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Energy Cost in UK

My Energy cost from ShellEnergy is going to increased by the 1st April. I am now looking forward to get Solar Panel + Powerwall battery.
Martin Louis (https://www.moneysavingexpert.com/) said that the Energy rate is going to increase also at a similar rate in October.
My Rate for ShellEnergy:
Now
: 20.140p/kWh and 24.38p/day (+39%) => £1850/year
By the 1st April: 28.020p/kWh and 42.24p/day (+73%) => £2290/year (+24%)
What are the energy rate (on the market) when you've got an EV for the main suppliers like ShellEnergy, Octopus, EDF, Etc.?
 
Had the same dilemma with the upcoming energy cost increase and imminent delivery of my MY, managed proactively sort everything out. got an EV charger installed before the grant ends. Moved over to smart meters and only a couple days ago switched over to Octopus Go, this is what i’ll be looking at for the year ahead at least
4ABAC0AE-AD85-45CD-B2FA-21BDCFFEF716.jpeg
 
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GRiLLA

Active Member
Jul 5, 2020
2,092
2,278
UK
Octopus Go's day rate is generally going to be more than any variable rate 'capped' electricity. I just extended my fixed at 30.6p daytime and 7.5 nighttime. So I'm 2p down on the capped rates at the moment, but given I use 2/3 of my electric in the night to charge two EVs.

However the capped rate is only for 6 months, and it seems quite likely that is will be another massive step, so my fixed will be positive on it's own.

You can cancel at any time so if I end up wrong I can change.
 
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kelvin 660

White SR+ with LFP battery
Aug 21, 2020
652
564
Stonehouse
I fixed with Octopus GO for another year as well.
My offers were but cheaper on GO when using an EV.
Your new Octopus Go prices
Peak unit rate: 30.78p / kWh
Off-peak unit rate: 7.50p / kWh
Standing charge: 25.08p / day
Estimated annual cost (electricity only): £1,706.08
Flexible Octopus prices
Peak unit rate: 21.86p / kWh
Off-peak unit rate: 15.63p / kWh
Standing charge: 25.17p / day
Estimated annual cost (electricity only): £1,430.59
 
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Lx2m3

Member
Jul 4, 2019
324
108
Rugby
Another option is the Tesla Energy Plan
What are the tariff details?
  • TEP is a ‘symmetrical’ tariff, meaning the 24/7 import rate and 24/7 export rate are the same. The symmetrical import/export pricing varies according to location; 10p -12p per kWh import or export.
  • Fixed standing charge of £0.22 per day

What do I need to be eligible for this new offer?
  • One or more ‘Powerwall 2’ batteries and any size MCS-certified solar panel installation up to nine kWp per Powerwall installed
  • Residential electricity supply
  • Compatible smart meter (supplied by Octopus Energy at no additional cost)
 
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Although I am by no means an expert, I think there may be a gross understating of the mess that the energy market has in store for us.
At the time I'm typing this, the cost per MWh of electricity is £419.4 (source: Drax Electric Insights)
This means that Octopus and all other companies were buying power (unless they've hedged) at nearly 42p per kWh and then selling it to me at less than half that much.
That discrepancy may well be even higher after 00:30, at which point my 5.5p/KWh rate kicks in. I may well be paying one quarter of what Octopus has paid for the electricity I'm using (and that's not even taking into account the admin costs to run a Utility company).

This is great for me personally, but goes to show the utter unsustainability of the energy market at the moment. Even if companies are not paying the spot price (and very few will), further steep rises are inevitable.

The current situation with Russia (even though until now Energy has been kept out of sanctions and Vlad seems keen to keep selling) is unlikely to make this better.

We may be in for some uncomfortable times ahead. Personally I am willing to take a significant drop in my standard of living but I accept that mine is a privileged one anyway and many people may not have much of a buffer.

Interesting times indeed... :/
 
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Although I am by no means an expert, I think there may be a gross understating of the mess that the energy market has in store for us.
At the time I'm typing this, the cost per MWh of electricity is £419.4 (source: Drax Electric Insights)
I think you'll find that was the highest price at any point during the day, not the average price or even the average daytime price. Still, your broader point is spot on - a lot of these deals seem likely to be unsustainable in the longer run. For now, the energy companies will, in the main, largely have hedged the price, but some of these deals do seem like loss leaders to pick up market share.

Another point to note is that the energy cap only applies to residential supplies. Superchargers (and all other public charging infrastructure) will be paying business prices. Expect public charging costs to start increasing quite substantially.
 
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What really annoys me, is how the press, BBC etc never refer to is how -really- broken the pricing is for our electricity.

As Greg at Octopus has hinted, our electricity price is pegged what the gas price is. Doesn't matter if we make most of our leccy using wind, solar, nuclear etc... the price is decided by the gas generation price, and so decided by gas. Imagine if your car price was decided by the most expensive car on the market. Stupid right? This is fundamentally flawed and really should be changed. But with almost nobody aware of, nor raising the issue... it'll never be.
 
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As Greg at Octopus has hinted, our electricity price is pegged what the gas price is. Doesn't matter if we make most of our leccy using wind, solar, nuclear etc... the price is decided by the gas generation price, and so decided by gas. Imagine if your car price was decided by the most expensive car on the market. Stupid right? This is fundamentally flawed and really should be changed. But with almost nobody aware of, nor raising the issue... it'll never be.
As around 50% of UK electric is generated by burning gas (well, it was a few years back), you can’t separate the two prices.
 
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Adopado

Well-Known Member
Aug 19, 2019
6,511
5,029
Scotland
Although I am by no means an expert, I think there may be a gross understating of the mess that the energy market has in store for us.
At the time I'm typing this, the cost per MWh of electricity is £419.4 (source: Drax Electric Insights)
This means that Octopus and all other companies were buying power (unless they've hedged) at nearly 42p per kWh and then selling it to me at less than half that much.
That discrepancy may well be even higher after 00:30, at which point my 5.5p/KWh rate kicks in. I may well be paying one quarter of what Octopus has paid for the electricity I'm using (and that's not even taking into account the admin costs to run a Utility company).

The price varies over the day ... hugely expensive during some periods and cheap (or negative pricing) at others. One of the Octopus tricks appears to be to end up not paying that averaged £419.4 price. They do this by having a significant proportion of the energy they supply being used during the cheap periods. The high proportion of EV charging at night time helps them to maintain this helpful imbalance. In some situations they are being paid to balance the grid. It's the same principle as when they run smart tariffs for consumers but for them it's a smart tariff with the grid generators. (However, I'm sure you're correct in that the system could potentially fall apart if the numbers eventually just don't add up in a way that results in a sustainable business.)
 
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init6

Active Member
Oct 16, 2020
2,120
1,464
Scotland
I'm sure I heard the CEO say that they bought their fuel well in advance. I got the impression years ahead - so weren't as susceptible as other 'new' suppliers. It may well be that they are not being impacted as much with these new prices. Although throw in a bit of capitalism and they may well increase their prices because they can.
 
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Why not? Why pay more for the half that's much cheaper to generate?
Unless I’m missing something, the price of electric isn’t solely tied to the gas price, but is significantly affected by it owing to the huge increases in gas price?

The cheaper generation from other sources is still happening, but there isn’t enough to offset the gas rises? At least that’s what I thought? Or is there some else going on that I don’t currently understand?
 
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