Octopus Energy reviews: Give your feedback

bristolleedsfan

masonic said:

tlcgrantham said:

That price is currently capped at 11p/kWh and as my account says the of tariff “FIXED TERM ENDS 14/04/2023” I’m hoping that means both the cap and standing charge are fixed till then.

While the maximum cap on Tracker prices is specified in the FAQ, it does not say whether or not this is fixed, so for a definitive answer we would need someone who has signed up to the current tariff to confirm whether the cap is specified in the T&Cs. At the moment there is no way of getting to these online as applicants are directed to phone Octopus to discuss their needs.

Terms that existing  customers tick to agree to via account specific switch to tracker link same as bottom of this page
https://octopus.energy/tracker/

I suggest they could launch v3 with higher cap level and could apply that higher cap level to all versions if they wanted to, I think will depend on wholesale prices Winter 2022.

I understand my energy prices are calculated using a set formula, and I will be notified with reasonable notice of any changes to the formula

MWT

There is always the possibility that future behaviour will be different to the past, but it is interesting to note that they didn't change the cap on the Tracker V1 product, they just introduced Tracker V2 with a different cap, leaving those already on the V1 product with the original cap.

Also as regards the standing charge, even on a normal fixed tariff, the standing charge can be changed if it is due to a new imposed levy or tax, so for example with the recovery of the £200 'loan' they would be able to recover that from those on a fixed tariff is they wished to do so.

It will be worth watching the V1 Tracker in the weeks ahead to see if the cap holds, or if like the older standard variable tariffs, it gets updated to the new cap level, just not immediately.

masonic

MWT said:

There is always the possibility that future behaviour will be different to the past, but it is interesting to note that they didn't change the cap on the Tracker V1 product, they just introduced Tracker V2 with a different cap, leaving those already on the V1 product with the original cap.

Also as regards the standing charge, even on a normal fixed tariff, the standing charge can be changed if it is due to a new imposed levy or tax, so for example with the recovery of the £200 'loan' they would be able to recover that from those on a fixed tariff is they wished to do so.

It will be worth watching the V1 Tracker in the weeks ahead to see if the cap holds, or if like the older standard variable tariffs, it gets updated to the new cap level, just not immediately.

Probably the result of some sort of cost-benefit analysis, which would factor in the number of customers affected, the average length remaining on their contract, their usage, and the likely trajectory for wholesale prices over that period. It's probably going to be easier to carry people on a lower cap for the summer months, than it would be in six months time as winter approaches and the Flexible tariff is due another substantial hike.

bristolleedsfan

masonic said:

MWT said:

There is always the possibility that future behaviour will be different to the past, but it is interesting to note that they didn't change the cap on the Tracker V1 product, they just introduced Tracker V2 with a different cap, leaving those already on the V1 product with the original cap.

Also as regards the standing charge, even on a normal fixed tariff, the standing charge can be changed if it is due to a new imposed levy or tax, so for example with the recovery of the £200 'loan' they would be able to recover that from those on a fixed tariff is they wished to do so.

It will be worth watching the V1 Tracker in the weeks ahead to see if the cap holds, or if like the older standard variable tariffs, it gets updated to the new cap level, just not immediately.

Probably the result of some sort of cost-benefit analysis, which would factor in the number of customers affected, the average length remaining on their contract, their usage, and the likely trajectory for wholesale prices over that period. It's probably going to be easier to carry people on a lower cap for the summer months, than it would be in six months time as winter approaches and the Flexible tariff is due another substantial hike.

Many people signed up to tracker tariff during September/October when it was showing as cheapest tariff on quote page due to the way Octopus calculate estimate of tracker kwh rate, many of those customers were unaware they paid over the odds during winter months in comparison to flexible tariff.
My feeling is Octopus will not change v1 until at least October

savers_united

If they don't change the tracker v1 by removing the cap and bringing in line with v2 then tracker is not really what they advertise it as, it is more like a capped tariff that octopus seem to replace with another version rather than amend the cap. Tracker v1 is now outside of an historic fix likely to be the cheapest tariff especially with its decent standing charge. It seems a very strange approach when tracker is exactly that, tracking the daily rate. 

MWT

savers_united said:

If they don't change the tracker v1 by removing the cap and bringing in line with v2 then tracker is not really what they advertise it as, it is more like a capped tariff that octopus seem to replace with another version rather than amend the cap. Tracker v1 is now outside of an historic fix likely to be the cheapest tariff especially with its decent standing charge. It seems a very strange approach when tracker is exactly that, tracking the daily rate. 

Time will tell, those originally on the V1 went into it with no expectation of a cap and just had the option to bail if they didn't like where it was going.

The cap was a voluntary addition by Octopus and so could be removed/changed when they wanted.

Once it was there though it gets a little more complicated for those who joined after it was in place in the same way as it is a little more complex for those going onto the V2 tariff.

It really should be clearly explained if it is changeable during the life of the tariff or not...

It would be interesting to see it is mentioned in the T&C at all...

savers_united

I have only had good experience of Octopus but since they have taken on failed supplier customers its clear they are struggling to offer the same level of customer service they previously did, which is a shame. 

They have built this innovative energy company with some Interesting tariffs, but I am getting concerned about the way they are now doing business.

I am still waiting to be Informed of the tariff change April 2nd, my rate has increased but I have had no comms to inform me of the change. I spoke with them and they compensated me saying its probably stuck in the system, but still 14 days since I went into a higher rate I still have no comms or explanation as to the rise.

I have also read on other forums that some of those on Octopus Go at the end of their fixed term and getting rolled onto another 12 months at the same old rate, which is great but it's not consistent, when I am up for renewal in June it's a finger in the air as to what they will do, I should move to the new higher rates but it's anyone's guess.

And tracker now seems to be going the same way, some it seems will stay capped until who knows when, others move to V2 and a new rate, but none of this seems to be listed as part of the tariff t&cs, it seems they are making it up as they go along. 

Not sure what is going on. 

MWT

savers_united said:

I am still waiting to be Informed of the tariff change April 2nd, my rate has increased but I have had no comms to inform me of the change. I spoke with them and they compensated me saying its probably stuck in the system, but still 14 days since I went into a higher rate I still have no comms or explanation as to the rise.

Agreed that you should have had an email, but if you look on your online account the details of your current tariff should be there on the front page, has that not updated either?

Spies

Am I missing something with the octopus tracker? Unit rates are below cap as are the standing charges, why are we not championing it? 

masonic

Spies said:

Am I missing something with the octopus tracker? Unit rates are below cap as are the standing charges, why are we not championing it? 

The unit rate is below the SVR price cap today. It hasn't been on other days. It could be as high as 40p for electricity or 11p for gas on a bad day. Standing charges are good, but not on days you are paying more per unit unless your consumption is very low.

In the same vein, Agile looks quite cheap tomorrow, with price at around 30p in the morning and below 20p for much of the afternoon. But virtually every other day in recent times it has been at 35p all day.