Significant reduction in SC pricing

[thewishy]

Saw on twitter, confirmed in my car. It seems that the majority of UK Superchargers have now dropped from ~66p to 40-45p peak. Off-Peak charging times also seem to have become wider (Not just late night. It's mainly 4-8 that's considered peak, if I'm reading the new display correctly), and are 5-10p cheaper

Some users reported they need to restart their MCU as there seems to be some cache behaviour. Mine rebooted recently for 2022.40.7

Wholesale prices have been significantly lower lately (Glut of LNG, unseasonably warm weather), so nice to see that passed on

 

[TechnoWatch]

Saw on twitter, confirmed in my car. It seems that the majority of UK Superchargers have now dropped from ~66p to 40-45p peak. Off-Peak charging times also seem to have become wider (Not just late night. It's mainly 4-8 that's considered peak, if I'm reading the new display correctly), and are 5-10p cheaper

Some users reported they need to restart their MCU as there seems to be some cache behaviour. Mine rebooted recently for 2022.40.7

Wholesale prices have been significantly lower lately (Glut of LNG, unseasonably warm weather), so nice to see that passed on

Unseasonably warm weather? I would not call the south of England that over the last couple of weeks... being mostly in single figures and raining... windy perhaps

 

[Js1977]

Unseasonably warm weather? I would not call the south of England that over the last couple of weeks... being mostly in single figures and raining... windy perhaps

I haven't stopped cutting me grass yet

 

[Vidyutyaan]

Just charged up at 33p/kWh!
Relieved that the cost of running is edging back away from ICE levels

 

[qwickshot]

Unseasonably warm weather? I would not call the south of England that over the last couple of weeks... being mostly in single figures and raining... windy perhaps

The last 7-10 days or so have been bang on normal for this time of year but October and the start of November was very warm by all measures. So warm hardly anyone put their heating on and we had an abundance of gas and LNG ships waiting to unload with nowhere to put it.

 

[M1tch]

I haven't stopped cutting me grass yet

My robot is telling me to put it away but the grass is still growing so it’s still getting cut

 

[Smileysam]

That's cheaper than my home!

 

[HenryT]

I'm quite impressed Tesla have done this. They could have easily left the pricing at the level it was as they would be 'consistent with the market'.
Hopefully we will see a reduction from the rest of the charging providers but I won't be putting my shirt on it.

 

[thewishy]

Unseasonably warm weather? I would not call the south of England that over the last couple of weeks... being mostly in single figures and raining... windy perhaps

I'm in Surrey and turned my heating on properly on 19th November. It would normally be a month earlier. This has left a lot of LGN tankers which were expected to refill UK/European storage without anywhere to empty their loads, and prices have come down hugely as a result.
Octopus tracker is between 5p and 6p for gas right now, and 20-30p /kwh for electric

 

[MadManMark]

And yet today Ofgem have announced that without the government's price cap domestic users would be paying 67p per kWh from January. Given the direction of wholesale prices at the moment this makes no sense to me at all and is going to cost the tax payer billions of more pounds to cover the cost of the price cap.

Energy bill help to cost billions more from January

The cost to the government of subsidising bills is to rise - but households will not be affected.

www.bbc.co.uk

 

[ACarneiro]

Government is subsidising. Suppliers are making sure that subsidy remains “necessary”.
We saw that with OLEV as well.
It’s not news, unfortunately.

 

[Smileysam]

And yet today Ofgem have announced that without the government's price cap domestic users would be paying 67p per kWh from January. Given the direction of wholesale prices at the moment this makes no sense to me at all and is going to cost the tax payer billions of more pounds to cover the cost of the price cap.

Energy bill help to cost billions more from January

The cost to the government of subsidising bills is to rise - but households will not be affected.

www.bbc.co.uk

Apart from higher taxes to pay for artificially inflated energy prices

 

[thewishy]

Quoting Guy Lipman on the Octopus forum

"Wholesale forward prices for Q1 (Jan/Feb/March) are much higher than they’ve been in previous years.
At the start of this week when I checked, they were 306p/therm, compared with 93p for Q1 just 15 months ago.

However, over the past month or two, day ahead prices have indeed been quite a bit lower, sometimes under 80p. This is because it has been warm, and gas storage is largely full. So, the fact that gas prices are low now doesn’t really help reduce what it is going to cost to sell to customers over the winter.

The Ofgem price cap mechanism specifies how suppliers should buy the energy for domestic SVT customers gradually over an averaging period. If you buy in this way, you still get a price much higher than the Energy Price Guarantee."

Hopefully that provides a bit of context. It may be that if the winter remains mild, the wholesale stays well below the cap, but the energy companies are effectively required to hedge for the winter in advance.

Tesla probably aren't hedging in the same way, so can take advantage of the current low day ahead wholesale rates, and very nice of them to pass it on to us. Knowing (of course) that they can put the prices back up if the wholesale markets go up.

 

[MadManMark]

Quoting Guy Lipman on the Octopus forum

"Wholesale forward prices for Q1 (Jan/Feb/March) are much higher than they’ve been in previous years.
At the start of this week when I checked, they were 306p/therm, compared with 93p for Q1 just 15 months ago.

However, over the past month or two, day ahead prices have indeed been quite a bit lower, sometimes under 80p. This is because it has been warm, and gas storage is largely full. So, the fact that gas prices are low now doesn’t really help reduce what it is going to cost to sell to customers over the winter.

The Ofgem price cap mechanism specifies how suppliers should buy the energy for domestic SVT customers gradually over an averaging period. If you buy in this way, you still get a price much higher than the Energy Price Guarantee."

Hopefully that provides a bit of context. It may be that if the winter remains mild, the wholesale stays well below the cap, but the energy companies are effectively required to hedge for the winter in advance.

Tesla probably aren't hedging in the same way, so can take advantage of the current low day ahead wholesale rates, and very nice of them to pass it on to us. Knowing (of course) that they can put the prices back up if the wholesale markets go up.

Have you got a link to that forum please? I've searched online but cannot find it.

 

[thewishy]

Octopus Smart Energy forum

A place to share ideas and discuss use of the Octopus Smart tariffs and the products and services connected to it via the API

forum.octopus.energy

It's primarily intended for agile and smart tariff customers

 

[Filbert1884]

Yep, charged on Friday for 35p/kwh rather than the usual off peak rate of 54p!

 

[Andy H]

Did my first Supercharge today and was amazed to find the price at 34p!

I thought it was a glitch, so scrolled around a bunch of random sites on the sat nav while charging and they all seem about 34/35 off and 44 on peak. So I guessed Black Friday and later found this thread.

Very pleased with this change, and curious to see what happens with other providers and home tariffs.

 

[techandy]

Would this not be something to do with the business price cap which runs until March 23? Energy Bill Relief Scheme: help for businesses and other non-domestic customers

 

[thewishy]

Would this not be something to do with the business price cap which runs until March 23? Energy Bill Relief Scheme: help for businesses and other non-domestic customers

It could. Osprey were able to drop from £1/kWh to £0.79/kWh because of the cap, which makes me think either the cap is far higher than 0.34p/kWh or almost all of the companies are extracting the urine

 

[greenbottle123]

How much are people paying at home per kw? (Non ev or offpeak tariffs)