Octopus Tracker

meinnit

Yes thats correct, market prices will be lower

MultiFuelBurner

Telegraph_Sam said:

Is it not an international market in which the UK shares the plusses and minuses that affect our neighbours?

Yes but if they start using their storage but want to keep them topped up and everyone goes to market at the same time. Same problem as if they are 10% full storage and all go to the market as 90% full.

I suspect 6-6.5p kWh average for gas over the Dec-Feb months though.

All eyes on beast from the east

meinnit

MultiFuelBurner said:

Telegraph_Sam said:

Is it not an international market in which the UK shares the plusses and minuses that affect our neighbours?

Yes but if they start using their storage but want to keep them topped up and everyone goes to market at the same time. Same problem as if they are 10% full storage and all go to the market as 90% full.

I suspect 6-6.5p kWh average for gas over the Dec-Feb months though.

All eyes on beast from the east

Scarcity causes prices to rise. If there was any indication that a major buyer of a commodity wouldn't have sufficient supply to meet demand, that would cause markets to panic and prices rise. These markets are also used by speculative traders looking to make a profit on any market movement

MultiFuelBurner

meinnit said:

MultiFuelBurner said:

Telegraph_Sam said:

Is it not an international market in which the UK shares the plusses and minuses that affect our neighbours?

Yes but if they start using their storage but want to keep them topped up and everyone goes to market at the same time. Same problem as if they are 10% full storage and all go to the market as 90% full.

I suspect 6-6.5p kWh average for gas over the Dec-Feb months though.

All eyes on beast from the east

Scarcity causes prices to rise. If there was any indication that a major buyer of a commodity wouldn't have sufficient supply to meet demand, that would cause markets to panic and prices rise. These markets are also used by speculative traders looking to make a profit on any market movement

No really! Unscrupulous profit makers 😂😂😂

Just pulling your leg, there are bound to be a few bumps in the winter gas market road but hopefully not too many.

Sadly we still burn too much gas creating electricity for them to be unlinked from the gas market. Hopefully one day that will change

meinnit

MultiFuelBurner said:

meinnit said:

MultiFuelBurner said:

Telegraph_Sam said:

Is it not an international market in which the UK shares the plusses and minuses that affect our neighbours?

Yes but if they start using their storage but want to keep them topped up and everyone goes to market at the same time. Same problem as if they are 10% full storage and all go to the market as 90% full.

I suspect 6-6.5p kWh average for gas over the Dec-Feb months though.

All eyes on beast from the east

Scarcity causes prices to rise. If there was any indication that a major buyer of a commodity wouldn't have sufficient supply to meet demand, that would cause markets to panic and prices rise. These markets are also used by speculative traders looking to make a profit on any market movement

No really! Unscrupulous profit makers 😂😂😂

Just pulling your leg, there are bound to be a few bumps in the winter gas market road but hopefully not too many.

Sadly we still burn too much gas creating electricity for them to be unlinked from the gas market. Hopefully one day that will change

This reminded me of loo rolls in 2020 saga 

Yes hopefully renewables continue an upward trend

MultiFuelBurner

meinnit said:

MultiFuelBurner said:

meinnit said:

MultiFuelBurner said:

Telegraph_Sam said:

Is it not an international market in which the UK shares the plusses and minuses that affect our neighbours?

Yes but if they start using their storage but want to keep them topped up and everyone goes to market at the same time. Same problem as if they are 10% full storage and all go to the market as 90% full.

I suspect 6-6.5p kWh average for gas over the Dec-Feb months though.

All eyes on beast from the east

Scarcity causes prices to rise. If there was any indication that a major buyer of a commodity wouldn't have sufficient supply to meet demand, that would cause markets to panic and prices rise. These markets are also used by speculative traders looking to make a profit on any market movement

No really! Unscrupulous profit makers 😂😂😂

Just pulling your leg, there are bound to be a few bumps in the winter gas market road but hopefully not too many.

Sadly we still burn too much gas creating electricity for them to be unlinked from the gas market. Hopefully one day that will change

This reminded me of loo rolls in 2020 saga 

Yes hopefully renewables continue an upward trend

Surely everyone stashed 50 rolls away now just incase the idiots (and next idiots) in charge take us down that road again.

kuepper

I confess I don't understand how the tracker works. Is it 100% certain you'd save money on it compared to Octopus Flexible tariff? I've seen posts saying 20%+ has been saved but looking at MSE commentary it says an average of 4% saving and perhaps which suggests it may have been more expensive for some. I'm a low usage consumer paying £69 pcm on Flexible and don't know what to do. 

Pat38493

kuepper said:

I confess I don't understand how the tracker works. Is it 100% certain you'd save money on it compared to Octopus Flexible tariff? I've seen posts saying 20%+ has been saved but looking at MSE commentary it says an average of 4% saving and perhaps which suggests it may have been more expensive for some. I'm a low usage consumer paying £69 pcm on Flexible and don't know what to do. 

With Tracker the price changes every day based on wholesale spot prices.  No, it’s not 100% certainly you will save money, but tracker does not lock you in to any particular time period so you can leave it again at any time - although they say it could take up to 2 weeks to move you off.

In my opinion it’s about 99% certain you will save money on Tracker in the long run, because the financial cost of hedging the energy prices to the same value each month is pretty high.  With Tracker you don’t have to pay that part of the cost.

As an example, today’s Tracker electricity price is 18.15p per KWh in my area (and I am in one of the most expensive areas), whereas anyone on flexible is paying 28.26p so that’s a lot more than 4%.  Granted - it’s very windy today so the rate is on the low wide.  It’s not gone above 23p since February this year I think.

I don’t know where the 4% saving figure comes from, but anyone who had been on tracker for the last year, you would have saved a lot more than 4% - if you look at the daily tracker rates for the last year, there were only a small number of days when you would have paid more for the same amount of usage.

Also the standing charges is less as well.

There may be some particular days when you pay more than Flexible for that day or for a few days in a row, but those are few and far between.  

Spoonie_Turtle

kuepper said:

I confess I don't understand how the tracker works. Is it 100% certain you'd save money on it compared to Octopus Flexible tariff? I've seen posts saying 20%+ has been saved but looking at MSE commentary it says an average of 4% saving and perhaps which suggests it may have been more expensive for some. I'm a low usage consumer paying £69 pcm on Flexible and don't know what to do. 

It's far from guaranteed because the unit rate cap that Octopus put on it is 100p/kWh for electricity and 30p/kWh for gas, so people do need to keep an eye on it just in case.  However, so far this year electricity has only been above the SVT rate a few times (and only barely) and I don't know about gas but I assume similar. 

The highest rates were December 2022 but the EPG protected us and the combination of circumstances to produce those high rates was very unusual.

I can't see how Tracker can possibly have been more expensive than the SVT over the past year/year and a half for anyone.

We're high electricity users and so far this year we have saved over £1,000 vs the SVT.

PennineAcute

I was originally on Agile, but since moving to electricity Tracker in September, my mean daily mean saving - compared to SVT (NW) - is 60p.  Assuming around the same saving over the year, around £220 saving.  Even losing half of that, would still give me a nice £100 saving for having to do very little.