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Original poster

Price Cap - Just announced

994 replies

swifttwist · 26/08/2022 07:03

From £1971 to £3549. 80% rise. I have no words.

New figures:

Electricity
£0.52 per kWh
Daily standing charge: £0.46

Gas:
£0.15 per kWh
Daily standing charge: £0.28

OP posts:
Thread gallery
13
TokyoSushi · 26/08/2022 07:06

😫

Original poster
swifttwist · 26/08/2022 07:07

Quite shocking. I don’t know what we are going to do.

OP posts:
MrsLargeEmbodied · 26/08/2022 07:13

whoever is talking on the radio has likened it to filling up your car costing £400 a time

Interested in this thread?

Then you might like threads about this subject:

Cost of living
MrsLargeEmbodied · 26/08/2022 07:13

it does equate to £300 per month for most people, which is what EON quoted me

Catsinthesuitcaseagain · 26/08/2022 07:15

I wish they would talk in terms of units. What is an average household? I seem to use a lot less than some on here going by recent threads. It would be a lot less scary to some if they could be more specific! I know we'll find out with our next bill but meanwhile people are panicking. Knowing the average price of a kW of electricity or a unit of gas and the standing charges would be much more helpful at this point.

Treaclex69 · 26/08/2022 07:15

To be honest I'm not shocked but I am sickened to the core with worry.

Igotjelly · 26/08/2022 07:15

It’s absolutely hideous. I feel so much for those who simply won’t be able to swallow that increase. It’s appalling that in 2022 there are people in the UK living in fuel (and other) poverty.

Crunchymum · 26/08/2022 07:16

MrsLargeEmbodied · 26/08/2022 07:13

it does equate to £300 per month for most people, which is what EON quoted me

£300 per month is a 50% increase for me.

I am not sure where I'll find that extra money.

Original poster
swifttwist · 26/08/2022 07:20

Catsinthesuitcaseagain · 26/08/2022 07:15

I wish they would talk in terms of units. What is an average household? I seem to use a lot less than some on here going by recent threads. It would be a lot less scary to some if they could be more specific! I know we'll find out with our next bill but meanwhile people are panicking. Knowing the average price of a kW of electricity or a unit of gas and the standing charges would be much more helpful at this point.

If you are on Facebook, I really recommend energy support and advice UK. Really good page. They will give that information.

OP posts:
resuwen · 26/08/2022 07:21

Catsinthesuitcaseagain · 26/08/2022 07:15

I wish they would talk in terms of units. What is an average household? I seem to use a lot less than some on here going by recent threads. It would be a lot less scary to some if they could be more specific! I know we'll find out with our next bill but meanwhile people are panicking. Knowing the average price of a kW of electricity or a unit of gas and the standing charges would be much more helpful at this point.

It will be an 80% increase on whatever you are paying now.

MinervaTerrathorn · 26/08/2022 07:21

Catsinthesuitcaseagain · 26/08/2022 07:15

I wish they would talk in terms of units. What is an average household? I seem to use a lot less than some on here going by recent threads. It would be a lot less scary to some if they could be more specific! I know we'll find out with our next bill but meanwhile people are panicking. Knowing the average price of a kW of electricity or a unit of gas and the standing charges would be much more helpful at this point.

Agreed, I'd like this information too

Hugasauras · 26/08/2022 07:23

The new rates will be published shortly. Important to remember:

The headline £ figure quoted is for what they call 'typical' use and each household's figure will be different. If you are a higher user you will pay more accordingly.

There is no cap on the amount you pay. The cap is on the UNIT RATES. And unit rates are what you should use to determine cost based off usage, NOT direct debits which will rise and fall in line with usage.

Hugasauras · 26/08/2022 07:24

New figures:
Electricity
£0.52 per kWh
Daily standing charge: £0.46

Gas:

£0.15 per kWh
Daily standing charge: £0.28

Suzy14837 · 26/08/2022 07:24

Well we knew it was coming.... but it's a heck of a lot of money.

Our use has historically been a little above average - was £110 last winter, £200 now and likely to be c.£350/month from October. I wouldn't take on that kind of payment for a car or anything else, but now I have no choice.

Plus will have to help subsidise DD at uni with her increased bills, and because she's only just started in a new house, there is no summer credit built up.

it's going to have a huge effect on our disposable income / quality of life and put a stop to all the nice things we do.

Hugasauras · 26/08/2022 07:25

(These rates will vary slightly with region but only a pence or so each way)

NoWordForFluffy · 26/08/2022 07:26

resuwen · 26/08/2022 07:21

It will be an 80% increase on whatever you are paying now.

Show quote history

Only if you're on the variable rate already. If you're coming off a fix it'll be way more.

Standing charges are both up by a penny and electricity will be 52p a unit and gas 15p. Gas has more than doubled (28p and 7p are the current cap).

SudokuMania · 26/08/2022 07:26

I agree, I wish they'd not just quote the price cap in terms of 'an average household. So misleading for a lot of people.

Suzy14837 · 26/08/2022 07:27

I know I'm lucky that I have disposable income to cover it (many don't) but it's going to affect everyone, because it means I will stop supporting the coffee shops, cafes and other local businesses where we tend to spend our "fun money". Very bleak outlook for so many.

girlmom21 · 26/08/2022 07:28

Is this for the October increase?

NoWordForFluffy · 26/08/2022 07:29

Or if they must use that 'average household' figure, also spell it out exactly how this works. It's scary how many people on MN alone don't understand about unit rates, etc when discussing fixes and monthly payment quotes.

OneFrenchEgg · 26/08/2022 07:29

Is the price cap in £££ actually an example of an 'average' use of the cap on cost per kw?
We pay £200 a month and already have a negative balance of £150.

Igotjelly · 26/08/2022 07:30

girlmom21 · 26/08/2022 07:28

Is this for the October increase?

Yes.

on another note I follow Martin Lewis on Twitter. It’s absolutely disgusting the levels of abuse he’s been getting for trying to help people. It should be aimed at those with the power to change things but instead are swanning about on Greece and Kyiv.

Givenitarest · 26/08/2022 07:30

catsinthesuitcase I completely agree. I'm not thick but I'm finding this 'price cap' figure meaningless to me beyond knowing the obvious that it's a bigger number than it was before? As a price cap does it mean that if you use much larger amounts of electricity a year ie. Live in a mansion it might actually work out cheaper for you because they can't charge you anymore than £3500 a year?

If they just broke it down to the KWH charge and the standing charge I would stand a fighting chance of working out how much my bill was last year Vs what it's going to be, as a minimum, for the same usage this year. Although having said that, my British Gas App is totally shit at giving me an exact year to compare. Some of my PDF bills aren't downloadable or are missing so I'm trying to extrapolate an annual use from 9 months of info. Does anyone else find it difficult to easily find their annual usage?! It's like they're making it deliberately difficult.

girlmom21 · 26/08/2022 07:30

Thanks @Igotjelly I was panicking that it might be as well as!

BrownTableMat · 26/08/2022 07:32

As others have said, there’s no cap on how much you’ll pay, the headline figure is meaningless. It represents what the average cost will be based on useage. What you need to look at are the standing charges and price per unit (kWh). You will be charged according to your useage. I don’t know how to explain this more clearly.