prices up but when they should fall, the companies drag their feet - EG, Petrol and especially diesel prices a gap of 30p and motoring organisations have said what we know, its profiteering from exceptional circumstances.

Companies need to make profits but not a killing through luck as they just happened to be a handful of groups that offer that service.

[Deleted User]

diystarter7 said:

MikeJXE said:

Can you please explain why the price cap is going up when energy companies are making eye watering profits ?

Those energy generators that claim to be a hundred percent renewable, they must be making a killing.

Generators either are or are not renewable.  Are you accidentally talking about suppliers again, who are making almost no profit?

Renewable generators are either making big profits (if they are on the old market schemes) or paying lots of money into the pot to reduce your bill (if they are on CfDs).

XBluey

Anyone know the new Unit rates yet?

youravinalarrrf

This might be of interest https://www.cornwall-insight.com/press/cornwall-insight-responds-to-the-autumn-statement/