Economy 7 rates v the energy price cap

poweruppete

thanks everyone for your comments.
its clearer now, Ive done the yearly comparison as suggested and at the rate i'm getting E7 is definitely not worth it for me. If only i could get the 8p rate! :-)

MWT

poweruppete said:

MWT said:

poweruppete said:

I was suspicious of the economy7 meter readings so confirmed (by switching off the consumer unit) that the meter still increments usage when nothing is on. For this I've requested an engineer to confirm the malfunctioning meter.
Q is how to agree when this first started to fail. (as an example last august's bill was significant when there should also have been no usage) Im expecting some negotiation for a refund if the engineer can confirm the faulty meter. 

Do you have one meter which has two readings, one for day and one for night, or two separate meters?

Also, it isn't uncommon to have a separate smaller consumer unit for the heaters on the E7 night rate so did you make sure that everything was turned off when you did your test?

Thanks for this. I do have 2 separate consumer units and the e7 one was the one switched off. Seems from all the comments, that there's nothing amiss with the rates charged at least, its just that with my usage patterns its not worthwhile for me.

Keep in mind that even with all the E7 device circuits turned off you will still have usage on the E7 meter register from your normal house base load over night...

Scot_39

dunstonh said:

It is impossible to have the price cap applied to E7 in the same way as single rate.   If you did then everybody in the country would move to E7.

Dispute that - it's perfectly possible - Ofgem set the total price based on their estimates of both peak and off peak pricing.

And could easily set those as separate tariff caps - just as it does for gas and single rate electric.

But that would take a degree of flexibility / competition out of the market.

And of course would mean - you and others with EDF would probably never have seen sub 10p off-peak rates - whilst others were paying upto 17-18p - if not even more.

Every supplier could just charge the peak cap and the off peak cap - just as many do for gas and single rate.

Everyone pays say 16 vs 35 just like those on SR pay c28p

dunstonh

Dispute that - it's perfectly possible - Ofgem set the total price based on their estimates of both peak and off peak pricing.

My comment was in respect of the suggestion that the off peak rate should be capped at the price cap level.   Not potential alternative ways it could be calculated.   

  And of course would mean - you and others with EDF would probably never have seen sub 10p off-peak rates - whilst others were paying upto 17-18p - if not even more.

Although EDF succumbed to 42% ratio from Ofgem.  Which was an awful shame.