New Energy Price Guarantee

[ACarneiro]

My gas is with EDF (moved to them when my supplier went bust).
They’ve changed my “tariff from 01/10/2022” to show 7.367p/kWh and 27.22p SC (which is essentially what it is now).
So from their side it seems they’ll just keep the current prices frozen.

As I’ve all but stopped using gas, though, I’m very interested in what Octopus comes up with, especially with Go.

 

[Masklin]

Just read this on Money Saving Expert regarding unit rates under the new cap. I note it says average, which possibly indicates there may be some small variations between companies?

• The energy price guarantee limits the amount households can be charged per unit of gas or electricity. So your exact bill will continue to depend on how much energy you use. You do not need to apply, and there's no need to contact your energy supplier. For households in England, Scotland and Wales who pay for their energy through monthly, quarterly or other regular bills, the guarantee will be applied when your bill is calculated. Here are the average unit rates for dual-fuel customers paying by direct debit:
  
  Electricity
  Unit rate: 34.00p per kWh
  Standing charge: 46.36p per day.
  
  Gas
  Unit rate: 10.30p per kWh.
  Standing charge: 28.49p per day

 

[Simavon]

Just read this on Money Saving Expert regarding unit rates under the new cap. I note it says average, which possibly indicates there may be some small variations between companies?

• The energy price guarantee limits the amount households can be charged per unit of gas or electricity. So your exact bill will continue to depend on how much energy you use. You do not need to apply, and there's no need to contact your energy supplier. For households in England, Scotland and Wales who pay for their energy through monthly, quarterly or other regular bills, the guarantee will be applied when your bill is calculated. Here are the average unit rates for dual-fuel customers paying by direct debit:
  
  Electricity
  Unit rate: 34.00p per kWh
  Standing charge: 46.36p per day.
  
  Gas
  Unit rate: 10.30p per kWh.
  Standing charge: 28.49p per day

I think that it's "average" because there are price variations between regions.

 

[Wowbagger]

Totally wrong.

1) The Oil & Gas producers can charge whatever they like. They are not regulated.

2) OFGEM can only regulate the Energy Suppliers (who buy from the Oil & Gas Producers)... these guys we're going bust last year because of this regulation.

3) Government Price Guarantee supports the Oil & Gas Suppliers to charge whatever they like, in fact the Government is overruling OFGEM to some degree.

OFGEM now can only continue to issue 3 month 'price cap' calculations so that the Government know how much they have to pay the Oil & Gas Companies, plus the Energy Companies directly. Building up massive financial debt... which we the consumers have to repay.

There is no control !!

The whole thing stinks.

I spent 27 years working in the oil and gas industry and this is nonsense. The oil and gas prices are controlled by the markets and OPEC increasing or limiting the supply relative to demand.
Around 8 years ago the oil price dropped to a level whare many oil/gas wells couldn't be produced profitably, many oil companies and oil industry service companies went out of business. Around 180,000 highly paid jobs where lost in the UK including mine, the government did practically nothing to support an industry that pays a higher rate of tax than other UK business due to the Petroleum Revenue Tax, profits from many older fields are taxed at 80%.
If the oil companies could control the oil price, the above would never have happened.

 

[Cantonalegod]

I am lucky enough to be on Go Faster paying 13.7/5p for another 6 months. So does that mean they will be pay me for every kwh i use?

Don't think that qualifies as a fixed rate as you can exit at any time with no penalty?

Plus you rate is way lower than the price cap.

This is taken from the gov website.

"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".

 

[Lord Farquad]

Let’s hope the business side looks better too given the increased cost of public charging.

Osprey now £1/kWh!

https://twitter.com/x/status/1570068672256909313

 

[yessuz]

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.

I still need to wait octopus to deliver the new rates for my GO.. gas will expire in December and electricity in February... what's then?!

 

[ACarneiro]

They say they’ll email everyone by the end of this week….

 

[robbieduncan]

They say they’ll email everyone by the end of this week….

Not quite

“We expect to start contacting customers with what this means for them, and their new rates from the 1 October, at the end of this week.”

So some customers will hear at the end of this week. But I suspect many won’t hear until next week. They only commit to starting at the end of this week. Not finishing

 

[Skie]

For the funky tariffs like IO and Go I’d expect it to be less of a priority to contact them than the bulk of customers they’ll have on flexible/avro flexible. I’m not expecting to hear anything until late next week.

 

[ACarneiro]

Not quite

“We expect to start contacting customers with what this means for them, and their new rates from the 1 October, at the end of this week.”

So some customers will hear at the end of this week. But I suspect many won’t hear until next week. They only commit to starting at the end of this week. Not finishing

Thank you, you are absolutely correct. Serves me right for reading in the diagonal…