No Price Cap Support?

Slinger1010

Hi all, we have the Economy 7 energy rates with Eon Next, whereby we have a day time and night time rate. I’ve noticed on our newest statement that they are only giving us the Energy Price Cap support/discount on our night time rate, which is very cheap anyway & we hardly use it! 

This means that they are still charging full price for our day rate, 43.86p per kWh, I challenged this with Eon and they said: 

“In regards to your inquiry for your energy price guarantee for your day rates, it is within the price gap recommendation limit so it is applicable for your night tariff only

The day rates for your account are within the price gap limits which are set for your usage on the account.” 

I don’t see how they can do this, we aren’t getting support for the day rate at all… 

Many thanks 

[Deleted User]

Welcome to the forum.  You have misunderstood how the cap works.

Your day rate is cheap enough that it is effectively under the capped level - just the same as someone who was already on a cheap fix.

It doesn't need to be made any cheaper - and it would be unfair on everyone else if it was.

Jyana

Both your day and night time rates have been reduced, not just your night time one. The weighted cost of your usage across both rates will effectively put you at the energy cap price.

You don't get an extremely cheap night time rate, and then only pay what everyone else is 24 hours a day for your day time rate too, as that would then put your weighted cost far, far below the cap rates.

If you don't have storage heaters, or otherwise find E7 isn't right for your home, then you would be better off on a single rate tariff instead. But that would be a general thing, and not an energy cap issue.

theoretica

If you hardly use your night rate, you might be better off changing to a single rate.

Spoonie_Turtle

Slinger1010 said:

This means that they are still charging full price for our day rate, 43.86p per kWh,

Just for some context, the full single rate per kWh without the discount would have been c.52p if I remember rightly.  That means your day rate without the discount would have been much higher than that, most likely in the 60s or higher.

Slinger1010

Sorry I should have said that we have this as a fixed tariff, so I was expecting the day rate to get a bit cheaper with the price cap. I must have misunderstood, as guidance suggested all rates would be no more than the new cap. 

Thank you all - this is blowing my mind, somewhat! 

QrizB

What is your night rate?

If we know that we can do the sums and let you know the effective rate for EPG purposes.

Hopefully you are using more night rate electricity than day rate. Can you share your consumption figures too?

EssexHebridean

Something to consider is why you are on Economy 7 if you barely use any energy at night? 

ariarnia

Slinger1010 said:

Sorry I should have said that we have this as a fixed tariff, so I was expecting the day rate to get a bit cheaper with the price cap. I must have misunderstood, as guidance suggested all rates would be no more than the new cap. 

Thank you all - this is blowing my mind, somewhat! 

i think what you are seeing is places saying electric is capped at 34p but that is for people who are on a flat rate tarrif (fixed or not fixed). if you are on an e7 tarrif then there is a differnt cap which is supposed to balance the night and day rates to work out the same as the cap overall. the problem will be if you dont use the electric at night then you will be paying more than the cap. that is why others have said it might be a good idea for you to move to a flat rate tarrif. if you can give qrizb the info he asked for then we can maybe help. 

that is your day and night rates (or fix name)

and if you take meter readings. two lots of readings for day and night some time apart (maybe last month and now if you have them but any two readings as long as we know how long apart they were) 

Slinger1010

Thank you all - it sounds like we are clearly on the wrong tariff. I don’t recall asking to be on this tariff when we moved in (I didn’t know what it meant until recently) we try to use the dishwasher as we go to bed, but there’s not much else we can do during the night-rate times. 

I’ve attached the Oct statement showing the usage and rates - if this is of use to those who understand this world… 

Very grateful for this advice - I have been googling for weeks now. 

[Deleted User]

That's less than 30p equivalent rate if my maths is correct - I'm surprised you got such a big discount on night units at that price.

Tiny % of night usage though, if that's representative you would probably find it cheaper on singe rate.