Variable price change, OVO Simpler Energy Plan and the Ofgem price cap

I should have mentioned that there are nowadays a couple of other use cases for Economy 7 (E7) tariffs:

• Charging electric vehicles (EV) overnight. EV charging at home is fast becoming the biggest consumer of electricity for many customers, so it makes sense to take advantage of cheaper overnight rates. 
• Charging batteries overnight to store electricity for use during the day. 

 
It’s not certain that E7 will always be with us; night storage heaters are fast being supplanted by heat pumps, and some suppliers like OVO have alternative, even cheaper solutions for EV owners. Domestic batteries will have to come down in price a great deal for it to be worth it for the consumer to to take advantage of an E7 tariff in this way. And as demand for tariffs like this falls away, suppliers will soon think about abolishing them entirely in favour of other Time of Use arrangements, like Octopus’s Agile plans.  

Thanks Firedog,

Night storage heaters ?   What on earth ?

Multi rate smart meter = yes.

I’ve never had night storage heaters & guess the economy 7  charges ( high / low rates) are a hang over from previous eras. 

I’ll check out the OVO single rate tariffs that you helpfully 😎 provided the link to.

I wonder how many other customers are paying above the Cap ( seriously why is it called that ? ) without even realising. I bet the answer is = loads. Although the charges are itemized each month it’d certainly be beyond many folks to do the detailed drill down. The concept of cap should mean exactly that **but it obviously doesn’t !

Ovo & presumably other suppliers are cheerfully billing above Cap levels !

best wishes Robert.

**Dictionary definition in my earlier post.

Good morning,

When will the new June energy prices be available I haven't found any information on the app or website and my IHM is still showing the April costs.

Silly me just realised that the energy prices go down on the 1st July 😀 definitely having a senior moment this morning 🤔🤪

Hi @Lucky2,

Glad you managed to resolve this yourself. 😆

Let us know if there’s anything else we can help with. 

@Shads_OVO yeah got there in the end 😀👍

Hi 

my current payg rates on smart meter vary to Ofgem rates electricity 1/7/24 

kWh higher and standing charge lower 

therefore the Ofgem prices can’t be relied from 1/10/24 

Hi @Fuzzycat ,

Try checking them against https://plans.ovoenergy.com .

It MUST be said that Ofgem only publishes the national averages - take them with a pinch of salt because there’s a 100% chance they’re not the rates that apply to your area.

Ofgem publishes the regional capped prices, too: Get energy price cap standing charges and unit rates by region | Ofgem

For single-rate tariffs, suppliers can’t charge more than the Ofgem figures. Beware of VAT, too. It’s included in the Ofgem figures, but not in the ones on OVO’s plans page.

@Firedog 

TG you mentioned VAT lol. My PAYG tariffs are the same as @Blastoise186 kindly linked. (After adding VAT 5%)