New Energy Price Cap

CSI_Yorkshire

elcordobes said:

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I am surprised that you think they are not in a position to anticipate which way the cap is going to go in October given the size of their customer base and the contracts they must have in place.

That would be pretty impressive, given that the reference period hasn't finished yet.

They will be able to guess, the same way that all of the rest of us can.

Guesses at the moment are a slight decrease.

elcordobes said:

I have the right region. You may be right but the letter was dated the 19/6 and my portal account still has the same offer.
The SRT for gas is 10.46 and the capped regional rate is 7.66.
The letter is heavily focussed on me taking out a new plan which would not look so attractive if the capped SRT rates were used.

Right, so the letter on 19 June and the portal today (27 June) are both showing the price for....... June!  Who would have thought that.

They are using the capped rate.  They're using the capped rate that is correct at the time they are writing.

Some did it the way you seem to want, and then we've had exactly the opposite complaints on here (even more so when prices were rising) with people asking "why are they quoting higher than the cap when it hasn't changed yet".

double_dutchy

Right, so the letter on 19 June and the portal today (27 June) are both showing the price for....... June!  Who would have thought that.

...but elcordobes says that their fixed rate ends in August......so wouldn't it make sense for OVO to quote the variable rates that would apply at that point?

[Deleted User]

I am surprised that you think they are not in a position to anticipate which way the cap is going to go in October given the size of their customer base and the contracts they must have in place.

Gas wholesale prices increased over the weekend due to the attempted Russian coup. Wheat prices also increased. Markets do not like uncertainty: how do economists factor in the unknown?

molerat

New CI forecast out.

https://www.cornwall-insight.com/predictions-and-insights-into-the-default-tariff-cap/

Note that from October the new Mr & Mrs average now only use 2700 kWh electric and 11500 kWh gas according to the new OFGEM cap so the figures need to be looked at in that context.

edit:  running their numbers through my spreadsheet does not work, I think they may have messed up somewhere with the new TDCV

MADSPARK1

I see the price cap has to fall again in October however it wont mean a lot to me if it's anything like the last one.My supplier Scottish Power sent me a nice letter saying my day rate was falling slightly but my night rate was going up again so my costs would rise.All my heating is Economy 7 and so is the main part of my bill.This means i will be paying more than last year but have no support as the Government scheme has stopped !