Typical energy bill to fall to lowest for two years under new Ofgem price cap BBC have reported the typical energy bill will fall to £1,690 from April to the lowest for two years under the new price cap set by the regulator. It means...

[UK Sentinel]

I think So Energy are a renewable energy supplier, so hard to keep prices as competitive as others

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[kev2021]

Yeah, I believe they are too.

Kev

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[kev2021]

Hi all,

So just seen that they are predicting a 7% drop in bills from July, any idea when can expect to see the new plans being available to switch to that will start from July?

My existing fix is due to end at the end of June so I was going to switch to BG:-

Gas

unit: 5.9745p

Daily: 11.1846p

Electricity

unit: 26.7656p

daily: 28.6703p

but now not sure whether to move to BG or wait till for the new tariffs to come out with the 7% reduction… There is also a cheaper ovo but says I need to install a smart meter but its unclear if I would qualify as I have 1 smart meter and 1 non-smart meter and they might imply I need to move both but have already done one. This one is approx £5 a month cheaper if qualified.

Thanks

Kev

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[UK Sentinel]

I understand that prices will start to rise again in the Autumn so when the 7% price cap reduction is available this would be a good time to switch.

I believe the price cap reduction is applicable from July 1st and then the following rate change is October 1st which will probable be an increase.

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[kev2021]

Yes, i heard that they predict 4% rise in Sept/Oct I believe.

Do you think the July tariffs with 7% reduction will start to be announced and available to switch to in June some time or only from 1st July?

My current plan is due to end at end of June and i”d like to start the switch prior to end of June ideally if the plans come out and then fix it for a year and then re-assess after.

Kev

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[kev2021]

Just read also ofgem will confirm price cap on gas & elec on 24th May for 1st july-30th sept.

Kev

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[UK Sentinel]

Once the price cap is officially announced, you should then find BG and say Octopus offering the new lower tariffs to start in July, but will be interesting to leave it as late as possible because some suppliers may have offers below the mandatory 7% reduction and then a good time to switch to 12 month fixed tariff.

Bit of a gamble but could be financially rewarding

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[UK Sentinel]

Great news today in that Ofgem price cap has been set for July 1, 2024, meaning a 7 percent reduction.

This only applies to those on the variable tariffs but is good news Ofgem energy price cap falls to £1,568 from £1,690.

https://www.ofgem.gov.uk/energy-price-cap

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[kev2021]

Hi,

Been looking at this again and unfortunately the BG tariff I was looking at is no longer available it seems…

Looking at ofgem site, new rates from 1st July will be:-

 

Elec: 22.36 pence per kWh, 60.12 pence daily standing charge

Gas: 5.48 pence per kWh, 31.42 pence daily standing charge

 

So I’ve been looking and it seems Ovo is working out cheapest for me so far.  Electricity is cheaper still but I don’t know anything about these and last I saw the CEO was looking to leave and appoint someone else but he is still CEO so could be uncertainty there. The difference between staying with So Energy and moving to OVO is approx. £50 a year so worth me switching as that £50 saving could pay for 1 months broadband still leaves some money over for another bill etc so think it’s worth doing.

octopus are higher than Ovo also.  Just wondering whether to bite the bullet and switch now or IF newer tariffs will come out nearer the time but given that the standing charge can go up to 60p and 31p, I’m expecting even if companies lower unit prices, they will hick the standing charger to nearer 60p?

Plan is a 1 yr. fix with £75 per fuel exit charge but that seems to be about the norm these days, most I’ve seen are £50 or £75 exit fee.

Kev

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[kev2021]

Just looking, seems on a different site, Ovo may want smart meters and I have 1 smart meter and 1 normal meter so not sure if will be ok or not, alterative is British gas, they a bit more price BUT they o a refer a friend scheme where they give you both a voucher so going to see if anyone I know is with British gas. Appears Ovo stopped there refer a friend scheme, only available in Australia atm it seems.

Kev

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[UK Sentinel]

I can refer you via Octopus if this helps, @dodgydrains and I did this a while back and save a few pounds in the process

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[kev2021]

Thanks, Octopus prices were a bit higher than British Gas so looking for a referring for British Gas as will get £75 amazon gift card out of it so makes the £15 difference easier to swallow :)

Kev

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[UK Sentinel]

No problem

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[kev2021]

looks like a friend of mine is with British gas so he’s going to send me the code/link so I can sign up.  He only has gas so not sure if I’d get the £75 or £35 so will see.

Kev

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[UK Sentinel]

That will be interesting to know if you get the £35 or £70 from a single fuel reference for BG ?

let us know what happens if you could ;)

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