Octopus Tracker

MultiFuelBurner

masonic said:

MultiFuelBurner said:

jcb208 said:

Only switched just before Christmas and cant believe the savings already, lets hope it continues. Some one is making a lot of money from people on the SVT

Quite the contrary the price capped SVT tariff is limited to 2.4% profit for energy suppliers and I hope I don't have to explain next day pricing for tracker versus buying energy in advance to fulfill the SVT quotas for customers.

The people making a lot of money are the producers and/or hedging counterparties. What is extracted or generated is able to be sold to the suppliers for an above market price.

Indeed, it's a shame the media isn't aimed at them properly 👍

Qyburn

MultiFuelBurner said:

Quite the contrary the price capped SVT tariff is limited to 2.4% profit for energy suppliers and I hope I don't have to explain next day pricing for tracker versus buying energy in advance to fulfill the SVT quotas for customers.

In addition, Octopus has stated that they make a loss on Tracker. Their comment predates the latest formula so it may no longer be the case.

Spies

Still a heck of a lot of people on the old formula, me included. 

Although I expect that to change in the next month. 

Telegraph_Sam

@MFB if you would like to volunteer to explain the 2.4% bit in advance purchases of SVT quotas I'm sure many of us would stand to benefit

Hazey77

Spies said:

Still a heck of a lot of people on the old formula, me included. 

Although I expect that to change in the next month. 

I'm on the newer tariff and it's about 11% more per electricity kWh compared to old tariff but less than 1% more on gas

knight123

Spies said:

Still a heck of a lot of people on the old formula, me included. 

Although I expect that to change in the next month. 

Assuming they give us a bit of notice for the switchover, at least there won't be much winter left when it happens!

Telegraph_Sam

I have somehow managed to miss the boat as far as "the  new formula" is concerned. I am on Nov 22 v1 both fuels. If the SC's are unchanged (??) is it then the "transparent" link between the wholesale market price and the Tracker retail / consumer price per kWh that is affected? (Rather than the "market price" itself)
Will this then become "Jan 24 v 1" that anyone and everyone could be switched onto with only the minimum notice?

Spoonie_Turtle

Telegraph_Sam said:

I have somehow managed to miss the boat as far as "the  new formula" is concerned. I am on Nov 22 v1 both fuels. If the SC's are unchanged (??) is it then the "transparent" link between the wholesale market price and the Tracker retail / consumer price per kWh that is affected? (Rather than the "market price" itself)
Will this then become "Jan 24 v 1" that anyone and everyone could be switched onto with only the minimum notice?

Standing charge is being increased to match SVT.

kWh rates can be found in the first FAQ, to see the difference 
https://octopus.energy/tracker-faqs/

Chrysalis

Appreciate the link.

This bit is interesting for me.

It’s been a long time since Tracker’s standing charge has changed but since then, regulation (which we opposed) has moved various energy costs from unit rate to standing charge. We kept Tracker’s standing charge lower for as long as we could, but we’re now updating it so it’s the same as all other Octopus tariffs.

Not claiming to be an expert on how these costs are paid by the suppliers to the grid and regulator on non SVR tariffs, I assumed it was a fee per customer and the supplier could choose how they got that revenue, Octopus have confirmed they opposed the Ofgem manipulation of moving costs from unit rate to SC.

So electric is going up by a little more than 10%, its a shame but should still remain comfortably better value than fixed and SVR rates.

masonic

Chrysalis said:

Appreciate the link.

This bit is interesting for me.

It’s been a long time since Tracker’s standing charge has changed but since then, regulation (which we opposed) has moved various energy costs from unit rate to standing charge. We kept Tracker’s standing charge lower for as long as we could, but we’re now updating it so it’s the same as all other Octopus tariffs.

Not claiming to be an expert on how these costs are paid by the suppliers to the grid and regulator on non SVR tariffs, I assumed it was a fee per customer and the supplier could choose how they got that revenue, Octopus have confirmed they opposed the Ofgem manipulation of moving costs from unit rate to SC.

So electric is going up by a little more than 10%, its a shame but should still remain comfortably better value than fixed and SVR rates.

It is still possible to load some or all of the SC into the unit rate (charging more for the first units used per day) as evidenced by the fact one or two no standing charge products still exist from other suppliers. However most tariffs keep the SC separate. Ofgem decide whether elements of cost are per connection or per kWh.