Electricity Gas Price Cap Unit Rate Tariff Calculated - October 2021

By J Drew -

 With the news reporting the current energy crisis with massive hikes in gas and electricity prices as well as numbers of suppliers going out of business I wanted to find out more information about the default price cap tariffs that apply to compare to my current rates.

UPDATE - capped bill price calculator now created

This wasn't an easy process to do and seems almost deliberately obscure to make it hard for consumers to compare the price cap variable rate tariffs to their current prices - probably because the price cap is lower than most tariffs will be.

Eventually I found this information linked from the MSE website

https://www.ofgem.gov.uk/publications/default-tariff-cap-level-1-october-2021-31-march-2022

which shows the price cap totals for each supply area for the gas standard credit tariff but importantly doesn't show the unit rates for any of them. However it does show that the value is based on a usage of 1200kWh per year so we can use this to calculate.

Electricity Gas Price Cap Unit Rate Tariff Calculated
Electricity & Gas Price Cap Unit Rate Tariff Calculated

For example in the South East the total is £594.94 for usage of 12000 kWh including standing charge. So the gas cost is £487.93 which is equates to 4.06p per kWh for gas. The standing charge is shown in the left hand column and needs to be divided by 365 to give the daily charge which comes out as 29.3p per day. If your planned fix is higher than this it may be worth sticking to the variable.

Looking at these figures it means that the default price cap tariff beats the fixed rate ones at the moment and this is fixed until April 2022. Personally I'll be staying on the price cap variable rate tariff when my fixed rate ends in October, the other options are far more expensive.

UPDATE - capped bill price calculator now created 


Comments

  1. Anonymous13 December 2021 at 04:59

    Thanks!

    If you possibly have the formulas behind this, it would be good to take this to the ombudsman.Almost all suppliers are overcharging. Without the formula however, it would be impossible to raise this as a fact.

    ReplyDelete
    Replies
    1. J Drew14 December 2021 at 00:37

      The formula is from the OFGEM site so already available to them

      Delete

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