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Electricity price predictions

 
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Electricity, Tariffs, Monitoring, Electrics & Providers
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 prjohn
(@prjohn)
Estimable Member Member
Joined: 5 years ago
Posts: 125
02/02/2022 10:05 am  

That rate could be worth a gamble.



   
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Jeff
 Jeff
(@jeff)
Noble Member Member
Joined: 5 years ago
Posts: 642
02/02/2022 10:41 am  

 No exit fee is positive just in case there are lower rates over the spring and summer. 

The downside is you would loose your current price cap rate between now and April at the very time you are using more electricity over winter.

Although there has been lots of talk about the energy cap going up by about 50% above the current price cap i haven't seen anything about how this splits between gas and electricity. It may be that gas goes up more than 50% and electricity less than 50% in the new cap?



   
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Jeff
 Jeff
(@jeff)
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Joined: 5 years ago
Posts: 642
02/02/2022 11:46 am  

Ofgem are announcing the new energy price cap tomorrow (Thursday 3rd) at 11am

Earlier than expected. 



   
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Mars
 Mars
(@editor)
Illustrious Member Admin
Joined: 5 years ago
Posts: 4762
02/02/2022 11:48 am  
Posted by: @jeff

Ofgem are announcing the new energy price cap tomorrow (Thursday 3rd) at 11am

Earlier than expected. 

They can't wait to share the good news with all of us 🤣 


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 prjohn
(@prjohn)
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Posts: 125
02/02/2022 12:24 pm  

@jeff Worth waiting until tomorrow, and being skeptical watch the price disappear.



   
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 Andris
(@andris)
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Joined: 5 years ago
Posts: 128
02/02/2022 6:02 pm  

What I am afraid that this deal of 26p/kw will instantly disappear the moment we know what the new cap is. I think I should risk it. I used 1100kw total in January. So, if I use the same (unlikely), I will pay roughly 6p more/kw. About £130. If the price increases to more than 26.5p, I will save it in the next few months. If the price cap doesn't go up to 26.5p/kw, then just move back as there is no exit fee. Thoughts? 


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 Andris
(@andris)
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Joined: 5 years ago
Posts: 128
03/02/2022 11:49 am  

Just in case, I made the switch. I can always come back if the variable rate is looking better.


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 George
(@george)
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Joined: 5 years ago
Posts: 85
03/02/2022 12:13 pm  

Does anyone have a link to the new unit rates?


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 batalto
(@batalto)
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Joined: 5 years ago
Posts: 1092
03/02/2022 12:14 pm  

@george 

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


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 George
(@george)
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Joined: 5 years ago
Posts: 85
03/02/2022 12:19 pm  

Cheers.

 

Glad I stayed on the Eon Next variable tariff as the cheapest fixed tariff being offered was 35p kWh... Sadly I think lots of people have potentially been scared into signing up to new fixed tariffs without knowing they would have been better off staying on the variable tariff at capped prices.


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 prjohn
(@prjohn)
Estimable Member Member
Joined: 5 years ago
Posts: 125
03/02/2022 12:20 pm  

There is a price increase of approx 6p for electricity and gas 2.5p. As gas is the major cause of this increase it feels as if electricity users are being penalised more.

 



   
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 prjohn
(@prjohn)
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Joined: 5 years ago
Posts: 125
03/02/2022 12:21 pm  

@george I just took E-on's current offer at 26p and 45p fixed for 12mths seems a reasonable deal.



   
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