OFGEM July Price Cap Announcement 25th May

[Mart]

Not sure if this is the right thread, but can somebody provide a lesson on UK wholesale prices and how they work?

I think they reflect gas generation prices (are based on its supply price), but may have that completely wrong.

I noticed something strange today, on the NGL website, that the 'current' price was only £25/MWh, and I was going to ask if folk knew why, but just before typing this I clicked update, and it changed to £60, but you can see the pricing in the charts below if you choose past day. [Note, flicking between past day, week, year and all time (12yrs), is a price eye-opener.]

Does that mean that demand was so low that gas competition pushed prices down to £25 (assuming again, that prices are gas based)?

I think I can see a rough correlation (mirroring) between the gas generation curves on the right, and the price curve on the left, when I flick between the day, week etc charts?

[Mr Gus]

In the meantime, how has asset stripping the failed firms & their directorate of funds to make a dent in the costs now borne by the shonky govt encouraged likes of "bulb" 's ex-directors, the ones who were there & screwed up?

https://find-and-update.company-informa ... 5/officers ..the ones like Hayden wood drawing on his £225,000 per annum salary?

Anyone want to invest in co-founder Amit Gudka's energy storage and infrastructure company!? after all that!?
Wow, so many production holding companies & "energy producers / energy storage descriptions under company description.

Beyond the collapse of so many energy companies operating in this manner, the public really need to know how many pence per day in the standing charge which has (as nowty said) pretty much doubled across the board..

Unless it is broken in a well written manner the "walking dead" will carry on being shafted by companies "too big to fail" & costs most definitely passed on from "pork futures" warehousing facilities (Ankh-Morpork

[nowty]

Not sure if this is the right thread, but can somebody provide a lesson on UK wholesale prices and how they work?

I think they reflect gas generation prices (are based on its supply price), but may have that completely wrong.

I noticed something strange today, on the NGL website, that the 'current' price was only £25/MWh, and I was going to ask if folk knew why, but just before typing this I clicked update, and it changed to £60, but you can see the pricing in the charts below if you choose past day. [Note, flicking between past day, week, year and all time (12yrs), is a price eye-opener.]

Does that mean that demand was so low that gas competition pushed prices down to £25 (assuming again, that prices are gas based)?

I think I can see a rough correlation (mirroring) between the gas generation curves on the right, and the price curve on the left, when I flick between the day, week etc charts?

Its a bit too complicated to answer it in a post, so I think I will write up a new thread on what your asking. I'm a bit busy at the mo though as am helping daughter move flat again.

[Mart]

Thanks Nowty. No rush, just interested as I understand (hopefully correct), that the price is closely linked to the gas generation price, so the invasion of Ukraine, and subsequent price spike, hurts us even more.

Of course, if I've got that wrong (a recent revelation/understanding), I'd like to know.

[Andy]

Well, having written to UW I have the following figures back

no vat/with vat
day: 33.6p/35.28
night 18.579p/19.5p
standing 55.6p/58.38

That isn't as good an improvement as I hoped for. They have left the night rate pretty much alone and only reduced the day rate.

[nowty]

Well, having written to UW I have the following figures back

no vat/with vat
day: 33.6p/35.28
night 18.579p/19.5p
standing 55.6p/58.38

That isn't as good an improvement as I hoped for. They have left the night rate pretty much alone and only reduced the day rate.

Octopus for you area including VAT would be,
day: 37.41p
night 16.56p
standing 57.43p

The prices have dropped significantly BUT ONLY from the last OFGEM price cap, BUT not from the last Gov price guarantee level as that was lower.

Supply companies are allowed to change the day / night split depending upon their own customer usage profile so the weighted average still comes out at the OFGEM price cap value. I am thinking most Octopus customers who are EV / Battery savvy are on GO or IO tariffs so leaves more E7 customers on more heavier day time usage thus having increased Day rates but lower Night rates.

[Andy]

Octopus for you area including VAT would be,
day: 37.41p
night 16.56p
standing 57.43p
.

Thanks for that. I wish I could go with octopus but they don’t accept E10 meters. Also I have no signal for smart meter so that’s out as well.

I’ve just noticed eon have pretty good rates so will look at them.

[AE-NMidlands]

I wonder if there is time limit for when the energy company needs to let you know the new rates. I still haven’t been informed with less than two weeks to go.

My Octopus (ex-Coop) tarrif notification came in yesterday (22nd June) for a 1st July change... 10 days?
I suppose it doesn't really matter as they seem reaonably efficient and trustworthy, and I'm not likely to get much of a better deal elsewhere - not that I want to move away anyway. Every one of my bills says "Good to know: You are already on our cheapest gas/electricity tarrif" which I take at face value.
Earlier this year it was 24th March for a 1st April change.
A

[Fintray]

Octopus Flux rates starting 1st July are (for Northern Scotland) :
Import
Standing charge 57.335p (no change)
Peak 41.956p (45.583p)
Flux 17.981p (19.535p)
Day 29.969p (32.559p)

Export
Peak 30.956p (34.583p)
Flux 6.981p (8.536p)
Day 18.969p (21.559p)

[nowty]

The peak on My Octopus Intelligent is dropping,

Now / from 1st July
Standing Charge 47.954p / 47.954p
Peak 41.107p / 30.598p
Cheap 7.500p 7.500p