Energy price cap from July 2023 (merged)

datamat8794

I used a calculator to check how much I'll be 'saving' from July 2023 and it said £1 a week. Wow. That really is going to be a great 'relief' and a great 'saving'. When we all realise that the energy is at best going to flatline and stick at these levels and could again start rising from this October 2023 again, it's not good. With the energy support vouchers now ended, I am going to be poorer than I even was during the first 4 months of this year so I'm actually now spending more of my money on energy than I've been since October 2022 in effect.

Scot_39

As many articles - including ML on MSE - the net improvement is minimal. And depends as usual on annual use - given the £400 (and the previous £150 CT rebate) both fixed regardless of use.

At TDCV cap levels EPG £2500 - EBSS £400 = £2100 vs current cap at £2074 = just £26pa or 50p per week.

Lower users and pure electric will in fact be doing far worse by comparison - as electricity only down by about third as much as gas and forecast to increase in next 2 Q by CI - so predicted discounts diverge as a ratio even further

Changes over current Q regional averages

Electric

Apr-Jun cap = 33.2p - new cap 9.7% lower, CI forecasts Q4 10.25% lower, Q1 7.7% lower

(Note : CI may actually overestimated savings for Q3 electric - 29.48 vs 30.1p (using govts avg PP EPG rate - not Ofgem tables - which are now meant to match DD) - and that might impact Q4/Q1 estimates

Gas

Apr-Jun cap = 10.31p - new cap 27% lower, CI forecasts Q4 35% lower, Q1 31.3% lower

And the low user - well £400 just a bigger share of their annual bill - so losing it hurts more. (Others might argue they were over compensated of course - but heavier users saved far more EPG unit discounts than low users - swings and roundabouts as they say )

As such I expect to be saving around just 9% of my electric costs - but losing the £400 EBSS

I therefore expect to be over £5pw worse off without the EBSS - possibly closer to £6 - depending on what happens SR vs MR electric pricing - given 1-2p per unit swings in recent caps

RG2015

I am on the E.ON Next Flex standard variable rate for electricity only.

They are now showing online my new rates from 1st July 2023 which are in line with the figures for my region on page 1 of this thread.

Based on my estimated consumption, my new charge will be 7.37% down on the 1st April figures.

falcieri

I may be reading this all wrong, but it would appear my standing charges went up on 1st July, though my unit rates went down. I didn't think standing charges were going up.

MattMattMattUK

falcieri said:

I may be reading this all wrong, but it would appear my standing charges went up on 1st July, though my unit rates went down. I didn't think standing charges were going up.

Your standing charge will have gone up and your unit rates down, that is correct and was expected. 

falcieri

MattMattMattUK said:

falcieri said:

I may be reading this all wrong, but it would appear my standing charges went up on 1st July, though my unit rates went down. I didn't think standing charges were going up.

Your standing charge will have gone up and your unit rates down, that is correct and was expected. 

Thanks for that. I'm confused as to why though. I thought standing charges were not going to change in July and therefore bills would come down. I feel like I'm actually going to be paying more from this month, not less.

Scot_39

falcieri said:

I may be reading this all wrong, but it would appear my standing charges went up on 1st July, though my unit rates went down. I didn't think standing charges were going up.

My DD SVT standing charges didn't change in July - which sort of tariff were you on and which payment method and I guess at a push - which billing region.

From my EOnNext July price change summary - with the new July cap rate updates.

molerat

Comparing the EDF price tables there were no SC changes April to July on SVT so more info required on supplier / tariff / payment method.

falcieri

Scot_39 said:

falcieri said:

I may be reading this all wrong, but it would appear my standing charges went up on 1st July, though my unit rates went down. I didn't think standing charges were going up.

My DD SVT standing charges didn't change in July - which sort of tariff were you on and which payment method and I guess at a push - which billing region.

From my EOnNext July price change summary - with the new July cap rate updates.

Scot_39 said:

falcieri said:

I may be reading this all wrong, but it would appear my standing charges went up on 1st July, though my unit rates went down. I didn't think standing charges were going up.

My DD SVT standing charges didn't change in July - which sort of tariff were you on and which payment method and I guess at a push - which billing region.

From my EOnNext July price change summary - with the new July cap rate updates.

I'm on a variable dual fuel tariff with Outfox the Market. I have sent them a query because I don't understand why the prices have changed. My June standing charges per day were E 41.2p, now 48.96p and G was 27.12p now 27.72p. Thanks.

falcieri

falcieri said:

Scot_39 said:

falcieri said:

I may be reading this all wrong, but it would appear my standing charges went up on 1st July, though my unit rates went down. I didn't think standing charges were going up.

My DD SVT standing charges didn't change in July - which sort of tariff were you on and which payment method and I guess at a push - which billing region.

From my EOnNext July price change summary - with the new July cap rate updates.

Scot_39 said:

falcieri said:

I may be reading this all wrong, but it would appear my standing charges went up on 1st July, though my unit rates went down. I didn't think standing charges were going up.

My DD SVT standing charges didn't change in July - which sort of tariff were you on and which payment method and I guess at a push - which billing region.

From my EOnNext July price change summary - with the new July cap rate updates.

I'm on a variable dual fuel tariff with Outfox the Market. I have sent them a query because I don't understand why the prices have changed. My June standing charges per day were E 41.2p, now 48.96p and G was 27.12p now 27.72p. Thanks.

Meant to add, I pay a regular amount every month into my account by Direct Debit.