MSE News: Energy bills to fall by 7% as new Price Cap is announced

MSE_Andrew

Energy regulator Ofgem has this morning announced the new Energy Price Cap, with prices set to fall by 7% on average from October. Despite the drop, energy bills will still likely be more expensive than last winter.

Read the full story:
'Energy bills to fall by 7% as new Price Cap is announced – what you need to know'

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t0rt0ise

New rates here..
https://www.ofgem.gov.uk/sites/default/files/2023-08/Default%20tariff%20cap%20level%20-%201%20October%202023%20-%2031%20December%202023.pdf

QrizB

Headline rate £1923 vs. CI final forecast of £1926.

https://www.bbc.com/news/business-66607005

Mstty

Proving the tortoise is faster than the hare.......for Ofgem price cap info

QrizB

Mstty said:

Proving the tortoise is faster than the hare.......for Ofgem price cap info

Alternatively, I didn't want to be the one starting the thread

Mstty

QrizB said:

Mstty said:

Proving the tortoise is faster than the hare.......for Ofgem price cap info

Alternatively, I didn't want to be the one starting the thread

Smart hare 😂

GingerTim

Indicative unit rates as per https://www.ofgem.gov.uk/publications/energy-prices-fall-again-winter

Electricity (direct debit)


27.35p/kwh
53.37p standing charge

Gas

6.89p/kwh
29.62p standing charge

Regional variations, of course, will apply.

QrizB

Here's my calculation of the regional variations (this is unofficial, any errors are mine).

Dual fuel:

And multi-rate electricity (the 42:58 weighted average price for E7):

superkoopauk

Thanks.  So standing charges going up again - that will annoy plenty of people

mmmmikey

superkoopauk said:

Thanks.  So standing charges going up again - that will annoy plenty of people

Yes indeed, but look on the bright side - it will divert attention at Victor Meldrew Society meetings away from the smart meter roll out......

Mstty

QrizB said:

Here's my calculation of the regional variations (this is unofficial, any errors are mine).

Dual fuel:

And multi-rate electricity (the 42:58 weighted average price for E7):

Very handy thanks as we are currently on tracker, but with the heat pump may consider switching to cosy Octopus at the appropriate time. With those rates and our usage that means a median of 23p kWh on cosy for our usage pattern over winter then back to Agile until they let us back in tracker again.