Energy Price Cap-What Are People's Thoughts?

[El Cid]

35 minutes ago, The Joker said:

No, it’s the most blatant failing of Capitalism:   the idea that greedy people will somehow work together out of the good of their hearts to benefit the rest of mankind.

It is a failure of regulation, that failure has led to reduced competition, the very thing that the Tories said brings down prices.

 

My prices with BG

 

Standard gas unit rate	3.983p per kWh
Standing charge	26.123p per day*

Standard electricity tariff unit rate 20.076p per kWh
Standing charge	26.825p per day*
	Tariff ends on 30/06/2022

[Dromedary]

This is from the Ofgem site.

 

Quote:

 

"From 1 April the equivalent per unit level of the price cap to the nearest pence for a typical customer paying by direct debit will be 28p per kWh for electricity customers and 7p per kWh for gas customers."

 

https://www.ofgem.gov.uk/publications/price-cap-increase-ps693-april

 

Standing charges I believe are set independently by the supplier and can vary between them.

 

I think what many don't seem to take into consideration is that the wholesale price that supplies pay is not set by them and varies like share prices do because they are traded commodities.

 

https://www.ofgem.gov.uk/energy-data-and-research/data-portal/wholesale-market-indicators

 

35 minutes ago, El Cid said:

It is a failure of regulation, that failure has led to reduced competition, the very thing that the Tories said brings down prices.

It has nothing to do with the Tories or regulation but as explained above but due to the actual wholesale price increases that have also affected Europe as well. Its also nothing to do with reduced competition. Just look at how many new suppliers have gone bust over the past several months because of the wholesale price increases.

 

Bust as always lets just blame the Tories, sigh...

Edited February 6, 2022 by Dromedary

[El Cid]

12 minutes ago, Dromedary said:

It has nothing to do with the Tories or regulation but as explained above but due to the actual wholesale price increases that have also affected Europe as well. Its also nothing to do with reduced competition. Just look at how many new suppliers have gone bust over the past several months because of the wholesale price increases.

 

Bust as always lets just blame the Tories, sigh...

I believe taking energy under public control could make it slightly cheaper, but I have been happy with the present set up because there is a good competitive market.

Going forward, that competitive market does not exist, not this year at least. Nuclear power has never really been a competitive business

[Janus]

On 05/02/2022 at 12:21, fools said:

The cap from April is

 

G 27.22p/day  7.37p/kwh
E 45.34p/day 28.34p/kwh

Both figures for the gas seem right.

 

45p per day standing charge for leccy seem high?

[Jack Grey]

I pay for my electricity fixed for a year

 

19.97 p/day

19.21 p/kWh 

Edited February 6, 2022 by Jack Grey

[fools]

30 minutes ago, Janus said:

Both figures for the gas seem right.

 

45p per day standing charge for leccy seem high?

I didn't just make them up.

 

Rounded figures from the horses mouth, (a 54% rise typically, and there will be another rise in 6 months).

 

https://www.ofgem.gov.uk/check-if-energy-price-cap-affects-you

[Janus]

@fools

 

Good afternoon,

It is ok. Not for one second did I think you had made it up.

I assumed that you must have got the standing charge and Kwh costs missed up. What you have shared with us here is concerning? 

 

I know the suppliers have to pay the high wholsale cost, and make a profit. However, charging nearly 15 quid per month for standing charge is taking advantage of customers. In your link it says "Suppliers can't charge you more than the cap we set ". Well they don't have  to charge more do they. Some help the regulator is eh? So if I stop using  electric for example ,  I still get charged  an extra £7.50   per month. 

 

Thank you for the link. 

 

Edited February 7, 2022 by Janus
Typo

[El Cid]

I have just gone to the MoneySupermarket to compare energy prices. The cheapest one is £157 per month, fixed for 12 moths. Sainsburys energy was £168 fixed for 2 years. I pay £108 per month.

Martin Lewis said not to fix, I dont want to fix at those prices.

Prices may come down in 6+ months, I believe that is what he is thinking.

Edited February 7, 2022 by El Cid

[Jack Grey]

46 minutes ago, El Cid said:

I have just gone to the MoneySupermarket to compare energy prices. The cheapest one is £157 per month, fixed for 12 moths. Sainsburys energy was £168 fixed for 2 years. I pay £108 per month.

Martin Lewis said not to fix, I dont want to fix at those prices.

Prices may come down in 6+ months, I believe that is what he is thinking.

Get a fixed but get one that allows you to leave whenever you like without a fee.

 

So if you see a better deal you can just switch

Edited February 7, 2022 by Jack Grey

[cgksheff]

3 minutes ago, Jack Grey said:

Get a fixed but get one that allows you to leave whenever you like without a fee.

 

So if you see a better deal you can just switch

They don't exist.