Energy Prices (Strictly NO referrals!)

jpaul said:
as puzzled said standing charge wasn't planned to be increasing in October, so it is the unit price increase that will take the total up to 2.5K
=> ~£260 for total sc + 12K*.1+2.9K*0.36 = £2.5K

.... don't forget EU windfall tax plan is capping their electric at £200/MWhr .... so they'll be getting 20p electric unit ... only slightly more expensive here.
Click to expand...
Confirmed to be around 10.3p unit gas, and 34p unit for Electric now.

Here

If you’re on a standard variable tariff​

The average unit price for dual fuel customers paying by direct debit will be limited to 34.0p/kWh for electricity and 10.3p/kWh for gas, inclusive of VAT, from 1 October.
Click to expand...

Now here is the taster, it seems Martin may have been right and fix deals may go to lower unit rates.


If you’re on a fixed tariff​

If you’re on a fixed tariff at a higher rate caused by recent energy price rises, your unit prices will be reduced by 17p/kWh for electricity and 4.2p/kWh for gas.

These unit prices have been passed to suppliers to ensure that they are used to calculate bills on time for 1 October.

Energy suppliers will adjust fixed tariffs automatically. Customers on fixed tariffs do not need to take any action to get the benefits of this scheme.
Click to expand...

www.gov.uk

[Withdrawn] Energy Price Guarantee from 1 July 2023

www.gov.uk www.gov.uk

The controversial part is if your fixed is just below the new rates, you dont get the unit discounts while someone just above will.

My fix is 11p gas and 35p electric O_o both just above, but its a tracker so not sure if will get the subsidy.
 
englishpremier said:
You know that we already have. 25% windfall tax right? oil and gas producers pay the regular corporation tax, plus an extra 10%, plus the 25% windfall tax. The current windfall tax is expected to generate £5bn in its first year, it would be more but as ever there are some rebates.

Sunnak looked into extending this windfall fall tax to include electricity producers e.g. E.ON, but it seems Truss has ruled this out. It would have generated up to £4bn.
Click to expand...

All of those extra taxes have changed the calculation on capex, i.e. reduced upside.

This is why the majority of all producers are focusing on share buybacks and paying down debt right now, and minimal capex.

Likewise, electricity production via, for example solar, will be sold at cheaper than the electricity produced by gas, meaning that you removed a competitive advantage of green energy lol, which has only come due to the surge in fossil fuel prices.
 
Angilion said:
£2.85B to renationalise retail supply, maybe. But that's not the cause of the problem. The cause of the problem is further back in the chain. Extraction of materials, refining, wholesale supply, generation of electricity. Also the way the market is rigged to ensure maximum profits for electricity generation businesses. The whole system is set up to funnel money from the many to the few at every step. Fixing it would require nationalising the whole chain, not just the final link of businesses selling to the public. That would cost a lot more than £2.85B.

What might be possible would be for the state to undercut the existing system by becoming a significant energy generator itself and accepting a smaller profit margin or even taking the radical step of doing its bloody job properly and providing a service to the nation rather than seeking profit. Take taxes, build power stations itself, sell the electricity to homes and businesses. It would be easy to undercut the existing system on price, since the existing system exists for the purpose of funneling as much money as possible to as few people as possible.
Click to expand...

I do agree.

I was chatting with someone today, an older lady, about how much things have changed in her lifetime. Companies/capitalism are destroying the planet and lives at an incredible rate for the sake of the bottom line, shareholders and ever increasing profit. With all that money they have corrupted the system to allow them to move more freely through the legal loopholes, often of their own creation.

Governments seem powerless now to put a lid on the pan fire and this is where we find ourselves. I think an example needs to be made that this cannot continue, the governments have forgotten they serve the people not the people who give them bungs and passage through the revolving doors.

This whole situation stems from profiteering, we are essentially under attack and there will be dire consequences among the most vulnerable. The government is not protecting its people and are instead choosing to serve the energy generators.

I don't know why more people aren't up in arms about all this.
 
Azza said:
What?

So if you're on fixed at electricity - 35p and gas 11p you get discounted?!
Click to expand...
Thats what it says, but I expect the static amount of the discount is a mistake. Octopus have blogged they wont start contacting customers until the end of next week so its a waiting game, although other suppliers seem to be moving quicker on this.
 
www.thesun.co.uk

Important update for energy customers including those on fixed deals

HOUSEHOLDS found out yesterday how much energy bills will be going up by in October. Prime Minister Liz Truss confirmed that bills will rise to £2,500 for an average family, up from £1,971, for two…
www.thesun.co.uk www.thesun.co.uk

The current rates for those on a duel fuel tariff (standard variable tariff) that pay their bills by direct debit are:
  • 7p per killowatt hour (p/kWh) for gas
  • 28p/kWh for electricity
  • A standing charge of 27p per day for gas
  • A standing charge of 45p per day for electricity
Under the new Energy Price Guarantee, those with the same payment method, will pay a unit rate of, on average:
  • 10.3p per killowatt hour (p/kWh) for gas
  • 34p/kWh for electricity
  • A standing charge of 27p per day for gas
  • A standing charge of 45p per day for electricity
Click to expand...

Electricity and gas standing charge will be the same from 1 October 2022 but electricity and gas prices per kWh will increase slightly.
 
