To ask a dull question about energy prices?

[Couldnothappenlater]

Just checked the Octopus dashboard and clicked on changed my tariff.

A lovely £478pm to fix, we currently pay £150 and are £511 in credit.

Electric is showing as 76.74 kwh

I'm assuming this is based on what we would be charged had Liz Truss not put the cap in place, and will change come 1st October, or is this what we'll paying come October?

Thank you

Yep.

They should be announcing new prices by the end of the week, I think.

That is the fixed price and nothing to do with energy capped prices. If you’ve taken the fix you’ll be paying that, although there are rumours fixed prices will also be reduced accordingly.

That is very very high. Current electricity variable is 28p per kWh and initial October price was 52p per kWh and has now been revised to 34p.

@NewPapaGuinea this is what I was wondering. Currently on SVR and probably sticking to that. Just surprised that the fixed rate is so high showing kwh at such a high cost. 3 days ago my fixed rate offer was showing as £426pm

Reducing them by 17p per kWh

That is a fixed rate not covered by any of the price caps. You'd be foolish to fix at those prices

Fixes are dead in the water at the moment as all of the ones on offer are higher than the capped price.

Any higher fixed rate tariffs will have the price per kwh reduced as follows:

If you’re on a fixed tariff at a higher rate caused by recent energy price rises, your unit prices will be reduced by 17p/kWh for electricity and 4.2p/kWh for gas.

Even that reduction would make my fix offer more expensive than variable rate.

It seems pointless fixing unless prices are below SVR (unlikely, I guess), as the energy price guarantee means prices won't be going any higher on variable tariffs for a couple of years after October..?

I haven't taken a new fix since mine ended in February so am on the standard variable rate. My fixed offerings have always been ridiculous