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Electricity price predictions

MattEngineer · 2021-12-03T18:39:26Z

When the energy cap comes up for renewal I think it will rise to 26.5p per unit, any thoughts of the collective?

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prjohn

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02/02/2022 10:05 am

That rate could be worth a gamble.

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Jeff

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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

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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

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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

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02/02/2022 12:24 pm

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

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Andris

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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

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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

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03/02/2022 12:13 pm

Does anyone have a link to the new unit rates?

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batalto

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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

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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

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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

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