Energy price cap from July 2023 (merged)

The_Green_Hornet

MattMattMattUK said:

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"?

Greg Jackson, CEO and Founder of Octopus Energy says:

“High standing charges are egregious. This £40m package is the beginning of our battle to bring them down. Far too many costs have been loaded onto standing charges - from grid and distribution charges to failed suppliers. These charges just make it more difficult for hard-pressed customers to save money through efficiency and Octopus is making a stand to change that.”

https://octopus.energy/press/octopus-takes-stand-against-standing-charges-with-40m-package/

Ryan_Holden

MattMattMattUK said:

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"?

Why wouldn't they? The Octopus CEO said that they'd been frontloaded with lots of other charges including a charge to cover failed suppliers. They're very high considering where they used to be, granted everything goes up but they've gone up for many almost 80%.

Krakkkers

Seeing lots of different prices being quoted.
MS link at top says no change to SC and gas at 7.51, leccy 30.

nekr0mantik

if the London charges on here are true then the saving for unit rate for elec is 4p vs the increase on service charge of 8p so the saving is wiped out vs my current GE UK Fix. So I will stick with my fix which ends in September by which time we will know the winter price cap details. 

The wholesale costs have dropped to pre invasion levels so why is price cap still higher then invasion. Shell and BP are...

MattMattMattUK

The_Green_Hornet said:

MattMattMattUK said:

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"?

Greg Jackson, CEO and Founder of Octopus Energy says:

“High standing charges are egregious. This £40m package is the beginning of our battle to bring them down. Far too many costs have been loaded onto standing charges - from grid and distribution charges to failed suppliers. These charges just make it more difficult for hard-pressed customers to save money through efficiency and Octopus is making a stand to change that.”

https://octopus.energy/press/octopus-takes-stand-against-standing-charges-with-40m-package/

Marketing statements to the media to appeal to the uneducated public do not constitute a valid analysis of the costs and merits of the billing structure. 

CSI_Yorkshire

nekr0mantik said:

The wholesale costs have dropped to pre invasion levels so why is price cap still higher then invasion.

They haven't.

Wholesale part for eastern region (Feb 2021 announcement) - £222.94
Wholesale part for eastern region (May 2023 announcement) - £498.40

PeterGr

Krakkkers said:

Seeing lots of different prices being quoted.
MS link at top says no change to SC and gas at 7.51, leccy 30.

To be accurate the MS link at top says the unit rate for gas is 7.51p per kilowatt hour (kWh), and for electricity the rate is  30.11p per kWh

CSI_Yorkshire

CSI_Yorkshire said:

nekr0mantik said:

The wholesale costs have dropped to pre invasion levels so why is price cap still higher then invasion.

They haven't.

Wholesale part for eastern region (Feb 2021 announcement) - £222.94
Wholesale part for eastern region (May 2023 announcement) - £498.40

Should have used Oct 2021 really (as that was the price at the time of the invasion) - £279.76

MattMattMattUK

Ryan_Holden said:

MattMattMattUK said:

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"?

Why wouldn't they? The Octopus CEO said that they'd been frontloaded with lots of other charges including a charge to cover failed suppliers. They're very high considering where they used to be, granted everything goes up but they've gone up for many almost 80%.

Those costs have to be covered somehow, why should average and higher users pay more, many of whom will be the elderly or disabled who are at home all day, whilst low users, mostly those with solar, will be subsidised.

dunstonh

Next thing to wait for is the EDF Eastern pricing to see whether they retain the low off peak rate.