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

It’s quite a time with prices isn’t it @LilMissM 

As @Blastoise186 mentions, OVO will try to adjust your direct debit so that you pay a standard amount although of course it might change a little. The price per kWh will change of course compared to your current tariff but if you have a good history of use over a year or so, it should be easy to calculate and let you know

This is my first time using this forum. I came here feeling anxious with questions that in my head just sounded dumb.

Thank you @Blastoise186  and @BPLightlog so much for your replies. I definitely feel calmer and much more informed having someone explain things in plain and simple terms.

Thank you :) x

No worries. :)

We’ll be here if you need us again for anything, so feel free to stop by anytime and ask as many questions as you fancy!

I am on SVR and live in the N Wales and Mersey (formerly Manweb) region. Please can you tell me what my unit rates and standing charge rates will be for the rest of 2023?

If not known yet for the whole of the rest of the year, what do we know so far?

N.B. Plan offered on Ovo website shows:

Elec; 35.97 per KWh and 48.59 daily

Gas: 10.32 per KWh and 28.48 daily

Thanks,

Simon

Current rates are governed by the Energy Price Guarantee (EPG) and by the Energy Price Cap (EPC). The current EPG maximum rates apply until 31 March, so there will be no increase to default tariffs before then. The EPC for April-June will be announced in a couple of weeks’ time. So, to answer your question - nobody knows what the future beyond 31 March will bring, but the average GB household’s annual energy cost will be kept below £3000 by the EPG until April 2024. There has been speculation that prices might even fall a bit from April 2023 onwards.

So what actually are the rates for Jan-Mar please? 

Confusingly, the rates vary a small amount depending on where your live and which provider you're with.

My OVO rates are currently:

Electricity 33.63p per kWh. 40.64p standing charge

Gas 9.80p per kWh. 27.12p standing charge 

Hey @Simon 1402,

Welcome to the OVO Online Community,

Your Unit Rates and Standing Charges should be on your Online Account. You’ll also be able to see these on your statements.

If you were one of the customers affected by the Ofgem price cap increase in January, you’d have been contacted by OVO. 

My response taken from a similar thread might be helpful to you:

Energy Price Guarantee

The Energy Price Guarantee (EPG) refers to the Government initiative which started October 1st. This limits the energy bill for a typical household to £2500 until the 31st of March 2023. This will be increasing to £3000 in April 2023, and will remain in place until March 2024. 

The EPG is in addition to the Energy Bills Support Scheme, where every household will receive a £400 discount to help with the cost of energy. You’ll receive £66 in October and November, and then £67 every month until March. 

Price Cap

The Price Cap which is set by OFGEM means the maximum cost that a supplier can charge a customer on average, per year. The Price Cap is influenced by wholesale costs. This includes distribution costs in each region. OFGEM takes a look at the underlying costs to supply energy and sets the cap accordingly. 

Don’t worry, although the Price Cap has been set much higher than the EPG (about £4200). The EPG protection will remain in place until March 2024 and the government is still absorbing a lot of the cost. 

Why are some customers seeing a price increase despite the EPG? 

OFGEM has decided to amend the Price Cap to make changes to regional charges, but the EPG discount remains consistent, as an average, across different regions. This will result in some customers' charges increasing on the 1st January. 

The EPG is an average discount across the board, however regions that are more costly to provide energy to, will see an increase in costs. 

All of this will be communicated to affected customers. If you're affected by the regional pricing updates and your prices are set to increase in January, we’ll contact you over the next few weeks with an update of your change of price and forecasted costs for the year.  

What about Fixed Tariff customer’s moved to the EPG?

We made a promise to these customers that we would continue to monitor their accounts and if a customer becomes disadvantaged, we’ll reach out to them and inform them of the next steps. 

Thanks all.

It seems that the various schemes are so complicated that nobody can actually tell me what rates I will be paying.

I guess I will just have to wait for bills and see what rates I am being charged.

Anyway, thanks again for all your efforts to explain.

Simon