New Energy Price Cap

double_dutchy

Yes, the Ofgem price cap will go down on 1st July but this only affects variable tarrifs,  not fixed rate tariffs.

The government's EPG was protecting fixed rate customers instead, but not after 1st July

scobie

double_dutchy said:

Yes, the Ofgem price cap will go down on 1st July but this only affects variable tarrifs,  not fixed rate tariffs.

The government's EPG was protecting fixed rate customers instead, but not after 1st July

Presumably, because it doesn’t need to as there will be no fixed rate tariffs high enough to need protecting after July 1 

CSI_Yorkshire

scobie said:

double_dutchy said:

Yes, the Ofgem price cap will go down on 1st July but this only affects variable tarrifs,  not fixed rate tariffs.

The government's EPG was protecting fixed rate customers instead, but not after 1st July

Presumably, because it doesn’t need to as there will be no fixed rate tariffs high enough to need protecting after July 1 

No, it's because the price cap is below the EPG level so the maximum discount is zero.

Ayr_Rage

scobie said:

double_dutchy said:

Yes, the Ofgem price cap will go down on 1st July but this only affects variable tarrifs,  not fixed rate tariffs.

The government's EPG was protecting fixed rate customers instead, but not after 1st July

Presumably, because it doesn’t need to as there will be no fixed rate tariffs high enough to need protecting after July 1 

For those of us that fixed a year or so ago then we will be paying more than the cap without any help from the government but that was the gamble we took at the time before the emergency EPG was introduced.

brewerdave

Ayr_Rage said:

scobie said:

double_dutchy said:

Yes, the Ofgem price cap will go down on 1st July but this only affects variable tarrifs,  not fixed rate tariffs.

The government's EPG was protecting fixed rate customers instead, but not after 1st July

Presumably, because it doesn’t need to as there will be no fixed rate tariffs high enough to need protecting after July 1 

For those of us that fixed a year or so ago then we will be paying more than the cap without any help from the government but that was the gamble we took at the time before the emergency EPG was introduced.

In my case I'll be better off by November by swallowing the early release fee and moving to the SVT, but still hoping that the utility co. will allow a transfer off the fix to their own SVT WITHOUT the fee.

matelodave

Of course the great unknown in all of this is what the Price Cap will be set to on 1st October - forecasts are that it will be higher than the price cap from July.

So far they are only guesstimates and the four months to October is a long time in the energy market at the moment and who know what may happen between now and then.

As said above, its all a bit of a gamble, but we are doing our bit by saving some into our energy fund, just in case as I cant see the Government chucking out largesse like they did last winter.

Scot_39

scobie said:

double_dutchy said:

Yes, the Ofgem price cap will go down on 1st July but this only affects variable tarrifs,  not fixed rate tariffs.

The government's EPG was protecting fixed rate customers instead, but not after 1st July

Presumably, because it doesn’t need to as there will be no fixed rate tariffs high enough to need protecting after July 1 

But there already kind of are in the sense that there are fixes higher than the Ofgem cap - which some posters clearly expect to also benefit from.

The firdt new fix this year - Ovo March 1 yr fix fot instance was estimated at £2270 iirc. For tdcv usage.

But some just don't get that before EPG bailout a fix is a fix.

And now they appear to be coming with high exit fees again - they are not necessarily the same as they were pre Ukraine.

More like they were before market deregulation brought in the "challanger" resellers.

molerat

matelodave said:

Of course the great unknown in all of this is what the Price Cap will be set to on 1st October - forecasts are that it will be higher than the price cap from July.

So far they are only guesstimates and the four months to October is a long time in the energy market at the moment and who know what may happen between now and then.

As said above, its all a bit of a gamble, but we are doing our bit by saving some into our energy fund, just in case as I cant see the Government chucking out largesse like they did last winter.

Which organisation is forecasting a rise ?  CI are forecasting £1959 for Oct and £2026 for Jan, both below the July £2074.

Scot_39

matelodave said:

Of course the great unknown in all of this is what the Price Cap will be set to on 1st October - forecasts are that it will be higher than the price cap from July.

Have Cornwall Insights updated ?

Their mid May last before Ofgem were iirc still dropping in Oct to sub 2000, but rising again in Jan 24.

But even only c2 weeks ahead they were £20 under Ofgem July figure - so as you say forecasts are just that forecasts.

But that Q4 Oct driven mainly by gas dropping to c6.8p iirc.

As CI did estimate electric unit rates increasing in Q4 and again Q1 2024 - by around 1.2p iirc.

lloydf

brewerdave said:

I had it confirmed by EDF C/Services last week that my 2 year tariff fix for gas will be "re-imposed" from 1st July AND that they won't waive the £100 leaving fee even if I switch to their SVT. However I'm waiting until July to jump ship just in case they relent - even with the £100 fee,  I'll be better off overall by mid November on current cap predictions.

I am in the same boat as you and also have just got an EV so am looing at switching to a EV tariff either with EDF or elsewhere if needed. Can I ask how you are working out if you would be better off even with the £100 exit fees per fuel? Sorry if I sound stupid but math isn't my strong point lol.