[Pat88]

@PeterT_EONNext

Thank you for the information Pete as it is now clear why my day rate is so high despite the price cap. To be honest that Economy 7 rate is not that great as it is actually 13.67p (inc VAT), about double what I was paying over the past few years, so this is not ideal either with my night storage heaters drawing so much overnight energy to heat my home in the day (no gas supply, so you haven't been subsidising me...!). I also got my day rate incorrect as it is actually 26.73p per unit with VAT added, so much higher than the cap. I dread to think what these two rates are going to be in April. I think someone will need to rename 'Economy 7' to something more appropriate...

[Landmark]

Originally Posted by jack

hi thanks for that..do we know what the EOn capped prices will be from 1st April yet or do we have to wait ?

Check the table here on Ofgem website

[Anasa_EONNext]

Hi @Roxy89

You can find all the information about price cap here - https://www.eonnext.com/electricity-and-gas/price-cap. 😊

[Jill]

@PeterT_EONNext

My tariff ends 31 March 2022. If I renew in advance , to a new tariff from 01/04/22 will I still get increases due to the price cap?

Also, do you know where I can find my annual usage to help me compare ?

Thanks

[theunknowntech]

Hi @Jill,

If you're renewing onto a fixed rate deal the price cap changes won't affect you anyway as the price cap doesn't apply to fixed rate tariffs. It only applies to variable rate tariffs, prepayment tariffs, deemed contracts and other types of default tariffs. Whatever you lock in when signing up for a fixed rate deal will be the rates you're agreeing to for the entire term.

[Jill]

@theunknowntech thank you really helpful

Jill

[Neilb]

Hi Pete, I currently pay, and have for some time £291 per month for gas and electricity. Can you please explain how the price cap works? And how do I switch to a cheaper one?

[PeterT_EONNext]

Hi @Neilb Welcome to the Community 😄

So with the Price Cap, this is a review carried out by the energy regulator, Ofgem every February and August, then prices usually come into effect from the 1st April after the February review and 1st October after the August review.

The price cap is a maximum amount any energy supplier is permitted to charge for their variable rate tariff. When I say maximum amount a supplier can charge, this refers to the unit rates on the tariff, you'll still pay for any energy you use.

If you're currently paying £291 per month, this will be a mixture of what your current units rates are, your current account balance (whether in a credit or debit) and your estimated annual usage (usually figured out by looking at your previous 12 months usage)

The tricky question is how do you switch to a cheaper one 🤔 this is a difficult one to answer right now. Right now, the variable rate tariff is the cheapest we have, this could change, however, it's not something I can guarantee. The real decision is whether or not you stick with the cost of the price cap or fix in now to a fixed tariff where you can see what the unit rates are now, and will know they won't change for the duration of the contract.

I hope that's helped somewhat

Pete 😊

[Neilb]

Thanks Pete, so it’s not a price cap then, just designed to confuse people? Why don’t they just say the max price per unit is “this”?? Do you know what the max per unit was last year and this year? Thanks

[PeterT_EONNext]

@Neilb You can find some more info on this, as well as a useful table outlining the previous and upcoming Price Cap info here

Pete 😊