We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

1st July Price Cap Reduction

GadgetGuru
GadgetGuru Posts: 907 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
Has the price cap reduction for the 1st July already reflected in energy prices?
Wasnt sure as when I do a comparison the daily prices have gone up a fair bit, but the unit prices are now lower - is that how it works??

Im currently on EON and my fixed is coming to an end. My current rates are:

Elec Unit : 30.88
Elec Daily : 32.15
Gas Unit : 7.39
Gas Daily : 23.08

Elec Usage : 2,744kWh
Gas Usage : 9,268kWh

When I last check, Octopus were coming up cheaper, even though the daily rate is higher, the unit rate is lower....

I've been waiting for 1st July for the price decreases before I choose to fix again for another 12 months due to the forecast potential Oct increase. 

However, have the price decreases already been factored in, and should I be choosing another deal pre-1st July?
I dont want to get to 1st July and see that the Oct increases are starting to be factored in??

Or have I got this totally wrong?

Comments

  • spot1034
    spot1034 Posts: 963 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Fixes are not affected by impending price cap changes. There is presently a trend towards higher prices for fixed rate deals because longer term wholesale rates have been rising recently. If this continues, fixes in a month or two will be higher than they are now. If wholesale rates start to ease a bit, you might get a slightly better deal by waiting. The decision is yours.
  • GadgetGuru
    GadgetGuru Posts: 907 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Thank you - decided to do some comparisons and found a decent deal so decided to switch. 
    I do prefer fixed most of the time TBH so went for that again - saving me £300 over the year (around £25 on my monthly DD payments).
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.6K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455.1K Spending & Discounts
  • 246.7K Work, Benefits & Business
  • 603.1K Mortgages, Homes & Bills
  • 178.1K Life & Family
  • 260.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.