Energy bill increases

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mjr

mjr

Comfy armchair to one person & a plank to the next
Location
mostly Norfolk, sometimes Somerset
presta said:
£4300 next year for anyone not on the new means tested Price Guarantee.
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Can anyone find the unit prices on the ofgem site? Unhelpful opaque tossers.
 
Scaleyback

Scaleyback

Veteran
Location
North Yorkshire
Martin Lewis says:

" NEWS: The projected new energy price cap, that will start in April when the price guarantee ends, will be: UP 73% taking a bill for typical use (use more pay more use less pay less) from £2,500/yr to £4,350 The cap will then be DOWN 15% in July to £3,700/yr typical use. "
 
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Alex321

Veteran
Location
South Wales
Scaleyback said:
Martin Lewis says:

" NEWS: The projected new energy price cap, that will start in April when the price guarantee ends, will be: UP 73% taking a bill for typical use (use more pay more use less pay less) from £2,500/yr to £4,350 The cap will then be DOWN 15% in July to £3,700/yr typical use. "
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So even Martin Lewis can get it wrong.

The Price Guarantee doesn't end until March 2024 (As stated on the OFGEM site above). From April it will go up to £3000 for "typical" households, rather than the current £2500.

That £4350 is what "typical" households would pay if the price guarantee weren't in place.

It is very confusing, but AIUI, what it means is that the price cap is set (by OFGEM, not the government) at a level which is the minimum that would be economical for the energy companies, and the government then pays them the difference between the EPG rate (which is set by the government) and the price cap rate, with consumers only paying the EPG rate.

The government explanation is here.
https://www.gov.uk/government/publi...ergy-bills-support-factsheet-8-september-2022
 
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Alex321

Veteran
Location
South Wales
Scaleyback said:
It's. getting confusing ! so this article is what. . . all bo**ocks or out of date ?
https://www.moneysavingexpert.com/n...rantee-is-now-set-to-end-in-april---what-it-/
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Out of date.

The government were going to shorten it to April 2023, but have now put it back to ending in April 2024. That was only announced on the 24th of November, while that article was published on the 18th of October.
 
A

Alex321

Veteran
Location
South Wales
mjr said:
Only shows "From 1 October 2022" while I am looking for the next ones.
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Yeah, they don't have the actual unit rates from April available yet (I'm not sure why, since those are the actual values that will be used, but I suspect the Government just said "it will go up from £2500 to £3000 and they now have to work back from that to work out actual unit rates - which will vary by region).
 
Scaleyback

Scaleyback

Veteran
Location
North Yorkshire
Alex321 said:
Out of date.

The government were going to shorten it to April 2023, but have now put it back to ending in April 2024. That was only announced on the 24th of November, while that article was published on the 18th of October.
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Doh ? I guess I'm not keeping up (can you blame me) I must have
missed/forgotten the 24th nov thing. :wacko:
 
byegad

byegad

Legendary Member
Location
NE England
This is making my brain hurt! While I much appreciate any gibberment intervention in keeping my bills down, I feel they're unable to arrange the proverbial celebration in an establishment dedicated to the production of alcoholic beverages. I suspect gibberment policy is being driven by the headlines in the Tory press in reaction to announced changes, rather than any vague idea of what needs to be done in the face of Brexit, the Russian war on Ukraine and Climate Change.
 
classic33

classic33

Leg End Member
byegad said:
This is making my brain hurt! While I much appreciate any gibberment intervention in keeping my bills down, I feel they're unable to arrange the proverbial celebration in an establishment dedicated to the production of alcoholic beverages. I suspect gibberment policy is being driven by the headlines in the Tory press in reaction to announced changes, rather than any vague idea of what needs to be done in the face of Brexit, the Russian war on Ukraine and Climate Change.
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You missed out Covid!
 
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