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April price cap announcement, fall of 7%
Comments
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Looks like the govn in a minor panic and came in with some reductions to offset the planned increases, getting its sound bite along the way.
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Price cap only covers variable tariff's. Not fixed & would guess other special tariff's that are not classed as variable. Such IOG
https://youtu.be/TgfKQPNBKQ8?si=EYwjgIE1LixWDgFi
Life in the slow lane0 -
and yet we now have tge inevitable "but I wax expecting £150 not £117" and worse without the underlying £55 ex vat in wholsale line - largely cheaper gas - that £117 might well have been more like only £60.
The way govt promoted it was imo potentially misleading e.g. here
https://www.gov.uk/government/publications/energy-bill-reductions-statement-to-energy-suppliers/energy-bill-reductions-statement-to-energy-suppliers
"Effective from 1 April next year, the average household will benefit from a £150 reduction in the costs on their energy bill."
i wonder how many like Grumpy Chap above thougt that meant a clear £150 off.
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The energy suppliers also seemed to think that there was going to be some form of rebate - why else would they have been communicating to customers about fixed rates being adjusted? This feels to me as though it is a change of plans which has not been explained.
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
Network costs up £66 ex vat - no doubt in part net zero plans and costs - the gift that keeps on giving - or rather taking.
Costs of essentially guaranteed electric capacity - up £17.
Without 9% lower underlying wholesale costs - largely gas - we could have been looking at around half current £117 savings vs budget £150 taxation shift.
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Was that a different question to the question from someone on the Octopus tracker who asked if their tariff was price capped?
He did respond to that, expressing deep concern about the person posing the question.
Not to be confused with the topic of even the Octopus tracker tariff was expected to reflect the reduction in unit prices as a result of the government policy change given in the budget, but it was also said it would be difficult to actually see/monitor.
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Personally, will give Octopus a chance to come up with low s/c tariffs and if useless will move to Fuse if still offering good rates in April (when my fix ends) as so many different pricing vectors at the moment that it is a bit too much to get my brain around. But will keep an eye on their fixed rates to see if any better ones turn up and as long as no exit fees, can't lose by changing and seeing if they go down in April (probably by a tiny amount, I would guess).
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On the face of it MSE £170 EDF deal beats limited numbers SC trial that has been mentioned on another thread
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Being as SC trial is designed to run for 12 months, I would be very surprised if Octopus do not charge exit fees to deter customers from benefitting during low usage summer months then jumping onto a preferable winter tariff for higher usage months.
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I would suggest if you see a supplier/tariff you like the look of today, grab it while you can!
Yes., the possibility of early standing charges applying, if prices generally drop significantly over the next year and you want out comes into the balance when making your assessment. But note that the 'experts' are predicting a quite stable energy price outlook for the 12 months post April 1st. That is for the price cap. The price cap reduction we know know that is coming in April will reflect in similar price reductions for everyone, even those on fixed rate tariffs
(one exception is that some smaller suppliers will reflect a smaller reduction - see the explanation elsewhere on this site or on the CEC)
A bird in the hand …
In regards the lower standing charge trial, information is still limited, but what we do know is being discussed here
In brief, only 150,000 will take part part from around 25 million total customers of the 4 major suppliers
The suppliers will choose their own selection criteria
Eon have already stated one limitation they will apply is customers will need a smart meter [for no apparent technical reason]
I suspect you will need to be currently on the Pants Cap to be invited to take part [my educated guess].
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