Soldato
That will have been true before the latest announcements, I think they may have to drop the daytime rates on Go/Agile a bit, we'll have to wait and see.
Energy Prices (Strictly NO referrals!)
- Thread starter DXP55
- Start date
Soldato
This is not for the latest one coming in on the 1st October. We have yet to receive that information.Just taken this from the Octopus web portal.
Soldato
Associate
I hope so, just cap everything above the cap rate to the cap price, the easy way to do it.
So sometime last year my provider went pop and I ended up with EDF which would never have been my choice and their service/smarts are about what I'd expect.
I'm on a variable tarrif, is it fair to assume I could switch now to another supplier on variable and they'll both be capped at the max meaning no change in the pricing?
I'm on a variable tarrif, is it fair to assume I could switch now to another supplier on variable and they'll both be capped at the max meaning no change in the pricing?
But the fact you pay over the cap peak is offset by the shift to lower price energy. Incentivising off peak.
Lowering the peak to cap just means the government pay for it. Despite you ultimately paying less than a all day price cap rate
Lowering the peak to cap just means the government pay for it. Despite you ultimately paying less than a all day price cap rate
Easy, maybe. But also potentially expensive. It would basically be a blank cheque given from government to industry, with the government agreeing to subsidise any unit rate down to 35p per kWh (electricity) and 10p per kWh (gas). Some households (those that fixed fairly recently) could be seeing double (or more) the subsidy which they'll be given with a fixed discount.
Man of Honour
Like I said, the only thing we use gas for is heating and hot water (combi boiler), everything else, including the shower (cold water feed only), is electric. Does your boiler have a warm start "feature" that keeps the hot water in the pipes warm? Our's has that and I found it to be a real money burner so I disabled it.
No solar or anything like that, just me being tight fisted. I have swapped every light in the house plus the outside light to LED's, bought a plug in energy monitor donkey's years ago to find out what the most power hungry items were and either replaced them with more efficient models or moderated their use. We had to replace the washing machine earlier in the year as our old Beko one was playing up. We bought a 10 kg Haier with direct drive and on Eco mode it does a full load using only 0.246 kwh compared to the old one's 0.465 kwh for a comparitive program. I have a fan controller with live at the wall power draw in it's display so know exactly how much my pc is pulling at any time which led to me undervolting the gpu and saving a peak of 110w (it varies according to what I am doing). We have had a British Gas energy display for 12-15 years so that I can keep a eye on real time and daily electricity useage which is why the smart meter we are having installed next month will not make the slightest difference to me. I also fine tuned the boiler on the heating side when we had gas central heating installed a few years ago. The installers and our housing association said it needs to run at 75 degrees C which we found to be ridiculously expensive so I dropped it to 55 degrees. Yes the house takes longer to heat up but once it's up to temperature it's more than enough and I save two thirds on my heating cost. I have also now dropped the hot water temp from 55 degrees C to 50 degrees C which knocked just over 11 kwh off our gas bill last month. We have just bought a air fryer as well so the cooker will be used much less which should save us a considerable chunk of energy as it's by far the most power hungry device in the house.
exactly - we're waiting for legislation, but allowing vendors to pick&mix subsidy by reducing fixed rate tarif peak rate (octopus go say) to subsidised 34p and, simultaneously permitting a cheap overnight rate, which, that would cross-subsidise, isn't the spirit, and would cost tax-payer more,
This 17p reduction on fixed seems a specific octopus related suggestion which would move that peak tarif to svp's 34p
For those on octopus go/go faster. lock your lower...
www.speakev.com
...
... r4news just talking about 70% pub/club closure/mothball unless they have help, would be interesting to see their energy use breakdown
(if they turned pub heating right down like many people will do at home))
We're at ~£10k per month just for electricity across two venues. Fortunately there's some time left to run on the gas fix (Calour) from before this crisis started. Plus both venues have log burners, meaning we can limit gas use for heating.
Still crazy though. Takes ~£30k of revenue each month just to cover electricity costs
Still crazy though. Takes ~£30k of revenue each month just to cover electricity costs
Soldato
Do businesses or a venue with a large amount of roof space consider solar as long term useful or you dont own the building perhaps so are stuck
Soldato
Yeah so i've had a discussion about this and been doing a bit of digging.
The problem we have is the Gov originally came out to the suppliers and said everyone paying over the Gov cap will be reduced to the Gov cap price and anyone on a fix thats higher than the Gov cap will be reduced to whatever the cap will be, 34p elec and 10.3p gas. So the message suppliers were going out with was "Dont do anything, if your fixed higher your fix will be changed to the Gov cap price if you arent fixed then you will be on the Gov cap anyway".
The comms from the Gov to suppliers is now anyone on the SVT will move onto the Gov cap prices. Anyone on a fixed tarrif will have their tarrif reduced to a minimum of the Gov cap. However if you fixed massively higher than the Gov cap you will get a reduction of upto 17p Elec and 4.2p Gas to bring you down to the Gov cap however you may still pay higher prices than the Gov cap if your fixed price was so high that even after the max discount you are still above the cap price.
See below scenarios
1) You are on current SVT
You will move to the new SVT of 34p elec and 10.3p gas as default
2) You fixed at 44p elec and 11.3 gas
You will see your fixed prices be reduced to 34p elec and 10.3p gas
3) You fixed at 68p elec and 16p gas
Your fixed rates will be reduced by 17p Elec and 4.2 gas and your NEW rates would be 51p elec and 11.8 gas which is above the Gov cap
4) You fixed and 1 of your rates, either offpeak elec or gas is lower than the gov cap but the onpeak or elec is higher
This is unclear and i've seen no information regarding what happens here but it would be reasonable to assume a 50/50 chance the higher rate would drop to whatever the cap price is.
There is no info from any supplier that i know of at the moment or the Gov as to whats going to happen for E7 electric customers.
Based on the above and current info. If you are fixed and you fall into scenario 3 it would be beneficial to exit your fixed price if you have low or no exit fees and go onto the Gov cap. However considering how quickly the info is changing i would wait to see what your supplier communicates to you first.
Soldato
Wonder why higher price fixes will only be reduced by 17p/kwh and not down to cap?
Surely most people on longer term fixes, paying (in your example 51p/kwh after reduction) wouldn't simply switch to SVR tariff on same supplier.
Boom! 34p/kwh instead of 51p/kwh.
Surely most people on longer term fixes, paying (in your example 51p/kwh after reduction) wouldn't simply switch to SVR tariff on same supplier.
Boom! 34p/kwh instead of 51p/kwh.
Soldato
And heating oil?
Soldato
Not a clue im afraid. I work for one of the big energy suppliers and we dont dabble in heating oil
Soldato
Yea fair enough, your post was very helpful by the way, just wonder if us country folk without piped gas got forgotten about.
Soldato
I believe its because they are using the ******** average house usage figures to work out the discount and to reduce it from the £3500 that was due in Oct to £2500 its based on x amount of kwh elec and x amount fo kwh gas and they worked the reduction from that. It's so retarded
Soldato
I dont think the gov have published anything about heating oil. They did say they would cap it for the same period but not a clue on what the figures will be as i dont think even the gov know at the moment
Soldato
I know but why would someone sit on a fixed term paying more when they can just switch (usually penalty free, at least same supplier) to the same cap as everyone else.
The best solution is no tariff pays more pwe kwh than the cap price at any time.