Electricity prices and switching

Electricity is currently supplied by GB Energy, who failed, and are now part of the Co-op. Current contract expires September this year, and they are urging me to switch, claiming a saving of ?98.85 per year.
Current costs (bill dated 23/06) are :
TCR 12.67 p/kWh 9.40p p/kWh unit rate 22.62p per day standing charge (22.62 x 365 x 1.05 = 86.80 pa inc. VAT)
New contract :
TCR 14.82 p/kWh 14.82 p/kWh unit rate 20.55 per day standing charge. (20.55 x 365 x 1.05 = 78.76 pa inc. VAT)
We have used 5712 units over the last year.
5712 x 9.40 x 1.05 = 563.77 pa inc. VAT
5712 x 14.82 x 1.05 = 888.84 pa inc. VAT
Daily charge therefore reduces by 8 pounds a year, but unit cost increases by 325 per year. What am I missing? How can that save their quoted 98 per year?
--
Graeme

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Graeme wrote:

An actual saving compared to present, or merely when compared to an expensive tariff it's presumed you will revert to? The latter is the way most suppliers and comparison sites work ...
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Ah! Yes, that makes sense. Bastards. The new tariff cannot possibly save anything when compared to the existing tariff. That means I've got to go through the rigmarole of comparing prices again. *sigh*
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Graeme

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I feel your pain. I pay Flipper to do it all for me. Initially, they only charge you if they can find you a better deal than their fee costs. They also do regular checks to make sure you are still on the best deal.
Not DIY, of course, but as with that it pays to know your own skill limitations.
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Dave Plowman snipped-for-privacy@davenoise.co.uk London SW
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On 25/06/2017 07:53, Graeme wrote:

There is a regulator approved misleading formula used by the comparison sites and the energy suppliers.
Your current contract is your 9.40p per kWh/22.6p per day for for the next 3 months and then they assume you are stupid enough to spend the 9 nine months on the "standard rates" at a higher cost. This is how they calculate your current yearly price.
The comparison is then made against a full 12 months at the rate the new supplier is offering.
You are doing the correct thing by assuming that your consumption for the next year will be similar to that of the previous year and performing your own calculations.
Be careful about switching within 40?? days of a contract ending as you may incur the switching penalties written into the existing contract.
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It really is a misleading practice, at best.

Appreciated.
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Graeme

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On Sun, 25 Jun 2017 09:39:09 +0100, Graeme wrote:

49 days, FYI. (I appreciate Alan wasn't sure)
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alan_m wrote:

Unless you've recently switched off a heated towel rail :-P
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less than the preceding year, but I have been adding LED bulbs.
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Graeme

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Sounds more expensive than EDF to me, as long as you use their latest blue thingy. Of course I'm using economy 7 which does skew it a bit or there would be no point in having it would there? Brian
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Scary! Just looked at Money Supermarket, and their best is PFP Energy who want 13.167p per unit plus 28.479 per day, which is 893.65 pa compared to current rate 650.57; rather depressing.
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Graeme

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Graeme wrote:

If you find entering the info a PITA on comparison sites. You could register at energy saving club - part of martin lewis moneysaving org. They remember your consumption and makes repeated comparisons easier Just login and press compare job done
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Just done exactly that, and yes, my details were there. Mr Lewis offers no greater savings than the Supermarket site, but at least I'll know the options.
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Graeme

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Graeme wrote:

The only variations there should be between comparison sites is the amount of cash back they offer. The basic prices "should" all be the same.
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I'm beginning to think these comparison sites don't always work in 'our' favour.
I got some very odd results when using several when thinking about changing to a car which I guessed might be expensive to insure (a sports car) They all suggested it would cost a lot more (reasonably well known companies only)
In fact, my current insurer changed it from the existing car for only an admin fee.
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Dave Plowman snipped-for-privacy@davenoise.co.uk London SW
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Dave Plowman (News) wrote:

Agreed. Car insurance comparison market is a totally different animal. Each site only listing options from companies that favour them. According to ML, there is an order in which to do the comparisons and a few extra companies who wont play ball with the comparison sites to try as well. The price you are quoted also depends on how long to your renewal date. Always worth doing your comparison around 30 days before renewal and saving the best ones to recall later. Comparing in the last few days indicates to them a degree of desperation on your part and the premiums go up.
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On 25/06/2017 13:00, Bob Minchin wrote:

The other trick they play is quoting a price that is only valid for 24 hours and if go back, say, 48 hours later the price will be higher.
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wrote:

I've been looking at Powershop (http://www.powershop.co.uk /) as my previously very competitive council run system has gone up a lot. Yep the price comparison sites were awful and I've bemoaned on here more than once that all I want is a unit rate + day rate for the region I'm in.
I think it works at 10.8p/unit + 15.76p/day if I take advantage of all their special offers, and about ?30 more if I'm lazy but stick with them for a year (on about ?350 usage).
Oh and none of the systems can cope with the fact that I want a single rate and not an E7 rate 'cause my meter comes up on "the database" as a dual rate meter. I just don't use enough E7 to justify the other extra charges.
Some right tw@s specify and design these systems.
--
AnthonyL

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That does look interesting, but 'Unfortunately Powershop does not have any tariffs available in your region.'
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Graeme

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Graeme wrote:

it's nPower in disguise

it gives me (in the ex-EMEB area) a price for a "powerpack" that's £40 cheaper than their standard price, but it's not a dual fuel deal, so would probably lose that amount in discounts.
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