Increase in UK electricity prices

[Applecross]

From April 1, 2022, the cost of UK electricity will increase to 28p Kwh for people on a price capped supply. Source; https://www.ofgem.gov.uk/publications/price-cap-increase-ps693-april

I suspect it wouldn’t be long until there is price parity between fuelling an EV and fossil vehicle.

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[JohnnyForensic]

From April 1, 2022, the cost of UK electricity will increase to 28p Kwh for people on a price capped supply. Source; https://www.ofgem.gov.uk/publications/price-cap-increase-ps693-april

I suspect it wouldn’t be long until there is price parity between fuelling an EV and fossil vehicle.

Yikes.

I just saw a note that the Bank of England said UK households need to brace themselves for the "biggest annual fall in their standard of living" since records began 30 years ago. I'm not sure what that delta between the new price per kWh is with petrol there, but here in Virginia, just below Washington DC., I pay about two cents per mile in electricity costs where my gas vehicles run about fifteen to eighteen cents per mile in gasoline/petrol. Even if prices doubled or tripled for electricity (God, please don't), it would still be far less than paying per mile what I do in gas.

How far off is this new electrical number from your current gas prices at say a 25 mpg car?

 

[Djmc321]

That's 12p more than my current tarriff which comes to an end in March. Ovo emailed me to renew at 30p a KwH which when you combine with the increasing Gas tarriff is nearly DOUBLE my current annual outgoings on energy, were talking just under £2000 extra a year! I can't see how the government won't be forced step in at this point as most households can't absorb that.

It's still a lot cheaper than my ICE, which was a V8 getting 18mpg, and that wasn't the sole reason I switched to EV. I also need to see if there are any remaining overnight tarriffs remaining from Octopus.

 

[portlandg]

From April 1, 2022, the cost of UK electricity will increase to 28p Kwh for people on a price capped supply. Source; https://www.ofgem.gov.uk/publications/price-cap-increase-ps693-april

I suspect it wouldn’t be long until there is price parity between fuelling an EV and fossil vehicle.

At present prices it would cost me in the region of 18ppm for my old diesel KUGA. My running costs for my MME are about 7ppm so we are a way off parity at the moment.

 

[Applecross]

At present prices it would cost me in the region of 18ppm for my old diesel KUGA. My running costs for my MME are about 7ppm so we are a way off parity at the moment.

A year ago the cost would have been 5ppm.

From April it will be 9ppm.

If that rate of increase continues, parity will come sooner rather than later….

 

[Applecross]

Yikes.

I just saw a note that the Bank of England said UK households need to brace themselves for the "biggest annual fall in their standard of living" since records began 30 years ago. I'm not sure what that delta between the new price per kWh is with petrol there, but here in Virginia, just below Washington DC., I pay about two cents per mile in electricity costs where my gas vehicles run about fifteen to eighteen cents per mile in gasoline/petrol. Even if prices doubled or tripled for electricity (God, please don't), it would still be far less than paying per mile what I do in gas.

How far off is this new electrical number from your current gas prices at say a 25 mpg car?

25mpg in the US equates to 30mpg in the UK

So, In ballpark pricing, a MachE would be 50% cheaper to fuel compared to Diesel or petrol (gas) under the new UK electrical pricing.

 

[Nklem]

Is my math wrong or does that work out to $0.3808 per KWH, US Dollar? Ouch! Although I saw a 33% increase here in Maine, $0.234/kWh. I thought renewables were cheaper.......LOL

I know what it is, the grids are getting "greener" and the "greener" is money...... Wait until the US is done with "greening" the grid, I see future increases to all.

...Norm

 

[ARK]

Is my math wrong or does that work out to $0.3808 per KWH, US Dollar? Ouch! Although I saw a 33% increase here in Maine, $0.234/kWh. I thought renewables were cheaper.......LOL

I know what it is, the grids are getting "greener" and the "greener" is money...... Wait until the US is done with "greening" the grid, I see future increases to all.

...Norm

Everything is more expensive in Europe.

 

[Jonno21]

Is my math wrong or does that work out to $0.3808 per KWH, US Dollar? Ouch! Although I saw a 33% increase here in Maine, $0.234/kWh. I thought renewables were cheaper.......LOL

I know what it is, the grids are getting "greener" and the "greener" is money...... Wait until the US is done with "greening" the grid, I see future increases to all.

...Norm

The energy prices in Europe, I don't know about the US, are dictated by the price of gas (not petroleum gas) so even though renewables are cheaper to install and run the price is artificially high. Which of course benefits Big Oil. Plus a significant proportion of European gas (and UK gas) comes from Russia. Who thought that would be a good idea for energy security? (Politicians no doubt) ? If governments had invested in renewables earlier and each country was more self sufficient we wouldn't be in the mess we are in now.

 

[SteveUk]

From April 1, 2022, the cost of UK electricity will increase to 28p Kwh for people on a price capped supply. Source; https://www.ofgem.gov.uk/publications/price-cap-increase-ps693-april

I suspect it wouldn’t be long until there is price parity between fuelling an EV and fossil vehicle.

It varies by region so the exact figure is hard to find. More like 30p for me I recon.

good luck digging into the data here to find out!

https://www.ofgem.gov.uk/publications/default-tariff-cap-level-1-april-2022-30-september-2022

 

[Tnuctihs]

At current prices, I'm paying approximately 50% less than my i was to run my diesel GLC. I'm getting around 6p per mile, and my GLC was around 12p per mile.

After the price hike in April, I reckon I'll still make a 25% saving, but come the next review in October, who knows!!!

 

[SteveUk]

A year ago the cost would have been 5ppm.

From April it will be 9ppm.

If that rate of increase continues, parity will come sooner rather than later….

When you count the cost the battery needed in an EV over a non EV car, perhaps "parity" on overall cost is approaching?

E.g. Ford Kuga is circa £20k cheaper than an equivalent mache. The mache is more expensive mostly due to the cost of that battery.

 

[coolshades]

Parity is likely to come not just because the current state of energy priced but also because if demand for fossil fuels drop, so will price

all that said, I will not be in any hurry to dispose my MachE even if parity is reached.

 

[leeman]

Bummer

 

[2EVs]

A year ago the cost would have been 5ppm.

From April it will be 9ppm.

If that rate of increase continues, parity will come sooner rather than later….

Still paying 7.5p/kwh with Octopus Go and just started a trial where Octopus decide when to charge my car. I enter the charge % required and time to complete charging in the Octopus app then plug in after 5pm and Octopus does the rest. All car charging controls are switched off. I hope that using this service the cost to charge will not increase, there has to be some payback.
Incidentally I was paying 10p/kwh some years ago on a standard eco 7 tariff before the EV charge rates started. I'm still paying less to charge now than 4 years ago.

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