Fixed Energy Plan Tariffs

sa2688

I've just signed up to OVO's 1 year fixed energy for Electricity and Gas, I've been sent an email confirming the tariffs but they are more than what Ofgem allow energy companies to charge...

Electricity: 22.93 p/kWh
Standing charge: 50.26 p/day

Gas: 5.95 p/kWh
Standing charge: 24.59p/day

The energy cap from July 1st says for the Eastern region, daily standing charge should be 49.94 pence per day, albeit small I'm being charged more?

For gas, the cap is 5.40 pence per kWh but I'm being charged 5.95 p/kWh? How is that so?

Gerry1

The Ofgem price cap does not apply to fixed-term tariffs.

BarelySentientAI

sa2688 said:

How is that so?

Because you took a fixed deal.  Companies can charge whatever they want on a fixed deal.

spot1034

The present price cap has less than six weeks to run, and on Friday you will be able to compare your fixed rates to the new price cap which will take effect in October. 

Bungle73

Surely you must have known what the rates were before you signed up?

bristolleedsfan

sa2688 said:

I've just signed up to OVO's 1 year fixed energy for Electricity and Gas, I've been sent an email confirming the tariffs but they are more than what Ofgem allow energy companies to charge...

Electricity: 22.93 p/kWh
Standing charge: 50.26 p/day

Gas: 5.95 p/kWh
Standing charge: 24.59p/day

The energy cap from July 1st says for the Eastern region, daily standing charge should be 49.94 pence per day, albeit small I'm being charged more?

For gas, the cap is 5.40 pence per kWh but I'm being charged 5.95 p/kWh? How is that so?

Gas standing charge is less than maximum Ofgem allow energy companies to charge on SVR tariff.