Energy Prices (Strictly NO referrals!)

Richie said:
Positive... Snipped from recent bill (Gas and Elec)

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74.21p/day or £23/month (I was 3p out for some reason) :confused:
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V.A.T not added?
 
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Had notification from Shell today that both my gas and electric are dropping by a few fractions of a penny from April.

So that’s nice.

What’s not so nice is that the standing charges are both going up by about 5p/day.

The net result is that my bills will be about three quid a month cheaper.

Thanks for nothing.
 
Isn't that SC increase, unit decrease, but £2.5K EPG CAP preserved, generally the case ?
the cornwall etc April (£3.1K) CAP's had all had increased SC, mostly the bail-out fees, but unit prices reduced relatively


chrcoluk said:
Was this a public consultation or industry only?
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ofgen earlier comments/consulatation on standing charge -
jpaul said:
keep telling yourself that .. ofgen have already enumerated the inequalities of the standing charge, and need for a cap

49. The burden of the standing charge falls disproportionately on those who consume the least energy because it forms a large part of their total bills and means they pay the highest price overall for each unit of energy (see paragraph 34 above). These are generally low income households, who are also most likely to be on the SVTs and the poorest value tariffs generally and to be fuel poor and most in need of help with energy bills.

The CMA went further. In setting the PPM price cap for nil consumption at the average standing charge of the Big Six energy firms’ PPM tariffs it broke the standing charge down into its components. It stated that “the value of the price cap at nil consumption does not include, nor need to include, network costs since these are volume driven”63. It said that the network charging statements of the network companies defined ‘use of system’ charges to be nil at nil consumption64 . Thus it has been acknowledged that almost all (if not all) network costs should be recovered through the unit rate.

...
The benefits of a cap on the standing charge would also be further enhanced if the
Government withdrew value added tax (VAT), currently levied at 5% on all elements of
energy bills, from the standing charge. This would be on the basis that the standing
charge confers the ability to access a supply of energy, which is a necessity83
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jpaul said:
Isn't that SC increase, unit decrease, but £2.5K EPG CAP preserved, generally the case ?
the cornwall etc April (£3.1K) CAP's had all had increased SC, mostly the bail-out fees, but unit prices reduced relatively



ofgen earlier comments/consulatation on standing charge -

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From that report:
Thus it has been acknowledged that almost all (if not all) network costs should be recovered through the unit rate.
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Agreed - Perhaps, then, Ofgen should back this up with action rather than just a report and have SC removed and added to unit rate as they advise
 
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It’s not an OFGEM report?

In fact OFGEM have been doing the complete opposite, one of the reason the standing charge went up so much is that they added some costs which were recovered from the unit rate to the standing charge.
 
chrcoluk said:
Was this a public consultation or industry only?

Not sure if VAT would be part of ofgem's remit.

The Octopus acquisition of bulb does seem dodgy, Octopus would argue I supppose if they had to inherit the bill then they would simply pass it on to their customers which would have absolutely forced the government to concede.
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Why would anyone take on a £5bn debt to take those customers. The bill has been or will be passed on to everyone through the standing charge.
 
My octopus bill has just come through, and I'm only paying 3p a unit more for gas than I was last year. I'm surprised that:
- standing charges are still huge
- electricity is still monumentally high compared to last year, but gas is so low

The difference between the Octopus tracker and standard tariffs is huge now.
 
HungryHippos said:
Means nothing without unit rates!
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Current is:

Elec
Standing charge 39.02
Unit rate 41.98p
Unit rate night 24.27

Gas
Standing charge 28.48
Unit rate 10.30

From April 1st
Elec
Standing charge 43.75
Unit rate 40.41p
Unit rate night 22.68

Gas
Standing charge 29.11
Unit rate 10.20

Overall savings of around £25 a year so barely anything. It's just an unknown to sign up to a 1 year fixed in case deals improve.
 
