Octopus Energy reviews: Give your feedback

Telegraph_Sam

I'm working on an average annual kwh of 2752 electric and 7370 gas as a common "reference value" for comparisons between suppliers. Latest Tracker prices for this region: 16.38 p / kwh + 18.73 SC electric.  3.56 p / kwh + SC 15.09 for gas.  I haven't got enough Tracker data to distinguish between summer and winter but the gas usually dwindles to a trickle in summer. Last two Tracker invoices came to around £60 p.m. With any luck higher prices may be offset by lower gas consumption...

niktheguru

Telegraph_Sam said:

niktheguru said:

Telegraph_Sam said:

Even at current rates Tracker still seems (for me) to be cheaper than the Octopus fixed alternatives. I have not worked through every one but now that I see the filters this makes the job more practicable.

I would still urge you to think about octopus go faster, despite the rate increase. I know there is the stumbling block about you not being keen on a smart meter.
Looking at my numbers, my daily Kw/h rate when i am charging my electric car averages to 8p/kwh.
When i am not doing any EV charging my rate averages at 11p/kwh (using 13kwh for the day) - the only change in "behaviour" is to ensure we do the washing machine/drying after 8.30pm rather than during the day time.
This is far below tracker will achieve, and i havne't had to change my behaviour much at all. Even looking at their peak rate now increasing by just under 2p/kwh, my daily average charge would only increase to 12p/kwh.

I would strongly suggest you think about octopus go faster.....if still not convinced I would suggest you leave octopus and go to someone like neon reef!

Doing a quick scan of the market I came to the conclusion that as at end May / beg June there were few if any alternative front runners offering a fixed rate with significant savings compared with my current ("inflated"?) variable Tracker tariff. Neon Reef's new variable rate Marine v 3 was the exception. Similar story with gas but here the competition is stronger led by Avro fixed and Igloo variable tariffs.  Surprising in view of the latest price rises.

Neon reefs previous variable tariffs were very competitive. In my area their marine 3 now has a eye watering 33p standing charge!! I think its nearer 24p in the north east, think you might have missed the extremely cheap boat again Sam. Neon reef will still save you money compared to tracker (probably around £40 in the year) but you would have saved much more had you moved earlier.

Telegraph_Sam

Hindsight, even in energy matters, is a wonderful thing.
It's comforting to know that the North East is "favoured".. I suspect that there are indeed savings to be made by switching electricity, but forecasting these, the  balance of two future variables, takes some doing - and there is the inertia factor if they don't amount to much. Next month's  bill could be decisive. Noteworthy is that up until the end of May Octopus were regularly increasing their gas and electricity price forecasts each day, but this suddenly changed as at 1st June. Read into that what you may.

niktheguru

Telegraph_Sam said:

Hindsight, even in energy matters, is a wonderful thing.
It's comforting to know that the North East is "favoured".. I suspect that there are indeed savings to be made by switching electricity, but forecasting these, the  balance of two future variables, takes some doing - and there is the inertia factor if they don't amount to much. Next month's  bill could be decisive. Noteworthy is that up until the end of May Octopus were regularly increasing their gas and electricity price forecasts each day, but this suddenly changed as at 1st June. Read into that what you may.

What do you mean by their "forecasts". 
Their tracker graphs and forecasts have always been wildly inaccurate. For example, in my area the tracker electricity is 16.92p/kwh today, yet the graph has predicted it to be 13.17p tomorrow, which is so wildly untrue. I wouldn't read anything into their predictions and forecasts, and just look at the numbers infront of you. I suspect for your low usage it may be worth sticking with tracker as the standing charge is also low at present. Maybe worth moving gas nearer the autumn (hoping that prices dont inflate even further)
Certainly i'm staying put with gas now, as all the gas prices have sky rocketed, but considering my use is rather small over the summer i'm gonna stick it out.

Telegraph_Sam

How to interpret Tracker's "projected costs for the next 12 months" has always been smoke & mirrors but I just use the website projected unit price, 13.01 as against 16.56 today for this area, as an indication of the way that things are going in the medium to longer term. For quite some time the combined forecast costs have been lower than the actuals but the differential has been reducing. If anyone can enlighten me further as to how to interpret the data I would be keen to know.

Umiamz

Telegraph_Sam said:

How to interpret Tracker's "projected costs for the next 12 months" has always been smoke & mirrors but I just use the website projected unit price, 13.01 as against 16.56 today for this area, as an indication of the way that things are going in the medium to longer term. For quite some time the combined forecast costs have been lower than the actuals but the differential has been reducing. If anyone can enlighten me further as to how to interpret the data I would be keen to know.

As others have said a number of times, the best way to interpret it is by ignoring it. It bears no relation to reality. I doubt that they've even bothered to update it to reflect the recent rise in prices.

niktheguru

Not sure where you're getting those figures from. Todays price is 16.92p in my area, and tomorrow it is 16.03p
Not sure what you're asking to predict the future data is actually possible. Its all just a punt/guess.  The "predicted price" over the next 12 months of 13.35p is a bit of fiction if you ask me. They are always predicting the wholesale price to go from 7p to 4p, they even predict that to happen on their graphs tomorrow, which clearly isn't what is actually happening.

Telegraph_Sam

We need to be sure that we are looking at t he same data. My Tracker website gives a unit monthly average price prediction on their "next 12 months" page. On the the "This Month" page you can extrapolate forwards for the following few days (big drop down to 12.60 p for me!) but these latter do look rather wishful thinking. If I have understood the mechanics.

bristolleedsfan

Telegraph_Sam said:

We need to be sure that we are looking at t he same data. My Tracker website gives a unit monthly average price prediction on their "next 12 months" page. On the the "This Month" page you can extrapolate forwards for the following few days (big drop down to 12.60 p for me!) but these latter do look rather wishful thinking. If I have understood the mechanics.

On quote page for your region, Octopus estimate next 12 months 13.21p kwh, as Umiamz said I doubt if they are updating the rate much to reflect the recent rise in prices. , most people would like to think that coming out of winter into spring and then summer next year rates wholesale rates will be lower than they are now.

Telegraph_Sam

Yes I can remember looking again at the Quote page after I had switched and concluding that it was of academic value only and subject to the escape clause.The "next 12 months page" puts the June 22 average at 13.01. It is obviously guesswork with an excess of precision thrown in. I suspect that all that can be said is that currently in the view of the experts prices this time next year will be lower than they are now. End of ..