Energy price guarantee - mine is above!

[Sammysees]

I have just checked the energy price guarantee which states for a “customer with typical usage, paying by direct debit” the price guarantee from 1st October is 34p per KWH with a daily standing charge of 46p.

I am paying 38.5p per KWH with a standing charge of 52.32p per day.

However, I am on a fixed tariff until April 2024. I would also say I am a fairly low user. I live alone and heating is gas.

Is there anything I can do or do I just have to put up with it? Can anyone help?

Thank you!

Who is your supplier? I think Martin Lewis said that most suppliers will either let people leave their fixes or reduce their fixes. I doubt they’d be able to sort it quickly though.

I am with British Gas. I also have Economy 7 which I don’t need. I think that is why my rate is higher. I’ve just been looking into it and British Gas should change my meter for free to a normal one without Economy 7. I will ring them on Monday and see what they say.

I am with octopus and was slightly above with my fix, they emailed yesterday to say they were reducing the price of the fix to the cap. Hopefully BG are doing the same?

I'm with octopus, standard variable rate and on economy 7. My prices are:
47.99p standing charge
40.23p day rate
16.7p night rate

So the day rate seems quite a lot higher than the cap! I'm going to give them a few days then ask them about it. I know economy 7 day rate is normally a bit more expensive, but you get the cheaper night rate. Standing charges also vary depending on where you live apparently?

I had an email from BG on 9/9 saying they would be in touch. They haven’t. I can imagine they will be inundated for the next few days. I will definitely ask them to remove the economy 7. According to Martin Lewis the big 6 energy companies should do it for free. We will see!

For anyone else with British Gas - I have just trawled thru their website and it says they will automatically discount it to the energy price guarantee from 1st October even if you are on a fixed tariff. Off to take a meter reading …..

I fixed earlier this year. Electricity is above the new cap, but gas is below it. I certainly hope that the electricity part will be reduced! No contact yet from the supplier, E.On.

This does mean I've paid more than if I had been on variable rate up until now. But all of these things are a gamble, I suppose.

My economy 7 tariff is

29.44p per kWh day
10.36p per kWh night
23.85p per day standing change

If you've fixed above the price cap, I don't think they have to honour the price cap

We fixed in Feb. Everything was lower than the price cap except the electricity unit price which was 35pkwh and Octopus have agreed to reduce it to 33pkwh so we are under the price cap now.

@Blowyourowntrumpet

"Fixed tariff customers will have the same support where appropriate. Unit price reductions of up to 17p/kWh for electricity and 4.2p/kWh for gas will apply to fixed tariff customers that currently have unit rates above the EPG"

from
www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022

Take a picture too of the reading just to be on the safe side.

Great idea!

I have economy 7. It's a low rate. Thinking of going nocturnal. Got up and did washing and drying before it changed to day rate. Think it might be a challenge long term.

I have no idea what’s going on! I’m with Eon. I fixed back in Aug at a rate due to take effect 11 Sep. Since then the new price cap came in which was higher than my fix, then the government intervention which pushed it back down lower than my fix.
I currently have 3 different prices - an email with the fix I agreed in August, the figures in my account on the app which are higher than that for electricity and a bill I got yesterday for gas which was lower than the fix.
No contact from eon yet despite several emails. What a mess!

Economy 7 day rate will always be higher than the cap because it's balanced by the night rate. If the day rate was the same as non E7 tariffs then everyone would want to be on E7 for the cheap night rates.

Unless you have storage heaters or an electric vehicle, E7 tariffs are rarely worth it.

(Just to clarify I'm talking about standard variable tariff, obviously if you're on a fix before it all kicked off your figures will be lower)

I have a time of use tariff, my supplier emailed me and said on balance, my tariff was below the EPG even though my day rate is higher.

So for ToU tariffs it depends on the average mix I think. If you don’t use the overnight tariff, you should move off that tariff.

I've just looked at my octopus account the electricity is 53.16p and standing charge is 41.04 p. Gas is 14.72p and standing charge is 26.84. Is this right???

They have a notice on their website and app saying the prices aren't updated

Oh thank you, I must have been too shocked to notice that 😂😂