413x said:
Not really. Not enough.
Every tax cut is going to be more debt. And with the tax cuts coming in saving the rich 1000s in some cases, and capping like this (also saving the richest 1000s) you're effectively burdening the entire country with a higher contribution by the rich compared to what could have happened.

No tax cut. A tiered energy unit price.

Someone earning 100k Could easily benefit by several 1000 with this. I don't think that's right when interest rates on borrowing are increasing and our national debt interest alone is 100bln (I think)
Click to expand...


So going back to a point I made weeks ago, you've been brainwashed into thinking people who earn 80k (the income level where you max out the material benefit of the speculated tax changes) are the "rich" that are your enemy instead of the actual rich?

Someone on 80k that is a single income household in the south east / London definitely isn't rich, so that change will be a bit help. And those that still remain in the 40% tax bracket (who could be more realistically considered "high" earners will be paying back twice as much of the deficit created by the cap (assuming it's repaid by salary taxation rather than future increases in energy unit prices) ?
 
AthlonXP1800 said:
www.thesun.co.uk

Important update for energy customers including those on fixed deals

HOUSEHOLDS found out yesterday how much energy bills will be going up by in October. Prime Minister Liz Truss confirmed that bills will rise to £2,500 for an average family, up from £1,971, for two…
www.thesun.co.uk www.thesun.co.uk



Electricity and gas standing charge will be the same from 1 October 2022 but electricity and gas prices per kWh will increase slightly.
Click to expand...
Slight increase, its a 21.4% increase on electric and a 47% increase on gas. That's on top of the huge increase we had in April.

It's a lot better than what we were facing but these price increases are still going to hurt.
 
AthlonXP1800 said:
www.thesun.co.uk

Important update for energy customers including those on fixed deals

HOUSEHOLDS found out yesterday how much energy bills will be going up by in October. Prime Minister Liz Truss confirmed that bills will rise to £2,500 for an average family, up from £1,971, for two…
www.thesun.co.uk www.thesun.co.uk

The current rates for those on a duel fuel tariff (standard variable tariff) that pay their bills by direct debit are:

  • 7p per killowatt hour (p/kWh) for gas
  • 28p/kWh for electricity
  • A standing charge of 27p per day for gas
  • A standing charge of 45p per day for electricity
Under the new Energy Price Guarantee, those with the same payment method, will pay a unit rate of, on average:

  • 10.3p per killowatt hour (p/kWh) for gas
  • 34p/kWh for electricity
  • A standing charge of 27p per day for gas
  • A standing charge of 45p per day for electricity
Click to expand...

Electricity and gas standing charge will be the same from 1 October 2022 but electricity and gas prices per kWh will increase slightly.
Click to expand...
That's intriguing, as my standing charge for electric is 48.9p/day. So, even before October's price cap, EDF are over charging me. Does that mean I can claim the 3p/day back since April?
 
chrcoluk said:
Confirmed to be around 10.3p unit gas, and 34p unit for Electric now.

Here



Now here is the taster, it seems Martin may have been right and fix deals may go to lower unit rates.




www.gov.uk

[Withdrawn] Energy Price Guarantee from 1 July 2023

www.gov.uk www.gov.uk

The controversial part is if your fixed is just below the new rates, you dont get the unit discounts while someone just above will.

My fix is 11p gas and 35p electric O_o both just above, but its a tracker so not sure if will get the subsidy.
Click to expand...
So if I sign up to a fix tariff now which is higher, then come October I'd be on much lower and fixed at that much lower for a year as on October 1st it would be 17p and 4p accordingly?
 
chrcoluk said:
It doesnt solve everything but I just find it a bit illogical you have no issue with a wasteful all you can eat cap to fund heating swimming pools and the like, but then suddenly have an issue paying to make sure people can eat whilst keeping their lights on.
Click to expand...

I don't think the OP means it in this context at all. I'm in a similar position where I have a reasonably well paying career, and could likely have coped with the increase without the cap. However, had this remained out of control the money that I would have spent as the disposable part of my income would have been diverted in a larger proportion to the essentials, thus reducing my capability to support businesses that rely on the spending of a person's disposable income to stay afloat.

It is absolutely correct in a developed economy that we do have a safety net for those who require the help, and should I ever end up in this position I would hope I would be offered the same. However, in the meantime I will try my damn hardest not to end up in that position and will continue paying my taxes and supporting businesses so that government have the funds to support those who need it.

To date I have not received any help, didn't even qualify for the first round of help that was administered based on the council tax bands, but I'm not bothered, wouldn't have made any difference to me and accept that the funds are best targeted where required.

But I have breathed a sigh of relief with the recent cap, albeit concerned about the source of the funds via government loans.

Going back to the OP, there is nothing wrong with expecting a better standard of living due to your own personal efforts, otherwise what is the point of going to college, university, gaining professional work related qualifications etc. when the nett result, as it has been, is the increased squeezing of your income through taxation etc. and the lack of any help.

Further squeezing of the middle earners will, in my view cause further irreparable damage to the economy, so I'm happy there has at least now been an acknowledgement that help is being offered at this level.
 
Curlyriff said:
So if I sign up to a fix tariff now which is higher, then come October I'd be on much lower and fixed at that much lower for a year as on October 1st it would be 17p and 4p accordingly?
Click to expand...
Says reduced by not reduced to.

The government is dumb but not that daft.

And you wont find a tariff just above the April cap now anyway.
 
You must log in or register to reply here.
Back
Top Bottom