Octopus Tracker

westv

milo_2020 said:

westv said:

milo_2020 said:

westv said:

The new July tracker rates don't look too different to the old v3 rates.

20p more on electric 4p more on gas ?

V3 electric was 39.99p the new rate is 43.32p

That’s today, every day is different with the cap meaning it can be 15p more 

Ah ok. The current v3 rates are at the cap. What are the new capped rates?

SJMALBA

westv said:

The new July tracker rates don't look too different to the old v3 rates.

The Tracker unit rates are the same for each version of Tracker up to the point that the respective caps are hit i.e.

30p/6p for v1

40p/11p for v2 & v3

55p/16p for July 2022 v1

The rates for the latter today are the actual unit rates for today, and are above the caps for v1, v2 & v3, but well within the caps for July 2022 v1.

milo_2020

westv said:

milo_2020 said:

westv said:

milo_2020 said:

westv said:

The new July tracker rates don't look too different to the old v3 rates.

20p more on electric 4p more on gas ?

V3 electric was 39.99p the new rate is 43.32p

That’s today, every day is different with the cap meaning it can be 15p more 

Ah ok. The current v3 rates are at the cap. What are the new capped rates?

Old 40p for tracker 35p for agile new is 55p for both 

Mstty

I suspect we should all be more not less concerned about future energy prices now that Octopus have set their caps higher than I thought they might for electricity and gas on these new July 22 offerings for Agile and Tracker.

One might calculate they are thinking highs of 60p kWh and lows of 50p kWh as an example for the next 12 months?

All eyes of the price cap announcement by Ofgem but could it now be over 50p kWh for electricity and over 15p kWh for gas?

peter3hg

Mstty said:

I suspect we should all be more not less concerned about future energy prices now that Octopus have set their caps higher than I thought they might for electricity and gas on these new July 22 offerings for Agile and Tracker.

One might calculate they are thinking highs of 60p kWh and lows of 50p kWh as an example for the next 12 months?

All eyes of the price cap announcement by Ofgem but could it now be over 50p kWh for electricity and over 15p kWh for gas?

They've increased the on-peak cost of Go recently as well from 34-35p to 39-40p. If they were expecting sustained high electricity prices then I would have expected that they would have increased it more that that so who knows.

I don't think the cap can realistically go that high in October (unless they change the weighting given to the standing charge) because most of the data it is calculated on has already happened and can't change.

QrizB

Mstty said:

I suspect we should all be more not less concerned about future energy prices now that Octopus have set their caps higher than I thought they might for electricity and gas on these new July 22 offerings for Agile and Tracker.

You're overlooking the purpose of the Octopus caps.

Back when they were first set, electricity was generally costing in the mid-teens of pence per kWh. 35p was an absurdly high price that could potentially be reached on occasion by a tracking tariff. The caps were intended to protect customers from unlikely, bit possible, price surges.

You might remember the exceptional winter storm in Texas that sent electricity to $30 a kWh or so? That's what the caps were intended to protect against.

Over the last 12 months the caps have bee reached frequently, with Tracker and Agile trading at the cap from late autumn, through last winter and into spring.

What Octopus seem to have done is reset the caps to a level they should rarely reach. Only time will tell whether this is truly the case or whether prices will sit at the cap for weeks on end.

tlcgrantham

The new caps are still below the Octopus fixed tariffs except for the Loyalty tariff which is just under the new caps. The Go tariffs around the 40pkw/h peak rate 7.5pkw/h cheap look good value if you have an EV.

MWT

QrizB said:

What Octopus seem to have done is reset the caps to a level they should rarely reach. Only time will tell whether this is truly the case or whether prices will sit at the cap for weeks on end.

I suspect they have still set the Agile cap too low.

Xbigman

QrizB said:

Over the last 12 months the caps have bee reached frequently, with Tracker and Agile trading at the cap from late autumn, through last winter and into spring.

What Octopus seem to have done is reset the caps to a level they should rarely reach. Only time will tell whether this is truly the case or whether prices will sit at the cap for weeks on end.

I thought the same but looking at last Saturday we had a few low half hours around 30p. Today we have a few low half hours around 48p. That's an increase of over 50%. Have wholesale prices gone up that much in a week? Last Sunday we had some half hours around 27p. That's translates to tomorrow being around 45p at its lowest. That is crazy.

I did notice we seem to be supplying energy to France every day, although some of that is coming from Norway and then passed on by us. Today I saw this.  https://www.dailymail.co.uk/news/article-11041495/National-Grid-asks-emergency-permission-pump-gas-Europe-storage-facilities.html
Are we really giving away electricity when prices are this high?


Darren

MWT

Xbigman said:

I did notice we seem to be supplying energy to France every day, although some of that is coming from Norway and then passed on by us. Today I saw this.  https://www.dailymail.co.uk/news/article-11041495/National-Grid-asks-emergency-permission-pump-gas-Europe-storage-facilities.html
Are we really giving away electricity when prices are this high?

The UK has more capacity to handle and re-process imported LNG than a lot of other European countries, and either re-export it as gas or as electricity, so at least part of what you are seeing is LNG shipments for other countries being processed here and then returned in one of those ways.