On a year fixed rate Economy 10 will I still retain two rates charged? IE 10 at a cheaper rate.?

Hi ​@Collkitto 

The simple answer is yes but there is less difference between the peak and off-peak rates than there was 10 years ago. This is certainly true of Economy 7. If you have an E7 or E10 meter at the moment then you can get a replacement meter when it's due but, as far as I know, you can't get Economy tariffs now if you ask for one but some suppliers may still do that.

We've covered the subject before and today is the first time (​@Firedog) that I've found a reference to phasing out E7 by 2030. E10 may be in a similar position but I've not seen an explicit reference to phasing that out but the tariff doesn't match the costs of electricity generation now and this is the reason why you can't get a new E10 supply.

https://www.clearsafety.co.uk/news/the-removal-of-the-economy-7-tariff-in-2030/

Here is the OVO guide to Economy 10.

https://www.ovoenergy.com/guides/energy-guides/economy-10

Peter 

Hey ​@Collkitto 

I’m glad to see PeterE has already stopped by with some really helpful advice here on this one, I hope it’s helped answer your question.

We do have a handy topic about all things complex metering, including Economy 10 which might be helpful here:

Do let us know if you have any other questions.

You rang, sir?

I’ve asked all the AI deep search machines at my disposal to find an authoritative source for the statement that Economy 7 is ending by 2030. This was the short answer by one of them, which in fact echoed the others:

 
We also hear occasionally that Ofgem requires suppliers to offer Economy 7 or similar tariffs. Again, me and my little helpers can find no evidence for this urban legend.
 

[Waiting patiently to be proved wrong] 

I've see it stated on a couple of such “consultancy” websites, as well as on Linkedin.

It appears to be something that Ed Milliband said in a dinner speech somewhere, he does a lot of after dinner speaking. For Ed there is such a thing as a free lunch/dinner, and plenty of them.

(It could explain why only “consultants” who might have been at that dinner seem to know about it).

​@Firedog looking at my AI and asking more detailed questions I wholeheartedly agree with what you have said in that Ofgem have no plans to remove E7 (and/or E10 - as that was the the original question). So I think for legacy users you appear to be standing on solid ground with the following exception. As far as I know there is no reason why there cannot be a further erosion between the day and night rate. If the two rates were to ultimately converge on an ‘average’ value then, in theory, the E7 tariff just becomes nominal (in name only).

Another point is that, given the changes in the way renewables are being incorporated into the generation stack, other ToU tariffs could be introduced to give better value in terms of trading flexibility and cost which would effectively relegate E7 to a ‘basic’ tariff. There appears to be no obligation on suppliers to do anything other than support existing tariffs. I.e. they don't need to supply E7 or E10 where it doesn't exist as a tariff at an address already.

So as a summary, if you have E7 or E10 you can continue to have that and the 2030 comment I made earlier turns out to be a fiction (thanks Noel) but whether it will be the best tariff to stay on as ToU tariffs proliferate remains to be seen. It could be that the erosion of the E7 and E10 rate differentials (would Ofgem stop them converging?) would get customers to move to another ToU. I think suppliers would have to offer something broadly equivalent in cost.

For the full response from Chat (personalised for me) then click the link below.

https://chatgpt.com/share/6a2bc462-54c8-83eb-b421-a2e43411ad6e

Peter 

Thanks, ​@Peter E. That was an interesting read. This is a wide-ranging topic, so I find it a bit sad that all our AI friends seem to concentrate on the RTS connection (or lack of!).