Octopus Tracker

QrizB

Spies said:

I don't seem to have received any communication regarding gas tracker, was an email sent? I only received agile info. 

Back on page 118 and 119 of this post people were saying they'd received emails about Tracker:

https://forums.moneysavingexpert.com/discussion/comment/79519470/#Comment_79519470

https://forums.moneysavingexpert.com/discussion/comment/79519696/#Comment_79519696

The second of those is specific to Gas Tracker.

JohnPo

I had an email about 'GO' yesterday, but nothing about the  'Tracker v3' that I am on.  I have separately had an email (different email address)  about Agile for another property where I manage the bills.

Whilst I have seen the earlier posts I have not seen anything from Octopus formally.

Thoughts / comments welcome?

Griffindog

I got the email from Greg@Octopus this morning.

The Government has announced a 2 year Energy Price Guarantee that caps variable energy prices at £2,500 for a typical home, in addition to the £400 Energy Bill Support Scheme that will reduce monthly payments between October and March.

From October 1, your dynamic unit rates will be discounted whenever they are above the Energy Price Guarantee rates. You don’t need to do anything — this will be handled automatically.

Now, this is going to get complicated, so you might like to grab a cuppa before reading on…

On fixed term tariffs, the Energy Price Guarantee discounts electricity unit rates above an average of 34p / kWh — the actual number varies in different areas — to bring them down to that price, but with a maximum discount of 17p / kWh (although that’s another average that varies by region).

Essentially, this means:

• If your dynamic unit rate is less than 34p / kWh — congrats, you’re getting a better price than most
• If your dynamic unit rate is 34-52p / kWh, it will be discounted to 34p / kWh automatically
• If your dynamic unit rate is above 52p / kWh, it will be discounted by 17p automatically — so 78p / kWh will be reduced to 61p / kWh

The same applies for gas, but the average cap is 10.3p / kWh and the average maximum discount is 4.2p / kWh.

These discounts will apply from October 1, but you won’t see them just yet in the rates in your online account — we should have online prices showing the discount in the next week or so.

If your bill usually lands in the first few days in the month, you may find it’s a little later than usual — don’t worry, it’s still on its way.

Griffindog

• If your dynamic unit rate is above 52p / kWh, it will be discounted by 17p automatically — so 78p / kWh will be reduced to 61p / kWh

Does this mean that the previous 40p cap no longer applies?

[Deleted User]

Griffindog said:

• If your dynamic unit rate is above 52p / kWh, it will be discounted by 17p automatically — so 78p / kWh will be reduced to 61p / kWh

Does this mean that the previous 40p cap no longer applies?

Your dynamic unit rate can't go above your cap.  It's written like this so the logic can be applied to whichever version you are on with whatever cap that entails.

barker77

[Deleted User] said:

Griffindog said:

• If your dynamic unit rate is above 52p / kWh, it will be discounted by 17p automatically — so 78p / kWh will be reduced to 61p / kWh

Does this mean that the previous 40p cap no longer applies?

Your dynamic unit rate can't go above your cap.  It's written like this so the logic can be applied to whichever version you are on with whatever cap that entails.

This is mightly confusing in terms of wording it has to be said! 

Griffindog

[Deleted User] said:

Griffindog said:

• If your dynamic unit rate is above 52p / kWh, it will be discounted by 17p automatically — so 78p / kWh will be reduced to 61p / kWh

Does this mean that the previous 40p cap no longer applies?

Your dynamic unit rate can't go above your cap.  It's written like this so the logic can be applied to whichever version you are on with whatever cap that entails.

So do we think that anyone on V.2 or V.3 will pay a maximum of 40p still if the daily rate goes over 57p?

[Deleted User]

Griffindog said:

[Deleted User] said:

Griffindog said:

• If your dynamic unit rate is above 52p / kWh, it will be discounted by 17p automatically — so 78p / kWh will be reduced to 61p / kWh

Does this mean that the previous 40p cap no longer applies?

Your dynamic unit rate can't go above your cap.  It's written like this so the logic can be applied to whichever version you are on with whatever cap that entails.

So do we think that anyone on V.2 or V.3 will pay a maximum of 40p still if the daily rate goes over 57p?

Well that's what I think, but I'm not Greg.

zoonyx

How many tracker tariffs are there now? I think I’m on the 28th august one but not sure what this means when people talk to about v2/v3?

Spoonie_Turtle

Griffindog said:

Deleted_User said:

Griffindog said:

• If your dynamic unit rate is above 52p / kWh, it will be discounted by 17p automatically — so 78p / kWh will be reduced to 61p / kWh

Does this mean that the previous 40p cap no longer applies?

Your dynamic unit rate can't go above your cap.  It's written like this so the logic can be applied to whichever version you are on with whatever cap that entails.

So do we think that anyone on V.2 or V.3 will pay a maximum of 40p still if the daily rate goes over 57p?

That's how it reads to me.  A couple of responses on Twitter have confirmed the voluntary caps still apply.  "Your daily rate" ≠ the full, uncapped retail unit price worked out before the relevant cap is applied.

zoonyx said:

How many tracker tariffs are there now? I think I’m on the 28th august one but not sure what this means when people talk to about v2/v3?

v2/v3 were before the July 2022 version.  There's also the original v1 but I don't know if anyone's still on that now.