Octopus Tracker

Mstty

Alnat1 said:

Gas is easily stored until it's needed.

Not in the UK it isn't we have a small cupboard to keep it in🤣

Alnat1

True @Mstty. On the bright side, my gas graph has appeared in the app! but still nothing for export, grrrr

markin

9-16 days of gas storage is plenty... until winter. 

tomp2494

Electric price approx 46p tomorrow....thank goodness for the cap

SJMALBA

tomp2494 said:

Electric price approx 46p tomorrow....thank goodness for the cap

50.21p/kWh for me (without the cap).

savers_united

Thing is even with the cap it's still 12p above the SVT, if this was to continue for majority of the next 2 months until we get to the October Ofgem increase and then Octopus decide to increase the tracker cap or remove it altogether then those on the cap now will be out of pocket. The only saviour would be if they do honour the cap for existing tracker 2/3 customers, but it's been well debated there is no guarantee they will. 

savers_united

After a couple of telephone calls with CS and emails that did not get directly answered, I have now received an email from Octopus specialist energy dept. They have confirmed In writing that the tracker cap will likely change in line with the Ofgem cap. This will affect all existing tracker customers.

It is quite a detailed email and explains the workings of tracker and how the cap operates.

The way they apply the cap gives me a better understanding of Octopus logic here. It's a variable tariff that can change day to day, but to protect customers they have introduced a cap that is above the Ofgem cap but still protects customers against market spikes. But whilst on Tracker a customer can benefit from a fall in market prices, something that Octopus flexible customers do not benefit from. So it seems there is a compromise of a higher cap then the current Ofgem cap but with opportunity of a lower rate on certain days. So my guess will be that come October or even August when the new Ofgem cap is announced, let's say its 14p, the tracker cap will rise to 17-18p for all tracker customers and for Elec say its 44p the cap could be 50p-55p.

Even last year those on Tracker v1 had a gas cap of 6p that was still higher than the Ofgem cap at the time, so I now find it very unlikely those on. Tracker will have a cap lower than the offical Ofgem cap. I think they made an exception for those on Tracker v1 due to low numbers, whether they will be Inc in the next adjustment is yet to be seen but they would be within their right to adjust the cap for v1 customers if they feel they need to. The email makes that clear.

It also states that the cap is normally adjusted the same time as the Ofgem cap but can be changed at anytime and on more than 1 occasion. Its not designed to make tracker the cheapest tariff but to protect customers from extreme price swings. 

bristolleedsfan

savers_united said:

. I think they made an exception for those on Tracker v1 due to low numbers, whether they will be Inc in the next adjustment is yet to be seen but they would be within their right to adjust the cap for v1 customers if they feel they need to. The email makes that clear.

Just in case anybody else is on Octopus Tracker v1

milo_2020

bristolleedsfan said:

savers_united said:

. I think they made an exception for those on Tracker v1 due to low numbers, whether they will be Inc in the next adjustment is yet to be seen but they would be within their right to adjust the cap for v1 customers if they feel they need to. The email makes that clear.

Just in case anybody else is on Octopus Tracker v1

I have this for V3 too, so its exactly the same, diff CSA all giving diff answers. 

peter3hg

savers_united said:

It also states that the cap is normally adjusted the same time as the Ofgem cap but can be changed at anytime and on more than 1 occasion. Its not designed to make tracker the cheapest tariff but to protect customers from extreme price swings. 

They haven't previously changed the caps of any of the versions of the Tracker tariff so not sure what you/they mean by "normally" here.
What they have done is release a new version but left current customers on the old version until the term expires.
I'm not convinced that situation will change in October but we will see.