If you have a traditional Economy 7 meter, you may need to have it replaced and upgraded to a smart meter depending on circumstances and definitely needed if the existing meter is controlling anything. Some suppliers can just charge you the same tariff rate for both registers in the meantime, but you'd need to ask.
It's also worth bearing in mind that if your existing meter is up for recertification, it will need to be replaced anyway.
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If we go back to the OFGEM announcement from 29 August, there are capped levels for usage on economy7 at the level of 4,200 kWh (unlike single rate metering where the benchmark is 3,100kWh). Unlike on single rate supplies, it is impossible to work out the likely rates, because of there being both peak and off peak prices, and there must be a formula (somewhere) setting the allowable splits of usage, which would then allow us to see how the suppliers prices times usage at the two rates complies with the price cap discounted by the EPG.
Frankly this is too complicated for me to fathom, and at the moment I don't have the inclination to even attempt it. But if somebody else wants to have a go they are more than welcome!!
Last edited by meldrewreborn; 03-10-22 at 15:17.
Current Eon Next customer, ex EDF, Zog and Symbio. Don't think dual fuel saves money and don't like smart meters. Chronologically Gifted. If I offend let me know by private message, but I’ll continue to express my opinions nonetheless.
I should also add that the OFGEM announcement of the detailed price caps refers to benchmark levels and these are different from Typical Domestic Consumption Values(TDCV). OFGEM when they refer, in their press releases, to an average user, they use TDCV values and then set the caps using Benchmark figures which are different (2,900 to 3,100 in the case of electricity single rate tariffs).
Understanding this stuff is really complicated and it seems to me almost as though they don't want it to be readily understood, which makes me feel a bit suspicious.
Good luck with figuring out Multi-Register Metering Arrangement pricing - covers economy 7 and others.
It's obvious now that exactly the same amount (17.85p) was knocked off both the day and night rate tariff originally set for 2 October before the price cap. That is why the gap has widened so dramatically.
All I can say is that all 3 rates are below those published by EDF for the south west region for variable rates under the EPG. So you have a good deal, but like me you may not feel the risk of going for a fix when you did has been rewarded as much as others have who did absolutely nothing.
Well, that is something, but have you any insight into what the E.On Next variable tariff rates are now for your region?
You might find they are lower than your amended fix, and don't forget that standing charges are not adjusted by the EPG. Also compare to the variable tariff rates under the EPG for EDF here: Compare them all to see what offer the best total price for your forecast consumptiom.
@meldrewreborn we are on the variable tariff for East Midlands SC 45.86p Day 42.25p Night 13.88p. This should mean given our 80% estimate of off peak usage that our bill has actually gone down. We would be cheaper with EDF. However we are still waiting to get our meter working with E7 before we can move. 6 months, 3 meters, 1 ombudsman case later we still have a meter doing E7 tariff time changes, whilst switching our heating circuit on E10 times. 4th meter engineer due next week. They promise they can fix it, but then they said that the last 3 visits ! It's not only you that finds E7 impenetrable, EonNext seem equally baffled by it.
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