[meldrewreborn]

OFGEM announced the price caps for Oct2022 to Dec 2022 this morning. The following data excludes VAT so you need to add that (5%) on.

Electricity - the standing charge will be between £148 and £183 per annum depending on which region you live in. Unit prices will be between 50.09p and 53.83p per kWh, again depending on where you live.

Gas - the standing charge will be £99.02 per annum - these rates apply nationally. Unit prices will be between 14.63p and 14.88p per kWh depending on where you live.

the two fuels do not increase at the same rates. Gas units are 4+ times what they were in Apr 2021 while the standing charge has only(!) increased by circa £6.50 per annum. Electricity units are now just under 3 times what they were in April 2021, while the standing charges have nearly doubled.

How the increases affect each of us differs because the amount of gas and electricity we use is not the same. I'm afraid a bit of maths is involved. But forum members who haven't fixed yet now have something to compare any fix price offers to. The price cap is likely to increase again in January so there cannot be absolute certainty in decision making.

However electricity is nearly 4 times the unit price of gas, so in financial terms it makes sense to use gas in preference to electricity where there is a choice.

[meldrewreborn]

The following are tables derived from the OFGEM announcement this morning. These are the prices (inclusive of VAT) for those on single rate supplies paying by Direct Debit on Standard Variable rates from 1 October 2022 to 31 December 2022. Prepayment customers pay on average £59 plus VAT and those paying quarterly in arrears pay £215 plus VAT on top of these rates on average.

OFGEM allow a bit of flexibility to suppliers in that they can charge less on the standing charge, and then charge a bit more on the unit prices. I've read of 2 suppliers that did that in April 2022. Eon Next followed the methodology used here charging the maximum rate for the standing charge.

		VAT inc		VAT inc		VAT inc
Electricity		Maximum standing Charge per day £'s		Maximum charge per kWh if maximum standing charge applied £'s		Maximum charge per kWh if no standing charge applied £'s
North West		0.4326		0.5132		0.5642
Northern		0.4993		0.5009		0.5597
Yorkshire		0.4955		0.5088		0.5671
Northern Scotland		0.5107		0.5092		0.5693
Southern		0.4441		0.5207		0.5730
Southern Scotland		0.5066		0.5161		0.5758
N Wales and Mersey		0.4860		0.5383		0.5955
London		0.3316		0.5365		0.5755
South East		0.4268		0.5316		0.5819
Eastern		0.3894		0.5291		0.5749
East Midlands		0.4577		0.5087		0.5626
Midlands		0.4915		0.5157		0.5736
Southern Western		0.5264		0.5171		0.5791
South Wales		0.4917		0.5182		0.5761

GAS		Maximum standing Charge per day £'s		Maximum charge per kWh if maximum standing charge applied £'s		Maximum charge per kWh if no standing charge applied £'s
North West		0.2849		0.1475		0.1488
Northern		0.2849		0.1463		0.1476
Yorkshire		0.2849		0.1467		0.1480
Northern Scotland		0.2849		0.1470		0.1483
Southern		0.2849		0.1488		0.1500
Southern Scotland		0.2849		0.1470		0.1483
N Wales and Mersey		0.2849		0.1477		0.1489
London		0.2849		0.1494		0.1505
South East		0.2849		0.1472		0.1485
Eastern		0.2849		0.1474		0.1486
East Midlands		0.2849		0.1466		0.1479
Midlands		0.2849		0.1476		0.1488
Southern Western		0.2849		0.1485		0.1497
South Wales		0.2849		0.1482		0.1494

The OFGEM tables are here:
Default tariff cap level - 1 October 2022 - 31 December 2022.pdf

The OFGEM announcement is here:
Ofgem updates price cap level and tightens up rules on suppliers | Ofgem