Octopus Energy reviews: Give your feedback

Telegraph_Sam

I don't have the stats but I don't believe that 1 hour of sunshine or force 7 costs any more now that a year ago.

masonic

Telegraph_Sam said:

I don't have the stats but I don't believe that 1 hour of sunshine or force 7 costs any more now that a year ago.

You need to take into account falling Government subsidies, cost of materials, cost of maintenance, cost of renting land, etc. There have been improvements in technology that have reduced prices, but other factors will counter this.

barker77

niktheguru said:

Telegraph_Sam said:

If Octopus are 100% sourced by windpower does that mean that they are less subjected to the current wholesale cost pressures than others that have a more traditional energy "mix"?

what makes you think “green” energy is any cheaper?

This is interesting for me as I have just signed up to the co-op community tariff with octopus. Hoping that the investment can go into building more local renewables but then maybe I’ve just been suckered into marketing! 

QrizB

niktheguru said:

Telegraph_Sam said:

If Octopus are 100% sourced by windpower does that mean that they are less subjected to the current wholesale cost pressures than others that have a more traditional energy "mix"?

what makes you think “green” energy is any cheaper?

Most (not all) renewable energy is supplied under one of the subsidy schemes. As an example see Dogger Bank A P1, a new offshore wind farm due to come on-line in mid-2024.

The strike price for that wind farm is currently £47.20/MWh (it increases with inflation). The electricity price on the Drax site right now is £156/MWh, more than 3x the Dogger Bank A P1 strike price.

My that measure, green energy is cheaper (or will be cheaper, in 2024, compared to the spot price today).

[Deleted User]

barker77 said:

niktheguru said:

Telegraph_Sam said:

If Octopus are 100% sourced by windpower does that mean that they are less subjected to the current wholesale cost pressures than others that have a more traditional energy "mix"?

what makes you think “green” energy is any cheaper?

This is interesting for me as I have just signed up to the co-op community tariff with octopus. Hoping that the investment can go into building more local renewables but then maybe I’ve just been suckered into marketing! 

The reason why bills have risen so spectacularly this year is due to a World shortage of gas. Sadly, despite the increasing amount of renewables, upwards of 40% of our electricity generation has been coming from gas due to a lack of sun; wind and nuclear power. Two coal power stations have been brought back online in case they are needed. Yes, we need more renewables but we also need somewhere to put energy when renewable supply exceeds demand. There are no cheap options.

As far as Octopus is concerned, it’s renewable electricity generation satisfies the requirements of 1.2M of its 2M customers (as at April 21). 

https://www.goodenergy.co.uk/blog/2021/03/29/does-octopus-energy-s-big-renewable-deal-mean-an-end-to-greenwash/

barker77

Hi Dolor 

I understand the co op tariff is almost 100% PPA backed hence why I went with that. 

Telegraph_Sam

Tks for the stats. Taking all these into account is it possible to argue that in total the cost pressures for renewable electricity have been less than for other sources, at least as far as the 1.2 mill Octopus customers are concerned?
It seems like you are arguing for increased storage capacity which as far as I understand is not possible for electricity with today's technology?

[Deleted User]

Telegraph_Sam said:

Tks for the stats. Taking all these into account is it possible to argue that in total the cost pressures for renewable electricity have been less than for other sources, at least as far as the 1.2 mill Octopus customers are concerned?
It seems like you are arguing for increased storage capacity which as far as I understand is not possible for electricity with today's technology?

Electricity storage is perfectly feasible and it has been carried out for decades. Google ‘DINORWIC’. There are many mega battery farms around the World. I have an 80kWh storage facility in my garage: it is called an EV. It is technically possible now, the only issue is whether it is affordable. Without it, we will have to over build on solar and wind just to ensure that these assets provide the electricity we need when we need it. Even then at night with no sun; little wind and little storage capability we will struggle to be 100% renewable.

https://www.tesla.com/en_AU/blog/introducing-megapack-utility-scale-energy-storage

We are starting down this road but arguably we are way behind the curve of demand versus supply:

https://www.energy-storage.news/approved-50mw-uk-battery-site-will-show-technology-can-play-multiple-grid-balancing-roles/

Telegraph_Sam

You are correct of course, storage is perfectly possible technically. I was confusing the issue with my own attempts to find domestic cost effective (solar) storage which I concluded was light years away for my circumstances - a topic for another thread.

niktheguru

QrizB said:

niktheguru said

what makes you think “green” energy is any cheaper?

Most (not all) renewable energy is supplied under one of the subsidy schemes. As an example see Dogger Bank A P1, a new offshore wind farm due to come on-line in mid-2024.

The strike price for that wind farm is currently £47.20/MWh (it increases with inflation). The electricity price on the Drax site right now is £156/MWh, more than 3x the Dogger Bank A P1 strike price.

My that measure, green energy is cheaper (or will be cheaper, in 2024, compared to the spot price today).

Good information to know, but hardly a good comparison comparing an offshore windfarm that is not even live yet and won't be for 3 years, with current prices today. Who knows by 2024 the non renewable price may be far higher or even much lower.

I'm all for renewable energy, and we have come on leaps and bounds in the last 10years, but consumers are also all complaining about higher prices and many on here are searching for the cheapest prices, yet perhaps green energy will come at a premium to start with due to setup and infrastructure costs. Is everyone willing to pay that?