Octopus Tracker

[Deleted User]

westv said:

Presumably there's no way of comparing what someone did pay on Tracker over the last 12 months compared to what they might pay for the next 12 months. 

I believe that you can sign up to MysticMeg_Future_Energy_Prices.com for a fee. Seriously, did anyone predict that Agile prices would be negative at times this past weekend? Tracker and Agile tariffs can be volatile as they react to World market events.

Xbigman

I know that, maybe Xbigman can clatify what he meant by :

"It could be an uncomfortable run up to the 1st of January for Tracker customers" 

Being as posts he was replying to related to possible winter wholesale price spikes.

The OFGEM cap mostly looks backwards, although they do take some account of forward pricing in order to avoid forcing companies to sell at a loss their main method of handling that is backwardation as already mentioned (I call it carry over).
This means that the OFGEM prices for the last quarter of this year are being set in the current quarter and are likely (this year) to be about the same as now. 
The wholesale market is more reactive. If it looks like a harsh Winter with restricted supplies wholesale prices will rise during the fourth quarter and could easily be well above the OFGEM cap. That is going to make a lot of Tracker customers uncomfortable. 
In this scenario the OFGEM cap is likely to rise up closer to the rates Tracker customers are paying in the first quarter next year they might not quite reach the same heights. As rates drop back after winter Wholesale prices should drop first followed by the OFGEM cap. 

That was obviously just an example of what might happen given one scenario. The point I am trying to get over, which some don't seem to want to understand, is that wholesale rates lead the OFGEM cap. In a rising market they lead them up, in a falling market they lead them down.

This was a secondary point to the main thrust of the discussion at the time but it is a point worth bringing up multiple times so everyone gets it. 



Darren

bittencookie

I've tried looking in FAQ's and searched through a few pages on this topic, but I can't see anywhere where it states what the daily standing charge is for the Octopus Tracker (I have the option of signing up for this 1 July tracker). I can see the formula for the unit rates. Anyone know what the daily standing charge is and whether that varies too? Thanks.

masonic

bittencookie said:

I've tried looking in FAQ's and searched through a few pages on this topic, but I can't see anywhere where it states what the daily standing charge is for the Octopus Tracker (I have the option of signing up for this 1 July tracker). I can see the formula for the unit rates. Anyone know what the daily standing charge is and whether that varies too? Thanks.

Standing charges vary by region. You can use the Our Tariffs menu option, pop in your postcode (don't click the get quote button) and find it in the list.

masonic

Chrysalis said:

masonic said: It's going to leave me a few quid out of pocket, and it doesn't seem to be necessary. If it is in fact necessary, then so be it, but I'd like to understand when and for how long I'll be billed on Flexible. Also why others can have Tracker billing backdated and I can't.

No idea, but it seems a lottery in which rep you get, I think its probably not necessary, you might find if you ask again they just move you without flexible.

It seems you were right. Official email 0 - 1 Social media team

bittencookie

masonic said:

bittencookie said:

I've tried looking in FAQ's and searched through a few pages on this topic, but I can't see anywhere where it states what the daily standing charge is for the Octopus Tracker (I have the option of signing up for this 1 July tracker). I can see the formula for the unit rates. Anyone know what the daily standing charge is and whether that varies too? Thanks.

Standing charges vary by region. You can use the Our Tariffs menu option, pop in your postcode (don't click the get quote button) and find it in the list.

Thanks. Updated to say I've found the current standing charge using the method you've suggested. Is the daily standing charge variable and if so is there a formula it's based on? Or does the daily standing charge stay the same until further notice? 

double_dutchy

Is this for gas or electric?

Gas standing charge is the same everywhere on current tracker, currently 26.84p per day, electric is variable by region mine is 37.3p in Eastern ( including VAT)

bittencookie

double_dutchy said:

Is this for gas or electric?

Gas standing charge is the same everywhere on current tracker, currently 26.84p per day, electric is variable by region mine is 37.3p in Eastern ( including VAT)

Thanks. Both gas and electric, sorry. Ah so it's variable for electricity by region, but not variable daily?

double_dutchy

bittencookie said:

Ah so it's variable for electricity by region, but not variable daily?

Yes, that's right. As it's a variable tariff Octopus can obviously change the standing charges when they want but it doesn't vary by day like the unit rates

tghe-retford

bristolleedsfan said:

Xbigman said:

sjnexusmse said:

Doc_N said:
Energy prices could spike this winter forcing governments to step in and subsidise bills again, the head of the International Energy Agency has said.

If the Chinese economy strengthens quickly and there is a harsh winter, gas prices could rise, putting pressure on consumers, Fatih Birol said.

Based on this, could it be a good idea to just switch electricity to tracker and keep gas flexible to lower the risk? Or is electricity also likely to spike

. Remember that wholesale prices, and therefore Tracker prices, lead the way up as well as down. It could be an uncomfortable run up to the 1st of January for Tracker customers. After the 1st of January the OFGEM cap is likely to even out with wholesale rates and then Tracker should lead the market down as winter ends. 


Darren

 "It could be an uncomfortable run up to the 1st of January for Tracker customers" 

I fail to see the relevance of that date for Tracker customers
OFGEM observation period for cap level 1 January - 31 March 2024 will conclude during November 2023, any winter wholesale increase/spike after that observation period will only effect tracker customers.

All Tracker will do is bring reality to people before everyone else. That energy will still have to be paid for by everyone, it's a decision of whether you do so now or kick the can down the road.