Octopus Tracker

savers_united

The attraction of tracker going into Winter and after the Oct price rise will be the cap of 11p, but I am sure this is a voluntary cap, when I was on tracker back early 2021 there was no cap on the tariff. Is it something that Octopus can remove as quickly as they apply it.

I struggle to see them honouring a voluntary cap of 11p if some days Gas hits 20p+ should we have a cold spell.

Being voluntary and not built into any t&cs I guess they can pull it without notice. 

SJMALBA

savers_united said:

The attraction of tracker going into Winter and after the Oct price rise will be the cap of 11p, but I am sure this is a voluntary cap, when I was on tracker back early 2021 there was no cap on the tariff. Is it something that Octopus can remove as quickly as they apply it.

I struggle to see them honouring a voluntary cap of 11p if some days Gas hits 20p+ should we have a cold spell.

Being voluntary and not built into any t&cs I guess they can pull it without notice. 

The Tracker FAQ simply says:

'...Additionally, we have introduced a maximum cap on Tracker prices at 40p / kWh of electricity and 11p / kWh for gas'

I've asked Octopus about this, but have yet to get a definitive answer; given that it's something they have simply chosen to apply, they can presumably remove or alter it as they see fit? Whether this involves a notice period is also unclear...?

I believe that v1 was (still is?) 30p/6p, so perhaps they use new versions of Tracker to change it, but this would seem to mean that existing customers continue to benefit?

Others, rather more expert than I in all things Tracker, will be along presently, I suspect...

SJMALBA

Talking of Tracker experts, a huge thank you, from me, to a number of forumites in both this and the 'Octopus Energy reviews...' thread, for the invaluable information and help they have provided me with over the past couple of months, during my ‘discussions’ with Octopus.

I would name them, but fear I’d miss someone out, given the spread of time & threads, so hopefully you know who you are.

Thank you.

masonic

SJMALBA said:

savers_united said:

The attraction of tracker going into Winter and after the Oct price rise will be the cap of 11p, but I am sure this is a voluntary cap, when I was on tracker back early 2021 there was no cap on the tariff. Is it something that Octopus can remove as quickly as they apply it.

I struggle to see them honouring a voluntary cap of 11p if some days Gas hits 20p+ should we have a cold spell.

Being voluntary and not built into any t&cs I guess they can pull it without notice. 

The Tracker FAQ simply says:

'...Additionally, we have introduced a maximum cap on Tracker prices at 40p / kWh of electricity and 11p / kWh for gas'

I've asked Octopus about this, but have yet to get a definitive answer; given that it's something they have simply chosen to apply, they can presumably remove or alter it as they see fit? Whether this involves a notice period is also unclear...?

They would be at liberty to change it as they saw fit. As it could be considered to form part of the pre-contract information in certain circumstances, a customer could be free to dissolve the contract without penalty in this event, but Octopus already allow customers to leave the tariff whenever they wish.

The question of whether they would change it is separate. There's precedent that they would rather bring out a new version of the tariff and leave existing customers on the same terms for the remainder of their 12 month term.

SAC2334

QrizB said:

Today's gas tracker price is appearing on my Octopus account and Guy Lipman's site as below 2p/kWh, the lowest it's been for about two years.

I'm still not sure whether to believe it!

Yes, I ve just got a friend to switch from her Octopus Avro tracker to the Flexible Tracker and she s moved to that quoting today at 1.61 p/kwh on gas . and 21 p kwh for electric. 

I m not live myself until June 27 th  with them but I ve been busy today referring two friends

QrizB

savers_united said:

I struggle to see them honouring a voluntary cap of 11p if some days Gas hits 20p+ should we have a cold spell.

Gas hit 15p/kWh wholesale in December 2021, and 20p/kWh in March 2022. Tracker at that time was capped at 6p/kWh and Octopus honoured it.

Xbigman

I don't know about tracker but Agile is negative tomorrow.

Darren

 

QrizB

Xbigman said:

I don't know about tracker but Agile is negative tomorrow.

I was coming here to remark on that, too! And not just for a short period in the middle of the night; in my region, Agile is zero or negative from 1200-1600.
Nordpool's average price for electricity tomorrow is a smidgen under £47/MWh, 4.7p/kWh. Tracker should come out at 13.5-14p/kWh depending on region, similar to the 30th of September 2020.

Spies

First day on Gas tracker (I know this is not likely to be the norm) but 6.9p for the units I've used vs 30.7p if I was on SVT! 

k_man

Gas back to 4p today. Good job I gave the hot water a boost last thing last night 😁.

Electricity down to 14p which more than makes up for it at this time of year.

ETA: we should enjoy this while we can, as there wil be sobbing to come!