Octopus Tracker

savers_united

I spoke with Octopus CS a couple of hours ago regarding tracker, no problem if I want to switch tariff (gas only) but could not guarantee the 11p cap. Just said that markets are so volatile that the cap could increase anytime but that I would be given at least 30 days notice, added that if after 4 weeks it was not working I could switch to another tariff. 

Said the cap would likely change in October in line with Ofgem changes. 

Northern_Wanderer

savers_united said:

I spoke with Octopus CS a couple of hours ago regarding tracker, no problem if I want to switch tariff (gas only) but could not guarantee the 11p cap. Just said that markets are so volatile that the cap could increase anytime but that I would be given at least 30 days notice, added that if after 4 weeks it was not working I could switch to another tariff. 

Said the cap would likely change in October in line with Ofgem changes. 

You can change tarrif at any time, no need to wait 4 weeks.

milo_2020

I have it in writing that isn’t the case so I will hold them to it re the cap changing for EXISTING PEOPLE WITHIN THE FIXED TARIFF TIMEFRAME 😀

Mstty

Maybe they will bring out v4 this October. Very confusing messages coming out of Octopus Customer Services.

ChaunceyGardiner

QrizB said:

ChaunceyGardiner said:

I just tried to sign up for gas only, but was told that Tracker is only available for electricity or dual fuel. Is this definitely the case?

Are you already with Octopus?

They might not be accepting new gas-only customers, lots of suppliers don't (anyone with recent experience of this with Octopus, speak up now).

No, I'm not currently with them.

milo_2020

Mstty said:

Maybe they will bring out v4 this October. Very confusing messages coming out of Octopus Customer Services.

I think that’s what will happen 

savers_united

Northern_Wanderer said:

savers_united said:

I spoke with Octopus CS a couple of hours ago regarding tracker, no problem if I want to switch tariff (gas only) but could not guarantee the 11p cap. Just said that markets are so volatile that the cap could increase anytime but that I would be given at least 30 days notice, added that if after 4 weeks it was not working I could switch to another tariff. 

Said the cap would likely change in October in line with Ofgem changes. 

You can change tarrif at any time, no need to wait 4 weeks.

He was just giving an example that if I find it not working after a month I can easily switch to another tariff. 

My view now though after email and telecons is that the cap is likely to change even for existing tracker customers. The reason that v1 was not changed was due to the low numbers on it, who stuck to tracker through the winter even when the SVT rate was lower. There are now alot more customers on tracker and prices are already predicted to be well above the current cap on the SVT. If Gas prices come Autumn regularly are above 11p they will adjust everyone's cap up with a bit of notice. I cannot find anything that states they will honour the existing cap for duration of the contract.

Not sure how energy is purchased on tracker and if any hedging is done, but it would seem pretty unsustainable to go months and months charging thousands of customers less on a variable tariff when it's only a voluntary cap. 

milo_2020

The profit they make every day it’s not will be factored in the losses they make when it is over, we will see; I have it in writing they won’t for me so I will definitely have something to argue.

tlcgrantham

I’ve been on Octopus Gas Tracker V2 for 3 months now. So far I’ve been charged  £45.15 but had I been on Octopus SVT I would have paid £69.31, a saving of £24.16 or over 33% of which £10.55 was saving on the standing charge. 

k_man

Indeed, and from mid April to mid June, the majority of days the gas unit rate was below SVT, with quite a few sub 3p days (not sure we will see many of them for a while).
Since then it has been around SVT.