Energy regulator Ofgem has this morning announced the Energy Price Cap will rise by 5%

MSE_Clare

Energy regulator Ofgem has this morning announced the new Energy Price Cap, with prices set to rise by 5% on average from January.

Read the full story:
'Energy bills to rise by 5% as new Price Cap is announced – what you need to know'

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MultiFuelBurner

https://www.ofgem.gov.uk/publications/changes-energy-price-cap-1-january-2024

From 1 January 2024, for a typical user paying by direct debit, the unit rate will be 29p/kWh for electricity and 7p/kWh for gas. The average daily standing charge will be 53 p/day for electricity and 30 p/day for gas.

The reason for the rise increases in wholesale costs

https://www.ofgem.gov.uk/publications/increased-wholesale-energy-costs-lead-rise-price-cap

And finally the proposals for levelling standing charges across different payment methods when the Government subsidy ends Mar 2024

https://www.ofgem.gov.uk/publications/changes-prepayment-meter-standing-charges-and-other-debt-costs

TheElectricCow

Another (not unexpected) hit to the standing charge, no doubt won’t go down well with many. On the upside unit rate still below 30p which doesn’t seem as bad as it could have been all things considered.

Lady0fdragons

Is it worth fixing before January? 

Lady0fdragons

Comparing it to BG, fixed rate the one you’ve mentioned is slightly cheaper. I’m confused 

MultiFuelBurner

Lady0fdragons said:

Is it worth fixing before January? 

Would you consider the tracker tariff with Octopus but you have to have smart meters.

Savings of 20-35% over the price cap over the last 365 days 

MattMattMattUK

TheElectricCow said:

Another (not unexpected) hit to the standing charge, no doubt won’t go down well with many. On the upside unit rate still below 30p which doesn’t seem as bad as it could have been all things considered.

It is hardly surprising and in reality is well below the threshold needed to fund the investment required, I suspect that there will be a large number of people having a tantrum as the standing charge having risen though. 

MultiFuelBurner

TheElectricCow said:

Another (not unexpected) hit to the standing charge, no doubt won’t go down well with many. On the upside unit rate still below 30p which doesn’t seem as bad as it could have been all things considered.

Won't be long before dual fuel is £1 a day. However that should lead to cheaper energy prices as the network is upgraded and more renewables can join.

bristolleedsfan

Lady0fdragons said:

Comparing it to BG, fixed rate the one you’ve mentioned is slightly cheaper. I’m confused 

https://www.ofgem.gov.uk/energy-price-cap

pfpf

are you talking about the headline or the article? iv'e not read the article but surely the headline is correct on this occasion?

pfpf

i know i should have links to most stuff by now but is it too early to see a regional breakdown of costs anywhere??