What energy providers are people going to change to?

[AdamMGEV]

So I generally charge my car up twice a week, 4 hours each on the cheap Octopus Go rate of 5p. So that's about 50kw per week to charge my car.

I seem to use around 7kw each day otherwise on other stuff

As my Octopus Go rate is ending soon and the new rates are astronomical, what should I do?

My Octopus Go renewal cost would be:
Peak unit rate: 32.49p / kWh
Off-peak unit rate: 7.50p / kWh
Standing Charge: 23.50p / day
Estimated annual cost (electricity only): £1,103.88

Or Flexible Octopus at:
Peak unit rate: 23.19p / kWh
Off-peak unit rate: 16.58p / kWh
Standing charge: 23.58p / day
Estimated annual cost (electricity only): £943.55


Going with Flexible apparently its just going to increase again in September so is it better fixing now?

I see EDF energy is a slight but cheaper maybe so may switch to them on their:

Standing Charge 32.10p per day
Unit Rate 28.74p per kWh
I believe their Off peak rates are 4.5 pence which you can switch to after.


So what is everyone else doing?

 

[ensmith007]

I'm on OVO and just letting the fixed price contract run out to go on the standard tariff of...

They are desperate for me to fix a plan but they are crazy so why would I? Look at the standing charge.

Two year fixed is

or 1yr fixed is

 

[Deleted member 7171]

Here's my experience re my impending ending of my Go tariff.... Give it a go, there's nothing to lose.


Post in thread 'Price cap going up in april (53% or extra £693)' Price cap going up in april (53% or extra £693)

 

[Mogshock]

I'm on OVO and just letting the fixed price contract run out to go on the standard tariff of...View attachment 7140
They are desperate for me to fix a plan but they are crazy so why would I? Look at the standing charge.

Two year fixed is
View attachment 7141
or 1yr fixed is
View attachment 7142

100% agree that you shouldn't fix yet! I'm on an OVO fixed rate on 19.57p/kWh and standing charge of 23.29p per day that is set to expire end September so if I was in the same situation I'd tell them to stick their fixed rate plans where the sun don't shine! I can only assume you are on a similar tariff to me.

 

[rogerco]

Interesting question in the OP. For ourselves we're on Octopus Go and charge the car about twice a week.
For us though we have an 8kWh battery with 2.6kW of panels (E-W facing) and a 3kW inverter.

In winter when there is diddly squat coming from the panels we charge up the battery during the cheap period and most days it runs the house for the full day, often without dropping below 50%.

The car (MG5 SR) gets charged overnight about twice a week (about 1000 miles a month and about 75% using home charging).

The net result was in January, as a typical winter month, we used a total of 292kWh of cheap Go leccy at 5p/unit = £14.62 and only 18.5kWh of daytime at 25p 14.6p for about £4.60 £2.70 [edited - 25p is the new rate]

Of course the heating is gas on Octopus Flexible which added about £82 to the total monthly for Jan But for 6 months of the year that drops to next to nothing - aside from the 23p/day standing charge - as does the lecky once the sun is shining (got a couple of kW generated today - spring is on the horizon )

So since the battery makes the house lecky consumption all on Go rates at worst, I suspect it is not going to be worth switching almost whatever the new Go price will be. In summer the car also runs off solar for local miles and only needs a Go charge when going away on a road trip.

Conclusion - upping the battery from the recommended 3kWh to 8kWh was the best decision I made last year. We've been paying £60/month to Octopus for 10 months and are nearly £400 in credit after the Jan bill - and that for a 3 bed house with 2 people living in it and home during the day.

Only reason for switching will be if anyone can better 7.5p/unit (or whatever) for 4hrs overnight.

 

[IanE]

Rogerco
I've been trying to source a 8.2kwh givenergy battery to do exactly what your doing, looks like I might be able to get one around the same time as my car in May/June

Good to see the figures add up !

 

[AdamMGEV]

100% agree that you shouldn't fix yet! I'm on an OVO fixed rate on 19.57p/kWh and standing charge of 23.29p per day that is set to expire end September so if I was in the same situation I'd tell them to stick their fixed rate plans where the sun don't shine! I can only assume you are on a similar tariff to me.

The trouble is if I dont fix it will go on a flexible one which follows the wholesale rate and with Russia now being lets say rather nasty it's only going to go up

 

[AdamMGEV]

Interesting question in the OP. For ourselves we're on Octopus Go and charge the car about twice a week.
For us though we have an 8kWh battery with 2.6kW of panels (E-W facing) and a 3kW inverter.

In winter when there is diddly squat coming from the panels we charge up the battery during the cheap period and most days it runs the house for the full day, often without dropping below 50%.

The car (MG5 SR) gets charged overnight about twice a week (about 1000 miles a month and about 75% using home charging).

The net result was in January, as a typical winter month, we used a total of 292kWh of cheap Go leccy at 5p/unit = £14.62 and only 18.5kWh of daytime at 25p for about £4.60

Of course the heating is gas on Octopus Flexible which added about £82 to the total monthly for Jan But for 6 months of the year that drops to next to nothing - aside from the 23p/day standing charge - as does the lecky once the sun is shining (got a couple of kW generated today - spring is on the horizon )

So since the battery makes the house lecky consumption all on Go rates at worst, I suspect it is not going to be worth switching almost whatever the new Go price will be. In summer the car also runs off solar for local miles and only needs a Go charge when going away on a road trip.

