Energy tariffs

1234Scratchmyhead4321

With the recent price cap being added this month (July). I would be interested as i'm not 100% conversant with what is a good/poor rate, for a one year fixed term for both electric and gas. 

I have been offered the following for a one year fixed rate with OVO, starting on the 2/7/24, with the 14 day cooling off period.

Gas 6.03 per KWH                                              Electric 22.26 per KWH    
Standing Charge 24.07                                       Standing charge 60.26 p/day

With these the exit fee is £75 per fuel, total being £150.

Anyone's advice would be gratefully appreciated about the above tariff   

Mark_d

I would use a comparison site like uswitch to find the best tariff based on your energy consumption.  Clearly if you consume a lot of energy you would want to pay a higher standing charge and a lower unit rate.

Personally I would only consider tariffs with no exit fee - so you can easily move to a cheaper deal when one appears

Scot_39

Have a read of the MSE guide to 1 yr and 2 yr fixes here as a guide.

https://www.moneysavingexpert.com/utilities/are-there-any-cheap-fixed-energy-deals-currently-worth-it/

There is an Ovo 1yr loyalty at regional ave 2% more  and a 1 yr at  regional ave 5% more. 

Which one are you being offered ?

Both are clearly in their to be considered range - I.e. likely to save you at current forecasts - with MSE suggesting anything better than 8% a saving.

But that ave from another post could hide large regional variations - as one user had -5% saving for a supplier where -1% tabled average by mse at their supplier.

And without your region we cannot comment how the rates you quote compare to your regional svt rates - per kWh and standing charge - although gas which has less regional SC spread (svt c31-32p) looks discounted 7-8p - c20-25% - if above are vat inclusive prices.

You really need to calculate overall projected annual cost.

At above fix = 365x gas sc 24.07p + gas units x 6.03 (add 5% vat if required if rates not vat inclusive)
Plus electric.
Then repeat for your regions svt pricing - see Ofgem if dont have latest Ovo prices
https://www.ofgem.gov.uk/energy-advice-households/get-energy-price-cap-standing-charges-and-unit-rates-region



Or Use a tariff comparison tool like the mse one - scroll down on above link and enter your region and figures.
Or any other compare site to get a price for your typical annual consumption.


But with both fuels At £75+£75 exit fees Ovo Deal going to be expensive to leave if you think you might (e.g. if Ofgem SC policy changes under Lab or prices do not follow predictions and end up significantly lower than expected over the year).  

But if your happy with price and want the certainty - and happy to lock in - then you won't be paying the exit fees anyway.

1234Scratchmyhead4321

Thank you for your advice. 

Alfie2020

I have a similar query.  I have a very good deal at the moment with Scottish Power which ends at the end of August so just starting to take a look at what is on offer at the moment.  I have been on several comparison websites now and have entered the same usage on each.  In every case they have come up with savings of around £140 a month.  However when I actually look at the tariff prices to compare with my existing tariff I find that across the board they are higher, and not by a VAT amount, substantially higher.  For example a standing charge which is double and a unit price is also higher.  How do these websites work as this is happening when I am putting in precise information not estimates.  It makes it pointless in comparing.

deadwoodftuo2

I have been with EDF for about 5 years now, I have electric central heating by way of storage heaters and have a daytime tariff and a 7 hour off peak tariff for heating consumption split across approximately 2 pm to 4 pm and 1 am to 6 am. Having had this type of heating for over 35 years now across two properties I know the afternoon boost for the heaters is absolutely essential.
I have just had an email from EDF informing me that I must have a smart meter fitted in the next 12 months as the RTS system is being withdrawn in 2025 and without this my Horstmann meter (which has been faultless for 25 years) cannot function. I was not too concerned about this but if I had not scrolled right to the bottom I would have missed the information which stated with a smart meter my off peak tariff would be one time period which was 1 am to 8 am.
Are there any forum members with the same heating as I have and are also EDF customers who have contacted EDF on this proposed  inefficient, costly 7 hour single time period, if so please post your experiences / reply from EDF. This will be a great help when I or other forum member contact them, thank you. 

BarelySentientAI

deadwoodftuo2 said:

I have electric central heating by way of storage heaters and have a daytime tariff and a 7 hour off peak tariff for heating consumption split across approximately 2 pm to 4 pm and 1 am to 6 am. Having had this type of heating for over 35 years now across two properties I know the afternoon boost for the heaters is absolutely essential.

It isn't absolutely essential - as the vast majority of people with storage heaters have the standard 7-hour overnight off-peak period.

EssexHebridean

With the old style "box of bricks" storage heaters, to be honest, it pretty much probably is essential for those who are at home for much of the day and want to be warm right through to evening. The newer style HHR models make a huge difference to how warm a room will feel through the evening. 

The problem is that pretty much nobody seems to be considering split tariffs of this type as anything other than legacy now - meaning that a necessary change of meter is all too often giving suppliers the means to tell customers that they have to revert to a straight E7 tariff, in spite of the fact that in theory, a modern meter should be perfectly capable of delivering a split timing E7, or E10, tariff. 

deadwoodftuo2

Thank you Essex Hebridean, I'll look up the HHR heaters you refer to.

Thank you BarelySentientAI,  Energy suppliers who do not offer the afternoon boost know perfectly well the consumer will have to resort to supplementary heating at day time rates later in the evening - that is why the two hour afternoon boost is essential. If you had or have ever had storage heaters you would be aware of this.

MattMattMattUK

deadwoodftuo2 said:

Thank you Essex Hebridean, I'll look up the HHR heaters you refer to.

Thank you BarelySentientAI,  Energy suppliers who do not offer the afternoon boost know perfectly well the consumer will have to resort to supplementary heating at day time rates later in the evening - that is why the two hour afternoon boost is essential. If you had or have ever had storage heaters you would be aware of this.

It really is not. Lots of people have storage heaters and do not need an afternoon boost to the heater, that goes against the whole principle of E7 and how it was designed. 

RelievedSheff

deadwoodftuo2 said:

Thank you Essex Hebridean, I'll look up the HHR heaters you refer to.

Thank you BarelySentientAI,  Energy suppliers who do not offer the afternoon boost know perfectly well the consumer will have to resort to supplementary heating at day time rates later in the evening - that is why the two hour afternoon boost is essential. If you had or have ever had storage heaters you would be aware of this.

If you are needing to "boost" your storage heaters during the day then it suggests that they are not adequately sized for the rooms they are heating and the level of heat you are expecting.

Plenty of people manage with a standard E7 tariff and no supplementary alternative daytime heating.