Octopus Tracker

bristolleedsfan

brook_heather said:

bristolleedsfan said:

brook_heather said:

savers_united said:

So from the emails and replies on twitter etc it seems that those on Tracker v2&v3 it's a no brainer to stay put, as the rate will never exceed the EPG but you can benefit from days when it falls below. The later versions of tracker have higher caps so will be reduced by upto 17p and 4.2p on days that it exceeds the EPG rate but that may still be above it, so for these customers there is a calculation to be made if the days below the EPG are enough to bring down the average so that it works out cheaper than the SVT.

I think that's right. 

No that's not how it is working - the tracker cap is applied after the "up to" 17p EPG reduction so it can still be in the range 34p to 40p so above EPG.  For example if the dynamic rate for today was 60p then a 17p reduction would be applied to 43p and then for tracker v3 a cap of 40p is applied to bring it to 40p.  If the dynamic rate was 55p then you would pay 38p.  So still a gamble for tracker v3 if prices are consistently above 51p (34p+17p).

On what basis of fact have you got for saying that, Octopus answered yesterday that 35p cap becomes 34p cap. ( referring to Agile, same principle though)

https://twitter.com/OctopusEnergy/status/1575823223102394369

"the EPG discount is in addition to your Octopus cap (we won't change your cap during your fixed term). So yes, if your cap is currently 35p, you've now essentially got a 34p cap"

On the basis of the email I received from Octopus:

If your dynamic unit rate is above 52p / kWh, it will be discounted by 17p automatically

That appears to be merely standard example that Octopus gave on various tariff emails e.g to fixed rate customers, as I mentioned previously 52p / kWh was original Ofgem cap figure, product cap not mentioned within email.

I would have thought answers Octopus have given which have been quoted on this thread make it apparent how tracker caps will be operating, opposite view to what you posted, same view as majority of customers have posted about since yesterday.

bristolleedsfan

5 pages back

QrizB said:

» show previous quotes

For you on V3, electricity:

• If the calculated Tracker price is below 34p, you pay the price.
• If the price is 34p or over, you pay 34p.

And gas:

• If the price is below 10.3p, you pay the price.
• If the price is 10.3p or over, you pay 10.3p.

In effect your 40p/11p cap has been replaced with a 34p/10.3p one.

(The prices aren't exactly 34p or 10.3p, they vary by region.)

Griffindog

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.

This (from the Octopus email) implies that they are giving the 17p discount on the unit rate rather than on the cap. So if the unit rate is 57p or higher we would pay 40p on V.3 and not 34p.

QrizB

bristolleedsfan said:

5 pages back

QrizB said:

... but I withdrew that post as it was wrong.

Here is how I think it works, for electricity, using the nominal 34p/kWh EPG price and ignoring regional variations:

And for gas, using the nominal 10.3p/kWh EPG price:

Griffindog

bristolleedsfan said:

5 pages back

QrizB said:

... but I withdrew that and on reflection I'm sure it was wrong.

Here is how I think it works, for electricity:

I need to double-check my numbers before posting the gas chart.

Shouldn’t the Tracker 35 be 40p? (V2 & V3)

QrizB

Griffindog said:

Shouldn’t the Tracker 35 be 40p? (V2 & V3)

Oops, yes, 35p was Agile wasn't it? I'll fix the chart and edit. (Now edited.)

Pleasse let me know if you spot anything else I've messed up.

bristolleedsfan

QrizB said:

bristolleedsfan said:

5 pages back

QrizB said:

... but I withdrew that post as it was wrong.

My last post on subject, which do you think matches this cap(s) example answer Octopus have given, what you thought then or what you think now.......

https://twitter.com/OctopusEnergy/status/1575823223102394369?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1575823223102394369%7Ctwgr%5E875b740594ff0d4c62212d589ab8c1eb630985e6%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fforums.moneysavingexpert.com%2Fdiscussion%2F6261575%2Foctopus-tracker%2Fp126

"the EPG discount is in addition to your Octopus cap (we won't change your cap during your fixed term). So yes, if your cap is currently 35p, you've now essentially got a 34p cap"

QrizB

bristolleedsfan said:

My last post on subject, which do you think matches this Cap(s) example answer Octopus have given, what you thought then or what you think now......

The charts I've posted reflect the information that Octopus have provided to Tracker customers by email. I give more weight to this email information than in an individual CS comment on Twitter.

Chrysalis

brook_heather said:

savers_united said:

So from the emails and replies on twitter etc it seems that those on Tracker v2&v3 it's a no brainer to stay put, as the rate will never exceed the EPG but you can benefit from days when it falls below. The later versions of tracker have higher caps so will be reduced by upto 17p and 4.2p on days that it exceeds the EPG rate but that may still be above it, so for these customers there is a calculation to be made if the days below the EPG are enough to bring down the average so that it works out cheaper than the SVT.

I think that's right. 

No that's not how it is working - the tracker cap is applied after the "up to" 17p EPG reduction so it can still be in the range 34p to 40p so above EPG.  For example if the dynamic rate for today was 60p then a 17p reduction would be applied to 43p and then for tracker v3 a cap of 40p is applied to bring it to 40p.  If the dynamic rate was 55p then you would pay 38p.  So still a gamble for tracker v3 if prices are consistently above 51p (34p+17p).

No, it doesnt work like that, attaching a screenshot to clear this up, 33.02p is my new ceiling (I am on 35p agile).

Product cap minus EPG subsidy = new cap.

So in my case 35p minus subsidy is now 33.02p cap.

Chrysalis

brook_heather said:

bristolleedsfan said:

brook_heather said:

savers_united said:

So from the emails and replies on twitter etc it seems that those on Tracker v2&v3 it's a no brainer to stay put, as the rate will never exceed the EPG but you can benefit from days when it falls below. The later versions of tracker have higher caps so will be reduced by upto 17p and 4.2p on days that it exceeds the EPG rate but that may still be above it, so for these customers there is a calculation to be made if the days below the EPG are enough to bring down the average so that it works out cheaper than the SVT.

I think that's right. 

No that's not how it is working - the tracker cap is applied after the "up to" 17p EPG reduction so it can still be in the range 34p to 40p so above EPG.  For example if the dynamic rate for today was 60p then a 17p reduction would be applied to 43p and then for tracker v3 a cap of 40p is applied to bring it to 40p.  If the dynamic rate was 55p then you would pay 38p.  So still a gamble for tracker v3 if prices are consistently above 51p (34p+17p).

On what basis of fact have you got for saying that, Octopus answered yesterday that 35p cap becomes 34p cap. ( referring to Agile, same principle though)

https://twitter.com/OctopusEnergy/status/1575823223102394369

"the EPG discount is in addition to your Octopus cap (we won't change your cap during your fixed term). So yes, if your cap is currently 35p, you've now essentially got a 34p cap"

On the basis of the email I received from Octopus:

If your dynamic unit rate is above 52p / kWh, it will be discounted by 17p automatically

So if it is 55p it will be reduced to 38p not 34p.  I have a cap of 40p so the reduced price is under the cap and I will pay the reduced 38p.  Why do you think it would be 34p?  This thread is for tracker not agile but I believe agile will behave the same and you will pay up to your cap where the pre-discount price is above 52p.

He said "if your cap is currently 35p, you've now essentially got a 34p cap"

Highlighted the bit you missed.