Conclusion - upping the battery from the recommended 3kWh to 8kWh was the best decision I made last year. We've been paying £60/month to Octopus for 10 months and are nearly £400 in credit after the Jan bill - and that for a 3 bed house with 2 people living in it and home during the day.

Only reason for switching will be if anyone can better 7.5p/unit (or whatever) for 4hrs overnight.

EDF energy seems to do 4.5pence overnight for 5 hours for EV car owners

 

[ARealHuman]

With what's happening in Ukraine and other pressures, it's now forecast that annual energy prices for the average user are going to be around £3k/year by October. Holy smoke!

 

[Ozzie1989]

So I generally charge my car up twice a week, 4 hours each on the cheap Octopus Go rate of 5p. So that's about 50kw per week to charge my car.

I seem to use around 7kw each day otherwise on other stuff

As my Octopus Go rate is ending soon and the new rates are astronomical, what should I do?

My Octopus Go renewal cost would be:
Peak unit rate: 32.49p / kWh
Off-peak unit rate: 7.50p / kWh
Standing Charge: 23.50p / day
Estimated annual cost (electricity only): £1,103.88

Or Flexible Octopus at:
Peak unit rate: 23.19p / kWh
Off-peak unit rate: 16.58p / kWh
Standing charge: 23.58p / day
Estimated annual cost (electricity only): £943.55


Going with Flexible apparently its just going to increase again in September so is it better fixing now?

I see EDF energy is a slight but cheaper maybe so may switch to them on their:

Standing Charge 32.10p per day
Unit Rate 28.74p per kWh
I believe their Off peak rates are 4.5 pence which you can switch to after.


So what is everyone else doing?

Email Octopus and see what they offer you. Many people have had theirs renewed for little or no change for some reason.

Just ask them what the new variable rate will be come the new price cap, they probably can't tell you right now but worth a shot.

 

[AdamMGEV]

Email Octopus and see what they offer you. Many people have had theirs renewed for little or no change for some reason.

Just ask them what the new variable rate will be come the new price cap, they probably can't tell you right now but worth a shot.

Already done that and said I will move to EDF and the answer is sorry nothing we can do.

 

[Hairyfool]

I'm on OVO and just letting the fixed price contract run out to go on the standard tariff of...View attachment 7140
They are desperate for me to fix a plan but they are crazy so why would I? Look at the standing charge.

Two year fixed is
View attachment 7141
or 1yr fixed is
View attachment 7142

The increase in cap is 54% on the unit price and as far as I know all suppliers will apply that to the current SVR, this is because most suppliers do not consider that it is enough to offset the current fuel prices (events elsewhere making this worse). If you apply that to the Unit Rate it comes to 33.26p so the plan is slightly better. If you then make the assumption that the cap will also go up in October then even better.

However the standing charge price is extraordinarily high as OFGEM quote the average price for the next 6 months on SVR to be 45p so I don't see how they have come up with that figure. At 7p per day that's £51 extra over 2 years. I think this is because to be competitive suppliers were not applying the max allowed.

To really see the effect of the standing charge you would need to know your usage per annum, divide it by 365 to get per day and the divide that into the standing charge to calculate the per unit cost of standing charge. We don't have gas so our annual electric is 4000kWh

So 4000/365 is approx 11 per day, around 4.8p per unit on your figures where is was 2.3p

 

[chowbenter]

From what I've been reading about the higher standing charges it's a charge to pay for all the failed energy companies over the last 12 months.
"£68 a year is to be added to electricity standing charge to cover the SoLR process for the failed companies. That’s about 18p per day that everyone has to pay regardless of whether you’ve been with a failed company or not" https://forums.moneysavingexpert.com...ost-doubled/p2

It also looks like the high energy prices will be with us until at least 2023 according to some.

LEAK: Energy prices will 'remain high and volatile until at least 2023', EU Commission says

Gas and electricity prices will “remain high and volatile until at least 2023” according to long term forecasts quoted in a draft of the European Commission’s communication on energy prices due to be published next month.

www.euractiv.com

 

[Lguk]

Took me longer than I thought to find that forum post. Your link got truncated and wouldn't open.

Energy standing charge almost doubled!

Hi martin, I received a letter from British gas telling me not only was my electricity rising (as expected), but that they were almost doubling the cost of the daily standing charge! So that's going to cost the best part of £5 a week for no extra fuel use on top of already not being able to...

forums.moneysavingexpert.com

Mse Forum thread

 

[Deleted member 7171]

Call me cynical.....but

Me thinks the hike in standing charges it to make up for losses caused by the increasing number of customers using cheap rates to top up their battery storage.

No?

 

[Alb]

I'm more inclined to think it's to make more out of those customers aiming to reduce consumption as a means of saving money.

 

[AdamMGEV]

Call me cynical.....but

Me thinks the hike in standing charges it to make up for losses caused by the increasing number of customers using cheap rates to top up their battery storage.

No?

I don't think they would be losses. Its cheaper for a reason because there's excess power at night and high demand during the day.

Surely people charging during the night and using it back during the day is a good thing because it evens out the grid?

Personally I dont do this at the moment but I would like to in the next few years with a mix of solar.

 

[chowbenter]

It would be interesting to know just how much it's costing the various DNO's around the country who are upgrading old 60amp fuses & de-looping old electricity systems, I see their teams & vans around my neck o the woods doing upgrade work on the huge amount of old housing stock around here.

 

[Alb]

In the bigger picture it doesn't cost them anything because the costs are spread across all users via their electricity bills.

 

[N2STY]

Yesterday I got OVO 5p anytime charging just need the car to turn up lol