Octopus Tracker

Chrysalis

Griffindog said:

Chrysalis said:

I have a feeling tracker multiplier is likely to increase the same day they letting more on the tariff, so might be a good idea to check their announced formula changes on 1 July.

Surely they would need to inform everyone of this changed?

I think it will only be on the new joiners from July, its mentioned they changing the formula for that date and also on the form you have to agree they may change it in future.

masonic

Chrysalis said:

Griffindog said:

Chrysalis said:

I have a feeling tracker multiplier is likely to increase the same day they letting more on the tariff, so might be a good idea to check their announced formula changes on 1 July.

Surely they would need to inform everyone of this changed?

I think it will only be on the new joiners from July, its mentioned they changing the formula for that date and also on the form you have to agree they may change it in future.

The clause about changing the formula is not a new term. They might bring out a new version of the tariff for new joiners, or they might vary the current one, or they might do nothing...

Chrysalis

masonic said:

Chrysalis said:

Griffindog said:

Chrysalis said:

I have a feeling tracker multiplier is likely to increase the same day they letting more on the tariff, so might be a good idea to check their announced formula changes on 1 July.

Surely they would need to inform everyone of this changed?

I think it will only be on the new joiners from July, its mentioned they changing the formula for that date and also on the form you have to agree they may change it in future.

The clause about changing the formula is not a new term. They might bring out a new version of the tariff for new joiners, or they might vary the current one, or they might do nothing...

There is a new formula coming, they have already announced it.  But I agree is speculation in who it affects and when it arrives.  But the post you replied to was only speculation anyway, I was posting it as an opinion not fact.

For reference I am on tracker now, and I have no fixed term on electric, only a fixed term on gas (I was already existing on gas).

Spoonie_Turtle

Chrysalis said:

masonic said:

Chrysalis said:

Griffindog said:

Chrysalis said:

I have a feeling tracker multiplier is likely to increase the same day they letting more on the tariff, so might be a good idea to check their announced formula changes on 1 July.

Surely they would need to inform everyone of this changed?

I think it will only be on the new joiners from July, its mentioned they changing the formula for that date and also on the form you have to agree they may change it in future.

The clause about changing the formula is not a new term. They might bring out a new version of the tariff for new joiners, or they might vary the current one, or they might do nothing...

There is a new formula coming, they have already announced it.  But I agree is speculation in who it affects and when it arrives.

Can you point me to the announcement please?  (Brainfoggy day, really not able to go searching myself.)

masonic

Yes, where have they announced it please? I can't find anything on the website, and it wasn't in the email sent to those on the waiting list containing a link to the page containing our transparent formula ... and nothing tweeted from their Twitter account about this recently.

Chrysalis

I remember reading it, and was very recent within past few days, but I cannot find it, so will have to hold my hand up and say it was a mistake, hopefully it proves to be a mistake and it doesnt change.

Sorry for the confusion guys.

[Deleted User]

Chrysalis said:

I remember reading it, and was very recent within past few days, but I cannot find it, so will have to hold my hand up and say it was a mistake, hopefully it proves to be a mistake and it doesnt change.

Sorry for the confusion guys.

What is true, and has always been the case,  is that the formula varies depending on the supply region.

https://octopus.energy/tracker-faqs/

Scroll down to How is the price calculated. FWiW, if Octopus was to change the formula in a way that is disadvantageous to customers, then it has a duty to inform customers of the change.

peter3hg

If anything, all things being equal, they should be changing the formula to reduce the price relative to wholesale for electricity. There were changes in April 2022 and April 2023 to how network distribution and transmission charges were allocated with about £67.50 moved from the unit cost to the standing charge.
This is explained in this post: https://forums.moneysavingexpert.com/discussion/comment/80006666#Comment_80006666

As they've increased the standing charge in line with the price cap increase, they would be able to reduce the unit cost by approximately 2.3p a unit without impacting their overall margin. 
Obviously this is their business decision however.

bristolleedsfan

peter3hg said:

As they've increased the standing charge in line with the price cap increase, they would be able to reduce the unit cost by approximately 2.3p a unit without impacting their overall margin. 

April 1st cap increase Octopus did not increase standing charge for current variable version of either Tracker or Agile, my region is currently 8p+ per day cheaper than flexible for electricity, gas is also a little cheaper.

Are you saying that notification has been sent that current versions of Tracker or Agile will have SC increase from July 1st.

peter3hg

bristolleedsfan said:

peter3hg said:

As they've increased the standing charge in line with the price cap increase, they would be able to reduce the unit cost by approximately 2.3p a unit without impacting their overall margin. 

April 1st cap increase Octopus did not increase standing charge for current variable version of either Tracker or Agile, my region is currently 8p+ per day cheaper than flexible for electricity, gas is also a little cheaper.

Are you saying that notification has been sent that current versions of Tracker or Agile will have SC increase from July 1st.

I really meant for those they are allowing on from the 1st July.