I would say get over to Octopus and onto the tracker maybe, but there is a waiting list for that now, of up to 6 months :S

My tracker price for gas is 4.95p/kWh today with an SC of 26.84p.

Those prices you have you may as well just stay on the SVR, those fixed rates don't seem better than SVR pricing, and predictions are rates will come down after September/October-ish.

To be fair you could switch to Octopus anyway and just get onto the waiting list, sit on the SVR in the meantime. They had a fairly decent Eco7 tariff as well as I recall.
 
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HungryHippos said:
I would say get over to Octopus and onto the tracker maybe, but there is a waiting list for that now, of up to 6 months :S

My tracker price for gas is 4.95p/kWh today with an SC of 26.84p.

Those prices you have you may as well just stay on the SVR, those fixed rates don't seem better than SVR pricing, and predictions are rates will come down after September/October-ish.

To be fair you could switch to Octopus anyway and just get onto the waiting list, sit on the SVR in the meantime. They had a fairly decent Eco7 tariff as well as I recall.
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Sorry I wasn't very clear. They're the new variable rates. New 1 year fixed deal is as below.

Electricity
Day unit rate:
36.08p/kWh
Night unit rate:
22.63p/kWh
Standing charge:
43.61p/day

Gas
Unit rate:
8.82p/Kwh
Standing charge:
28.96 per day

I'll keep an eye on Octopus though for sure.
 
I see, the new SVR rates don't seem different enough to worry about then I'd just lump them in with the same as current more or less.

If you go onto a 1yr fix you'll save a bit now, but you'll potentially be paying a bit more later in the year if rates drop more.

Depends on your appetite for risk. Bear in mind gas isn't typically used as much for the next 6 months or so.
 
jpaul said:
Isn't that SC increase, unit decrease, but £2.5K EPG CAP preserved, generally the case ?
the cornwall etc April (£3.1K) CAP's had all had increased SC, mostly the bail-out fees, but unit prices reduced relatively



ofgen earlier comments/consulatation on standing charge -

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Crossover point for break even on SC/unit changes I think is about 8 units a day, which I guess is the "typical use".
 
Richie said:
From that report:


Agreed - Perhaps, then, Ofgen should back this up with action rather than just a report and have SC removed and added to unit rate as they advise
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Seems he is a former member of ofgem, not a current member, so is that an actual ofgem report? I think a lady resigned from them last year she said morally she couldnt agree with the decisions it was making.
 
200sols said:
Why would anyone take on a £5bn debt to take those customers. The bill has been or will be passed on to everyone through the standing charge.
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Has this been confirmed? I know the government was been lobbied to do it via general taxation instead due to pressures put on people of raising the SC.

This seems to be the newest credible article I could find on the issue.

Subscribe to read

www.ft.com www.ft.com

Newer article here from sky which also indicates its either been dealt with later or undecided. But does say the actual cost is now significantly lower than previously reported.

news.sky.com

Taxpayers' Bulb bailout cost plunges after Octopus supply deal with government

The government could make a profit of up to £1.2bn on energy supplied to Octopus's newly-acquired Bulb customers, partly offsetting the overall cost of the industry's biggest bailout, Sky News learns.
news.sky.com news.sky.com
 
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Zatoichi.uK said:
From April 1st
Elec
Standing charge 43.75
Unit rate 40.41p
Unit rate night 22.68

Gas
Standing charge 29.11
Unit rate 10.20

Overall savings of around £25 a year so barely anything. It's just an unknown to sign up to a 1 year fixed in case deals improve.
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Do ovo also offer a one year electric fix on a single/24hr rate ? ( googles not showing me any forums discussing it & ovo quote doesn't offer fixed)
I guess you have a battery/load-shifting to benefit from the 22p night rate (the new ovo ev 11p tarif probably better if you had an ev)

if I could get a fixed rate which pretty much preserves £2.5K government single rate 34p/10p over next winter I think I'd take that deal (with continued Ukraine/russian antagonism/bad winter in mind)
 
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