Electric price cap?

[Buckman]

We are on a fixed contract with BGAS until end of July next year. Currently we pay £0.369 a kwh and a £0.556 standing charge. According to Martin Lewis this has been capped at £0.34 per kwh and £0.464 standing charge so in essence we should see a reduction in our bill. Have I understood this correctly?

Will you also benefit from the reduction in the long term especially if your contract is due for renewal in the near future?

 

[Dustydog]

We too are with BG for both powers. Fixed like you to end July 2023..Currently pay by DD £126 monthly. According to what I read that may well double next August. But if the PM reopens all the fossil fuel reserves who knows😉

 

[Bluetonic]

But if the PM reopens all the fossil fuel reserves who knows😉

Well, I'm no expert but my guess that anything that comes from the UK fossil reserves will be done by private companies and sold at the market rate, so don't expect any reductions any time soon

 

[Buckman]

We too are with BG for both powers. Fixed like you to end July 2023..Currently pay by DD £126 monthly. According to what I read that may well double next August. But if the PM reopens all the fossil fuel reserves who knows😉

The cap is in place for 2 years. Electric is capped at £0.34p a kwh and standing charge is capped at £0.464p. Gas is capped at unit rate of £0.103p kWh and Standing charge: £0.285 per day.

Also everyone gets £400 paid into their accounts at a rate of about £66 per month for 6 months. In addition I think the winter fuel payment allowance has been increased by £100 from £200 to £300?

I think that is the gist of it however I am not sure. Based on annual consumption over the past few years. our bill will still exceed £2500 per annum by quite a bit even with the cap and we are frugal users.

 

[Buckman]

Also Pensioners: Every UK household with someone over state pension age (aged 66 or above) between 19 and 25 Sept 2022 will also get an extra £300 on top of their normal winter fuel payment (usually between £100 and £300), payable in November or December.

 

[Beachball]

We use to be on a fixed contract with Octopus energy and paying £96 per month for gas and electric well it more then double we are now paying £225 per month at present but we have £300 in credit .

 

[Hutch]

I am with Bulb, 30 p per Kw electric and 7p per kw for gas, we went from £150 a month and now upto £250 but we are £600 in credit, at the moment we are using £4.50 a day combinde, I expect this to rise to maybe £8. to £10 a day.
Largeish 4 bedrom house, but only two of us and the dog.

 

[Raywood]

We have a fixed term deal with Octopus until September next year at well below the current or proposed rate so will save for the next year. For foresight our daughters mother in law took a three year one early last year and is quids in. Hindsight is a wonderful thing.

 

[ProfJohnL]

You will have to consult your energy provider to establish if fixed price contracts already established will automatically be adjusted in line with the Govt price cap.

Different suppliers may have different protocols in how this might work, which it's why you should consult your supplier.

My feeling is that as you have signed a fixed price contract, that it will remain in place unchanged, unless the seller folds, and or there is a mechanism in the T&C's to adjust the tariff in term or in line with relevant legislation or emergency situations.

Check your T&C's or consult the supplier.

 

[Bluetonic]

I am with Bulb

I thought they went bust?

 

[figbat]

I thought they went bust?

They went into special administration and are effectively being run by the government now.

 

[Buckman]

You will have to consult your energy provider to establish if fixed price contracts already established will automatically be adjusted in line with the Govt price cap.

Different suppliers may have different protocols in how this might work, which it's why you should consult your supplier.

My feeling is that as you have signed a fixed price contract, that it will remain in place unchanged, unless the seller folds, and or there is a mechanism in the T&C's to adjust the tariff in term or in line with relevant legislation or emergency situations.

Check your T&C's or consult the supplier.

I have since checked and it seems that if you are on a higher fixed tariff the supplier needs to reduce the charges.

 

[otherclive]

We too are with BG for both powers. Fixed like you to end July 2023..Currently pay by DD £126 monthly. According to what I read that may well double next August. But if the PM reopens all the fossil fuel reserves who knows😉

We took out a BG fixed tariff for two years that ends 30 April 2023. Our DD is £80 per month and we just let the credit increase during summer which nicely offsets the increased winter usage.

 

[otherclive]

I thought they went bust?

Almost bust. The government IE taxpayer is supporting them. Exact cost being very high but unavoidable as none of the large energy companies were prepared to take on Bulb customers on capped rates.

 

[Raywood]

I gather a couple of companies are looking at Bulb, but only if the government pays them to take it on.

 

[Bluetonic]

Almost bust. The government IE taxpayer is supporting them. Exact cost being very high but unavoidable as none of the large energy companies were prepared to take on Bulb customers on capped rates.

Oh, OK, I thought we were with them but got shifted over to E.on .

First quarter of the year is a no-memory zone following my cardiac arrest and coma etc , so I might be wrong

*edit- we left them in March 2021, no idea who we moved to though 🙄

 

[Hutch]

Bulb are on a variable tarrif, but havent changed it since last year.

 

[Beachball]

Also Pensioners: Every UK household with someone over state pension age (aged 66 or above) between 19 and 25 Sept 2022 will also get an extra £300 on top of their normal winter fuel payment (usually between £100 and £300), payable in November or December.

Will look forward to that everything helps now days