What is the current price capped tariff for two rate economy 7?

Hi @Biggles 

I see you’ve been getting some excellent advice on here.

Just to reduce a bit of the guesswork, would you mind saying which region you are in? Also what method of payment were you being quoted for? The website will give tariffs based on payment by direct debit.

I believe region is midlands and the rate quoted was the only one that is available Simple energy variable.

Have not seen any advice yet that explains why I have been given a range of prices over the period of a week.

Are you planning to pay by direct debit/pay on demand/prepayment? They are different rates.

The electricity Energy Price Guarantee for the Midlands region is 33.73p/kWh and a 49.15p standing charge if paying by direct debit.

The Simpler Energy price if paying by direct debit is 33.72p/kWh and a 49.14p standing charge inclusive of VAT. You would get a different price if you wished to pay on receipt of bill or were a prepayment customer. This is one possible reason that you may have got a range of prices.

I can’t see that anyone has addressed the original question in this thread: What is the current price capped tariff for two rate economy 7? The marked answer makes no mention of Economy 7.

OVO are currently offering me an E7 tariff with these values:
 

This is in the East Midlands region (11), so rates in most other places are likely to be higher. The capped price here is 31.446p/kWh, so the rates shown equate to:

Day unit rate: 1.23 x price cap
Night unit rate: 0.60 x price cap

These figures seem to assume that peak usage is 1.75 x offpeak usage, meaning that E7 will be cheaper than single-rate so long as the daytime usage is less than ~64% of the total. 

E&OE, of course.

My fixed tariff is due to end on 28th Feb 2023. I have had an email from Ovo saying:

“You don’t need to do anything. If you’re close to the end of your current plan, you'll automatically move to our variable Simpler Energy plan when this finishes.”

I can’t find on my Ovo how the fixed tariff and simpler energy plan differ. Am I able to renew my fixed tariff? Would I be better switching to the simpler energy plan? When will I know how much my gas and electricity will be increasing by? I am just a bit concerned because I now only have 8 weeks and I don’t really know what to do.

Sorry for sounding so thick, hopefully someone can shed some light for me x

Hi @LilMissM there are no fixed deals that I have seen around due to the price hikes and you won’t be able to continue on your current plan. What is suggested is that you let things roll over onto the standard variable plan which is the one with a limit on top rates.
You can of course look at others but most are the same pricing at present. I think the only difference would be if you want something extra like economy 7 or for an electric vehicle charging period

Hey @LilMissM ,

I’m one of the forum volunteers, so I can’t access your account. I see @BPLightlog also stopped by while I was writing this up. I’ve adapted my reply in response.

Usually, the answer would be yes you can renew a fix deal. However, right now they’re not available at all from any supplier and the only option is to roll onto the variable rate tariffs. There’s not much difference between them, but the important things to know about the variable rate Simpler Energy plan are:

• You can leave the tariff at anytime - you’re not locked into a contract
• Prices can change at anytime - both up and down
• You will always be told about price changes before they happen

Thank you both so much for the advice, I certainly feel a lot calmer mentally about it now. I am worried however that the price I pay each month will be different from month to month. I am not particularly savvy when it comes to finances and like to pay everything by DD so I know things are paid and I know how much money I need to keep aside to cover my DDs. Will Ovo let me know the difference in prices from what I pay now to what I will pay on a variable rate? That sounds like a dumb question because I guess the answer is in the tariff title “Variable rate Simpler Energy plan”! I am just worried that I won’t know in advance what will be coming out of my bank x

If you’re paying OVO by Direct Debit, that will stay the same even on Simpler Energy and will remain as a Fixed Direct Debit just like it is now. The amount may have to go up, but you’ll get told that as well before any changes are made.

While the rates can change at anytime, they don’t go up that fast. You’ll get all the details in the next few weeks if memory serves.