[Mailman]

Looks like we have more information is in from HMG with detailed numbers relating to those on SVT, those on fixed tariffs, what the SC are going to be plus other info.

9th September Updated HMG Support Facts

[JoeSoap]

@Mailman

Thanks for that link. Your own calculations/predictions were very close.

Now that we have some figures to work with, those of us on fixes can have a reasonable stab at whether to stick with it or jump to the SVR right now.

There’s a lot to take into account, but for me, if I stick with v17, from October I will pay 1.11p more for Elec and 1.63p less for Gas, so given I use more than three times as much gas as elec then straight away it looks good. My SC will also be a bit lower.

There will be a bit of regional variation and if I switched to SVR now I would make immediate savings. However, even given the extra I will have paid over Aug and Sep on the v17 fix, if I use last years usage as a guide, I will be approx £20 per month better off by sticking to the fix against jumping to SVR today.

I ought to say I consider myself a fairly high user at current predictions of 6277kWh for Elec and 22612kWh for Gas, although I am currently taking measures to economise.

Had I reverted to the SVR six weeks ago instead of fixing again I would have been about £5 per month better off over the year so not much in it for all my efforts in trying to make the right call.

Still, it kept me off the streets… and ON the forum 😂

Good luck to everyone on fixes trying to work out what to do. I used lots of paper and ink in my calculations. For me it was worth not immediately switching back to the SVR, not just for the comparatively small amount of savings (percentage-wise) but for avoiding the potential hassle of contacting customer service.

[darkgen]

I'm sure there is an easier, and less complicated way to do all of this; just publish the new capped unit costings and simply shift everyone above it to this new tariff rather than tinkering with the myriad of existing fixed tariffs.

[meldrewreborn]

Perhaps. But one of my fixes is @ April 22 rates, so would not face the 80% uplift in October22, and now will become even less expensive - another 30% off. The approach means that all households gets an equal percentage benefit as every other household. We’re all winners, but those who looked ahead and fixed to beat the future rises will be rewarded with the lowest prices.

[darkgen]

I'm not sure this would be seen as unfair as long as those on a tariff below the proposed Oct Cap would be unaffected; i.e. these new government subsidies are not applied until you come to the end of your current fixed and are them rolled on to the this new government subsided tariff.

[Mailman]

@JoeSoap, the detail WRT the rates applicable to anyone on SVT are straightforward although these unit prices are 'average' rates and I therefore assume the same similar regional rate differences that have existed up to now.

The situation with fixed tariffs is somewhat more confusing. Nobody yet knows yet if the scheme's fixed price tariff unit reductions (17p/kWh for Electric and 4.2p/kWh for Gas) are still applied fully even if this takes the rates below the announced SVT rates applicable from 1st October (average of 34.0p/kWh (E) and 10.3p/kWh (G))

For myself, if the reductions are applied fully (no floor at the proposed Oct 1st SVT rates), this would take my yearly spend (based on 2500E and 6800G usage in kW to something like £1762 if I continue with the v18 fix that is scheduled to start on 1st October, whereas if I go to the announced SVT cap/EPG, the figure is slightly higher at £1828 pa. Of course if the reductions are not applied fully, taking me to the new Energy Price Guarantee of the SVT, than I am no worse off.

So I'm just going to sit tight for now as there is no incentive for me to revert to the Next Flex tariff on 1st October onwards as I am covered by the EPG from that date and will be paying a maximum of £1828 with a sight possibility of paying a little less.

For those who have fixed at a more recent tariff than Next Online DD v18 (i.e. Next Online DDv19 and v20 versions), you may be better off changing to the current SVT immediately or cancelling any future tariff changes to v19/v20 due to take place in September/October.

[meldrewreborn]

@darkgen
but your approach doesn’t seem to match the EPG.

[meldrewreborn]

@Beki_EONNext
grateful as I am that my superior expertise is totally recognised, I don’t think flagging responses as “best answer “ the instant they are posted is correct.🤪

[darkgen]

Originally Posted by meldrewreborn

@darkgen
but your approach doesn’t seem to match the EPG.

I confess, I'm confused with it all. I wish this solution simply recalculated the SVR unit costs based on "the governments subsidised average usage cap" and be done with it.

[JoeSoap]

@darkgen

As I read it, with respect to SVR and fixes, there are uncomplicated changes coming into effect on the same date of 1 Oct. I think that is fairly easy to implement.

Those on fixed tariffs will still be able to choose what benefits them best… current fix or SVR. That’s the complicated bit.