Recently signed up to a new fixed contract- Will my prices be affected by the Energy Price Guarantee?

I get regular updates from the Martin Lewis forum so will wait a bit longer and see how things pan out with info from himself or OVO.

Also I need to check if my current fixed rate is cheaper than the current variable rate, which will help decide on how soon to take any action

If you’re paying via Direct Debit, the £400 EBSS rebate won’t be paid to your OVO account, it’ll actually go back to your bank account instead, so that’s why the calculator isn’t going to factor it in.

Feel free to pay it back into your OVO account though - if you do, the calculator will definitely include that with the number crunching!

Just got a rather confusing (and scary) email letting me know that our fixed price plan is ending on 2-Oct-2022, even though it was expected to run till Sep-2024. It then says we hope you’re not going to leave. I think I understand what is happening. That because my expected yearly payment was above £3500, I’m automatically being transferred to the variable rate plan. And even if I try and take pre-emptive action and choose a plan, that’s the only one available.

I’m not complaining particularly about what is being done but I am complaining about the communication. The email reads as if I‘ve chosen to cancel my contract and leave OVO. When I haven’t done anything. It reads as if I have to do something when I don’t think I have to do anything. 

Hi @kwick1 

Please take a look at the links on this thread, and consider upcoming:

Eco7 rates appear to be varying a lot between suppliers, regions and methods of payment (DD is not necessarily the cheapest option). Which is best will come down to what proportion of your usage is in the off-peak. 

Happy to give further pointers if you can give your usage and which region you are in.

Hi @Glenbo 

This is just a guess at the moment. But I reckon as you've only recently taken the fixed tariff out, towards the end of July, its unit rates are probably high and would remain higher than the rates you would pay if you were on the variable tariff with the Energy Price Guarantee discount applied to the cap.

Therefore, for the next 2 years the variable tariff is the cheaper option and OVO have automatically put you on to this to stop you overpaying.

EDF published all their rates about 10 days ago .  OVO and E.ON Next -zilch.

government_energy_price_guarantee_prices._standard_variable_deemed_and_welcome._credit_meters.pdf (edfenergy.com)

I think that while single rate tariffs are very similar from one supplier to another the Economy 7 unit prices can be substantially differe, apart from the standing charge which will be as per OFGEM october rate. 

Im on a fixed rate with OVO until 2023 but will re asses after Christmas, 2022 has already been stressful enough with OVO trying to increase my direct debit from £178 to £368.

I have notices how they aren’t stating prices per Kw and now annual prices which is there golden nugget.

Hi, Thanks for the reply but I'm on the Drive plan, today the cap comes into place and I'm still none the wiser on how this government scheme is being done, I’m assuming we shall get credit like the anytime addon works so my direct debit won’t actually go down but I'll have a massive surplus, I’ve already got a 4 digit figure in credit on my plan as apparently I'll be in debt if I lower it, which I completely understand the logic behind. But it is going to cause some trouble for me if its not balanced out over the next few months.

I’m sure you probably don’t have the information yourself but I’d just l like to have a bit more reassurance that I'll be able to lower the direct debit amount and a bit of clarity on how this scheme is going to be implemented, if its credit based to the account it just means myself and others will be having to apply for refunds every few months, if the DD takes into account the government scheme I'm happy knowing in a couple of months it should balance out to something a bit more realistic, I don’t mind applying for refunds as long as it doesn’t go against me as a customer, I'm sure applying for a refund of a £1,000 every 3/4 months will bring up some kind of review or count as some kind of abuse trying to get % on my balance

It’s worth noting that there’s still different price caps for different parts of the UK and Economy 7 has it’s own set yet again. Chances are you are below your price caps! And if you’re not, your bills will be automatically adjusted by OVO’s system for the period that the price guarantee is running for.

My energy price per kw hasn’t lowered to the government guaranteed price just wondering why ,I am on a 2 year fix from july this year

aye there phones will be on fire to-morrow lol