Ofgem announces new price cap, effective October 1st

BarelySentientAI

Sea_Shell said:

username said:

I would rather they just quote the actual standing charges and per kWh figures rather than some arbitrary TDCV figure and associated costing.
It does not encourage people to think based upon their own and actual usage or consider the impact based upon their own circumstances.

It isn't just one set of figures.   there is no THE.  

Have you seen the OFGEM tables with the various regional caps and different bands depending on payment method or dual-rate tariff???

The general public would struggle to get the head around anything more than an "average" headline figure.  

This information is all out there if people can be bothered to do their own research.   But first hurdle is getting them to understand, even after all the articles that have been published on energy over the last few years.

Some people still don't understand the basics. 

Plus it's all calculated in £ anyway, then we turn it into UR & SC

prowla

Isn't it great having a regulator working in our interests? (Said the energy companies.)

Bungle73

prowla said:

Isn't it great having a regulator working in our interests? (Said the energy companies.)

The cost of supplying has risen. Do you expect to be supplied with energy for less than it costs to supply it?

wrf12345

Averaging out the s/c and unit cost across England would make things simpler to understand, getting rid of the s/c and then having a single unit cost for gas and electric would be as simple as it gets and encourage people to look at their usage, even if only on the bill - for those who can't be bothered the percentage rise and fall of the unit cost could still be published, I find it extremely annoying that when you go to energy retail sites you have to fill out endless details and then look at the small print to get the actual s/c and unit cost. All the wrong way round.

spot1034

fiddlesticks0 said:

MattMattMattUK said:

fiddlesticks0 said:

MattMattMattUK said:

fiddlesticks0 said:

Does anyone know how long, typically, after a price cap increase announcement do favourable fixed deals get pulled and new fixes with increased prices replace them? I'm guessing fairly soon but as the change isn't until October I'm not sure, also as this amount of increase in the cap has been projected for a while and these fixes with prices below the amount of the Oct increase have been available.
I looked to getting a fix earlier this week for the first date I can switch without paying exit fees as I thought the standard window for choosing a switch date was 28 days ahead, but the provider in question only offer a date up to two weeks in advance, so I'd be stuck for another week before I could take out that deal, if it doesn't disappear before then.

It happened about a month ago. There is a good idea of where the cap will be for quite a while before it is published, if you wanted a cheaper deal over winter you needed to have fixed in June or July.

There are current fixes are below the 10% Oct increase however - I just want to know how long they usually stick around after the announcement - the exit fees for me are too high to leave within 49 days of my current contract end date, so June/July were not an option as I have low energy useage, so they are higher than the savings I'd make by leaving the contract early.

There are fixes slightly below the increased rate, but they are also above the current cost and above the predicted costs for Q2 next year, they are around 2-3p per kWh more expensive than the fix that was available a few months ago. The point is that they are locking you in for 12 months, not just the next quarter. 

I'm not sure where you're getting these figures from - M.Lewis' video update this morning confirmed the cheapest fixes right now are 7% less than the increase coming in Oct, so 10% below the projected Jan cap.

The EDF Essentials 1Yr Sep25 is new, and replaces a previous one which, from memory, was 9% above the July cap. It looks like a good deal if you're still wanting to fix and are aware of EDF's reputation should you have a problem which you have to contact them about - and to be fair the majority of their customers probably don't ever have to do so.  The best deal appears to be from Outfox the Market, who are one of the smaller independent suppliers without as much backing as the big five or six or whatever it is now, so be aware of this if you want to go with them.

wrf12345

"The cost of supplying has risen. Do you expect to be supplied with energy for less than it costs to supply it?"

The estimated cost has risen the actual cost is well under 10p a unit at the moment and most companies are charging 22p-ish, loads of dosh disappearing into the ether, I'd guess. A windy and sunny autumn, if it happens, will mean even lower prices but it is impossible to actually predict but at least consumers can take a chance on Octopus Agile or other trackers. 

Promotion of solar/batteries should actually lessen the stress on the Grid as less power will be pulled out of it, also now getting the option to use EV batteries to store and export to the Grid. All of the things that help the grid out should come with lower or zero standing charges attached to them.

BarelySentientAI

Bungle73 said:

prowla said:

Isn't it great having a regulator working in our interests? (Said the energy companies.)

The cost of supplying has risen. Do you expect to be supplied with energy for less than it costs to supply it?

Many people do.  Or rather they just want someone else to pay for much of it.

BarelySentientAI

wrf12345 said:

Promotion of solar/batteries should actually lessen the stress on the Grid as less power will be pulled out of it, also now getting the option to use EV batteries to store and export to the Grid. All of the things that help the grid out should come with lower or zero standing charges attached to them.

They only lessen the stress on the grid if you give the grid control over how and when they are used.

Otherwise, you're just doing whatever you want and expecting the grid to deal with it.  That's not a benefit to the grid, that's a benefit to you.

Qyburn

username said:

I would rather they just quote the actual standing charges and per kWh figures 

The link in the first post gives exactly what you're asking for. Standing charge in pence per day, usage in pence per kWh, for each region and all including VAT.

zagfles

wrf12345 said:

see they have sneaked in yet another s/c increase for electric, albeit slightly less than a penny a day... luckily locked into Agile until March so does not affect me yet... the govn needs to act on this and abolish the s/c in favour of an increased unit rate but preferably with a fixed, much lower rate, tor the first 2kw usage and then let competition sort the higher unit rate out.

The govt is the cause of higher standing charges, they're mainly a stealth tax to pay for "social" tariffs, environmental initiatives, and failed suppliers.