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

That’s just what I’m trying to find out., but Robert’s gone quiet on us.

I can’t check his figures for Jan/Feb/Mar 2024, because it’s not easy to track down OVO’s historical tariffs. However, using their current SVT rates for the Eastern region (unit rate 27.61, night rate 15.90 and single rate 24.05 p/kWh ex VAT), we can compare what a month’s usage of 350 kWh would cost if the split were (a) 100 night/250 day and (b) 150 night and 200 day:
 

    100 kWh x £0.1590/kWh + 5% =  £16.70
    250 kWh x £0.2761/kWh + 5% =  £72.48
    Total                                             £89.18 (effective rate: 24.27 p/kWh)

    150 kWh x £0.1590/kWh + 5% =  £25.04
    200 kWh x £0.2761/kWh + 5% =  £57.98
    Total                                              £83.02 (effective rate: 22.59 p/kWh) 

    350 kWh x £0.2405/kWh + 5% =  £88.38

I wonder if this helps at all.

Sorry for silence, been busy elsewhere.

I’ll cut & paste my elec bills for past 3 months & try to attach in next hour or two.

That’s a very impressive graph Firedog , from couple of weeks ago, well done 😃 ! 

I have copied my Elec charges for first Q of 2024 and now on an excel file.

Hopefully I’ve attached correctly.

Columns B & C is the data from OVO.

Columns E-J are my extrapolations of these.

You will see the cap of 0.2812 per KWH is exceeded . I’m in Eastern area . 

Incidentally the earlier cap to 31/03/23 was 0.266 & was exceeded on my bills Oct-Dec23. 

Not shown on this excel. Grateful for review of 2024 data !

I don’t think I attached my excel file, and indeed can’t see a way to do that.

Do you know how ?

Sorry, but file uploads (other than images) aren’t allowed here for security reasons. Only Forum Moderators and trusted Forum Volunteers can do that.

If you need help though, reach out to forum@ovoenergy.com and one of the Mods can help you out.

Electricity

Meter readings

Charges

Electricity

Meter readings

Charges

Electricity

Meter readings

Charges

As I can’t attach excel file I’ve just copied my charges JAN-APRIL 24 and shown here/above.

My Elec charge for the first of these 3 months is :

KWH , peak & off-peak combined.      261.369

Cost GBP                                                 75.76.

Average cost per KWH                        0.2898

CAP                                                        0.2812

I’m excluding S/C & VAT.

This is a consistent pattern :the overcharge was higher in next 2 months. Also occurred every month in last part of 2023 when cap was 0.266 per KWH.

But please have a look & tell me what’s gone wrong.   

Even if this charging policy is all “fine & dandy” (….really ??? … ) why is it called a CAP ?

From Cambridge dictionary definition of CAP, quote = a limit on the amount of money that can be charged or spent in connection with a particular activity….unquote.

Another case of misleading the public ?

Anyway please advise any observations.   Thank you in advance.

Thanks for the figures. As we suspected, you’re using too little offpeak electricity (varying from 17 to 23% of total usage) for it to be worth your while to be on an Economy 7 tariff.

These tariffs were introduced decades ago to make use of cheaper overnight electricity when the power stations are still producing, but demand is much lower. They are commonly used to charge up night storage heaters - heat up a load of bricks - that then gradually discharge the stored heat during the day as the bricks cool down. For this to be worthwhile for the supplier and distributor, the rate charged during peak hours is significantly higher. 

You appear to have a multi-rate smart meter, so you might consider asking OVO to switch you to the single-rate tariff. There would be no other change than peak usage would be charged at the same rate as offpeak usage. Note, though, this this change is currently irreversible: you apparently can’t change your mind and go back to an Economy 7 tariff. 

Look up the rates for your region, meter type and payment method on this page: plans.ovoenergy.com and work out how much you could save by doing this. You’ll see a lot of tariffs on that page, so be sure to pick the right one to compare with. You should find that they’re the same as I used in my illustrative calculations here: “current SVT rates for the Eastern region: unit rate 27.61, night rate 15.90 and single rate 24.05 p/kWh ex VAT.” You’ll see also that the standing charge is about 1% (£2 PA) lower.

It was precisely for people in a situation like yours that I wrote the article I referred you to: