1st April -30th June

mrsg1990

So I've worked out the ofgem cap minus standing charges is £1340.07. how do I work out what the unit price for gas and electric is? 

I know it's 3100 for electric and 12,000 for gas 

QrizB

mrsg1990 said:

So I've worked out the ofgem cap minus standing charges is £1340.07. how do I work out what the unit price for gas and electric is? 
I know it's 3100 for electric and 12,000 for gas 

You can't.

Ofgem won't be announcing the April cap until the last week of February.

When they do, they will publish a set of tables giving the breakdown of prices for each region. It will look a bit like this (the January tables):
https://www.ofgem.gov.uk/sites/default/files/2023-11/Default tariff cap level - 1 January 2024 - 31 March 2024.pdf

From that table, you can see that eg. in Southern region:

• Gas: zero consumption £102.88, 12000hWh £961.96

So the annual standing charge is capped at £102.88, and the unit rate is capped at (£961.96-£102.88)/12000. Both plus 5% VAT.

The calculation for electricity is similar.

bob2302

Those headline figures are just illustrative, see  https://www.ofgem.gov.uk/energy-price-cap

Mobtr

mrsg1990 said:

So I've worked out the ofgem cap minus standing charges is £1340.07. how do I work out what the unit price for gas and electric is? 

I know it's 3100 for electric and 12,000 for gas 

How can you work it out when we haven’t had it confirmed what it’s going to be yet? 

spot1034

We are not quite at the end of the assessment period yet - it's usually around the middle of the month. The exact wholesale rates  over the next two weeks will contribute towards the calculation of the exact figures.

Scot_39

mrsg1990 said:

So I've worked out the ofgem cap minus standing charges is £1340.07. how do I work out what the unit price for gas and electric is? 

I know it's 3100 for electric and 12,000 for gas 

The Ofgem tables as linked above - are still 3100 electric for single rate and 12000 gas - but the cap TDCV is not.

It hasn't been 3100 for many years for electric - the level until late last years review was 2900 and the current level 2700.

Similarly gas is also now down from 12000 to 11500.

So you have to work out the rates for your region - and then multiply back up by the cap TDCVs

so

(total cost-nil rate)*2700/3100 + nil rate and as those tables for industry also add 5% VAT

And the ratio (11500/12000) for gas

When the TDCV was lowered - they also put the consumer prices inc vat it in their price announcement letter e.g. for Oct last year

https://www.ofgem.gov.uk/sites/default/files/2023-10/Energy Price Cap Letter for 1 October 2023 (new TDCV) (1).pdf

Just including that as a link to confirm the 2700 / 11500 - the actual mid level duel fuel TDCV (one of 3 - but the one that tends to make the headlines)

They did a separate table in Dec as well - but the first version was wrong - iirc on the reference rates for last quarter.