Energy price cap from July 2023 (merged)

Raxiel

So, putting those values into the spreadsheet I already had with the Cornwall Insight predictions from a few months ago for Q3, its a little more expensive than the previous prediction, less than a pound for the year. That standing charge increase wipes out the unit saving.

Compared to current prices, my projected May bill would be £6 cheaper with these rates than EPG+Octopus 15p export. Octopus Flux is still cheaper even with the current day rate matching EPG.

Not particularly exciting.

mmmmikey

bristolleedsfan said:

mmmmikey said:

bristolleedsfan said:

Above gas rates at very least must be + VAT

Those are the rates including VAT - i.e. what you'll actually pay

Average gas rate will be 8p kWh, Standing Charge 30p hence my reply

Ah right, sorry - I didn't check the gas rates, I just looked at the electricity rates which is the same as mine for my own region, East Midlands...

Chrysalis

There seems to be no political appetite for addressing SC sadly.  Unit rates and overall annual typical usage cost is what grabs the headlines.

CSI_Yorkshire

wrf12345 said:

All the focus seems to be on reducing gas - in the summer - rather than electric, terribly high standing charges have not been addressed, usual incompetence and rip-off pricing...

tetrarch said:

This seems very uneven. Why is gas going down by ~20%, but electricity only ~10% ?

Not exactly in line with the Governments green agenda and encouraging moves AWAY from fossil fuels - and presumably toward electricity

Regards

Tet

PS This has absolutely nothing to do with the fact that I have no mains gas, no Sir, not me 

There's no "focus" on anything.  Numbers go into a spreadsheet, the answer comes out.

It isn't people sat around making decisions about policy agendas or motivations.

mmmmikey

At least electricity SC rates haven't gone up (for electricity, I haven't checked gas) as CI were predicting, which suggests there has at least been some nod towards putting some of the fixed costs onto the unit charges.

CSI_Yorkshire

MouldyOldDough said:

Why don't they tell us the maximum rate per kWh rather than this meaningless "average household annual rate"? 

Because a soundbite makes more sense for public consumption than giving 96 different maximum rates, and still gives the overall impression of what's happening.

Raxiel

t0rt0ise said:

For anyone who wants to work out their own area.. https://www.ofgem.gov.uk/sites/default/files/2023-05/Default%20tariff%20cap%20level%20-%201%20July%202023%20-%2030%20September%202023.pdf

Unless I'm reading that wrong, the lowest "Single-Rate Metering Arrangement" cap is the east midlands at £1045.31 for 3100kWh. That works out to 33.7p a unit. A far cry from 30p

What am I missing?

MWT

Raxiel said:

t0rt0ise said:

For anyone who wants to work out their own area.. https://www.ofgem.gov.uk/sites/default/files/2023-05/Default%20tariff%20cap%20level%20-%201%20July%202023%20-%2030%20September%202023.pdf

Unless I'm reading that wrong, the lowest "Single-Rate Metering Arrangement" cap is the east midlands at £1045.31 for 3100kWh. That works out to 33.7p a unit. A far cry from 30p

What am I missing?

The figures for the 3100kWh usage include the standing charge....

MattMattMattUK

Chrysalis said:

There seems to be no political appetite for addressing SC sadly.  Unit rates and overall annual typical usage cost is what grabs the headlines.

Why does the Standing Charge to be "addressed"? It is there to cover specific costs, there is a legitimate reason for it to be charged as it is, why should it be "addressed"?

spot1034

Unless I'm not remembering correctly, suppliers used to set their own rates for the SVT - hence the headlines we used to get where - e.g. British Gas are putting their prices up, then a day or two later there would be similar news from EDF, or whatever. Surely the price cap is now resuming its original purpose as a maximum price that suppliers can charge for their SVTs, in which case is there scope to see some competition return, even for customers who don't want to opt for a fix?