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

Hoenir

debitcardmayhem said:

badmemory said:

I think the reason people knock british gas being foreign owned is because they have the word british in their name.

Sorry, when did British Gas I.e. Centrica become foreign owned, have I slept for a few years.

UK ownership of shares in UK listed companies are at record lows. No great secret. 

superkoopauk

TMSG said:

molerat said:

Q1/24 cap Default tariff cap level: 1 January 2024 to 31 March 2024

Q3/23 cap Default tariff cap level: 1 October 2023 to 31 December 2023

Prices excluding vat

I just dloaded the file (again, as it seems to have changed since this morning?) and the title of the Q1/24 cap pdf is this (see titlebar and left tab):


These Ofgem guys are priceless.

I imagine it is just the title of the file that is wrong rather than the cap levels?  I guess as long as you can get from these values to the headline figures released today then they are correct.

Scot_39

I've often thought if 0fgem replaced date definition like the current "Period 11b" with the actual dates wouldn't hurt.

But these are not the consumer focused table - and given the foobar on the initial consumer targetted version discussed above - that got the old electric prices out by c2p / kWh - perhaps it would be best they stuck to their tried and tested.

AmIMad

My house has been all electric since 1989. The coal back burner had to go and the GEC Nightstore boiler seemed a good choice - nothing to store. We have been on Economy 7 ever since, because the boiler charges up overnight. It is a very large storage heater and heats the water for the conventional radiator system. On the 1 January 2024 the price of the night time electricity rose (inc VAT) from 8.160 to 16.664p per Kwh. A price rise of 94%; the day rate electric fell by 4.2%. Overall the supplier, edf, predicts an increase of over £1000 in the amount paid. Considering edf vaunts their green credentials, generating energy by wind and solar, which have seen considerable falls in the price per unit in recent years, I feel I am being robbed by the electric mafia. How is this justified? Has anyone else been hit by such high increases in price?

lohr500

AmIMad said:

My house has been all electric since 1989. The coal back burner had to go and the GEC Nightstore boiler seemed a good choice - nothing to store. We have been on Economy 7 ever since, because the boiler charges up overnight. It is a very large storage heater and heats the water for the conventional radiator system. On the 1 January 2024 the price of the night time electricity rose (inc VAT) from 8.160 to 16.664p per Kwh. A price rise of 94%; the day rate electric fell by 4.2%. Overall the supplier, edf, predicts an increase of over £1000 in the amount paid. Considering edf vaunts their green credentials, generating energy by wind and solar, which have seen considerable falls in the price per unit in recent years, I feel I am being robbed by the electric mafia. How is this justified? Has anyone else been hit by such high increases in price?

Lots of other discussions on exactly this.
From your off-peak rate I am guessing you are in EDF's Eastern Region.
The increase does seem to defy logic, despite some posts by others trying to explain why.

My ECO20:20 tariff from EDF in the Yorkshire region has gone up by 9% peak and 32% off peak.
If I could find a better alternative I would switch today, but sadly I can't.

QrizB

AmIMad said:

How is this justified? Has anyone else been hit by such high increases in price?

There are a handful of EDF customers on the forum in a similar position.

EDF's E7 tariffs only fell to being that cheap in Winter 2022, and are now returning to a more normal price.

In the autumn, EDF were offering east-of-England customers fixed-rate deals at the 8p off-peak rate. Foresighted customers took those deals.

Netexporter

Considering edf vaunts their green credentials, generating energy by wind and solar, which have seen considerable falls in the price per unit in recent years, I feel I am being robbed by the electric mafia. How is this justified?

Because the price of electricity is determined by the price of gas, at the moment.

AmIMad

QrizB said:

AmIMad said:

How is this justified? Has anyone else been hit by such high increases in price?

There are a handful of EDF customers on the forum in a similar position.

EDF's E7 tariffs only fell to being that cheap in Winter 2022, and are now returning to a more normal price.

In the autumn, EDF were offering east-of-England customers fixed-rate deals at the 8p off-peak rate. Foresighted customers took those deals.

If I had know there was a fixed deal I would have looked at it, but I had no notification from edf about it, and I am wary after the overpriced deals being offered during COVID. I have a lot of logs left from my last delivery in 2018 and now seems to be a good time to start using them.

MultiFuelBurner

AmIMad said:

QrizB said:

AmIMad said:

How is this justified? Has anyone else been hit by such high increases in price?

There are a handful of EDF customers on the forum in a similar position.

EDF's E7 tariffs only fell to being that cheap in Winter 2022, and are now returning to a more normal price.

In the autumn, EDF were offering east-of-England customers fixed-rate deals at the 8p off-peak rate. Foresighted customers took those deals.

If I had know there was a fixed deal I would have looked at it, but I had no notification from edf about it, and I am wary after the overpriced deals being offered during COVID. I have a lot of logs left from my last delivery in 2018 and now seems to be a good time to start using them.

Thanks why it's good to keep tabs on forums like this as many EDF customers from the Eastern region took the chance to lock in those fantastic overnight off peak rates.

AmIMad

I have only just joined the MSE forum, and I am taking notice of the wise words from long standing members. I will keep my eyes open for advice on energy deals. 2023 was the first time I used a comparison site for my car insurance. My long term insurer had put the price up by an eye watering 48%. I saved £260 by using the site. I will be looking for car and house insurance advice on this forum in future.