My latest bill from Octopus Energy

Ironside69

I have just received my latest gas & electricity bill and I can't work out the charges.  I am with Octopus Energy and pay a monthly £138.  I send in a metre reading at the beginning of each month.  It states in my billing history that on June 6 my previous balance was £4.38.  Now it's saying on June, 30, my new balance is £-59.08.  However, I've only spent £55.32 on electricity and £8.14 on gas between June 2 and June, 30.  I can't work out why I'm now in debit since I have just paid £138 on July 1.  I should be over £70 in credit.

QrizB

Perhaps I'm missing something, but if you were -£59.08 on 30th June then that was before your payment of £138 on 1st July?

Robin9

@Ironside69

as per QrizB - what is the date on the statement ?  You may have received it today but is it perhaps dated June 30th ?

For what I assume is a gas heated property  your electricity does seem quite high.

PS Please  - it's meter (metre is length)

niktheguru

Would prob be easier if you provided a copy of the bill on here with your personal information removed/covered, so we could advise. Otherwise we are just looking at the numbers you provided which arent a great help.

MWT

Ironside69 said:

Now it's saying on June, 30, my new balance is £-59.08.  However, I've only spent £55.32 on electricity and £8.14 on gas between June 2 and June, 30.  I can't work out why I'm now in debit since I have just paid £138 on July 1.  I should be over £70 in credit.

Nothing odd there.

Previous balance was £4.38 - £55.32 Electric - £8.14 Gas = new balance -£59.08 on 30th June.

Then on 1st July you paid £138 which will take a day or two to arrive in your account at which point the balance will update.

Ironside69

MWT said:

Ironside69 said:

Now it's saying on June, 30, my new balance is £-59.08.  However, I've only spent £55.32 on electricity and £8.14 on gas between June 2 and June, 30.  I can't work out why I'm now in debit since I have just paid £138 on July 1.  I should be over £70 in credit.

Nothing odd there.

Previous balance was £4.38 - £55.32 Electric - £8.14 Gas = new balance -£59.08 on 30th June.

Then on 1st July you paid £138 which will take a day or two to arrive in your account at which point the balance will update.

Yes, exactly what you said  I did wonder whether it was just a case that the direct debit haven't actually gone through yet.  Anyway, it obviously has which accounts for why I have a negative figure.  Once that direct debit clears all be £79 in credit.  I don't know whether they will automatically reduce the monthly DD or whether that's up to me.  The way I look, is that it's six of one and half a dozen of the other.  I'll probably pay the £138 for the next couple of months and then reduce the DD considerably and use any outstanding credit for the next few months.  And then if I start using more energy than I'm paying for.  I can always increase the DD again.

[Deleted User]

Go to My Account and you can see on a submenu when charges were deducted from your account balance as well as when DD payments were applied. My DD was taken on Friday and it shows that the amount has yet to be credited to My Account.

MWT

Ironside69 said:

I'll probably pay the £138 for the next couple of months and then reduce the DD considerably and use any outstanding credit for the next few months.  And then if I start using more energy than I'm paying for.  I can always increase the DD again.

Assuming that the £138 is 1/12th of your annual usage, your use over the summer months will be lower than your annual use/12 so you just have to decide if you want to built up a balance to carry you through the winter at roughly the same payment level, or you can reduce the payments and then increase them to a higher level during winter.

If you do the later then the winter payments are going to be higher than £138, but that is up to you of course.

Ironside69

MWT said:

Ironside69 said:

I'll probably pay the £138 for the next couple of months and then reduce the DD considerably and use any outstanding credit for the next few months.  And then if I start using more energy than I'm paying for.  I can always increase the DD again.

Assuming that the £138 is 1/12th of your annual usage, your use over the summer months will be lower than your annual use/12 so you just have to decide if you want to built up a balance to carry you through the winter at roughly the same payment level, or you can reduce the payments and then increase them to a higher level during winter.

If you do the later then the winter payments are going to be higher than £138, but that is up to you of course.

Gas & Electric combined never got anywhere close to £138 a month even at the coldest period last winter.

stef73

I'm with octopus my bills have also gone from always in credit to in debit , I think they have maybe changed the date they issue bills ? Mine changed when the smart meters were installed plus my direct debit has increased by £20 

MWT

Ironside69 said:

MWT said:

Ironside69 said:

I'll probably pay the £138 for the next couple of months and then reduce the DD considerably and use any outstanding credit for the next few months.  And then if I start using more energy than I'm paying for.  I can always increase the DD again.

Assuming that the £138 is 1/12th of your annual usage, your use over the summer months will be lower than your annual use/12 so you just have to decide if you want to built up a balance to carry you through the winter at roughly the same payment level, or you can reduce the payments and then increase them to a higher level during winter.

If you do the later then the winter payments are going to be higher than £138, but that is up to you of course.

Gas & Electric combined never got anywhere close to £138 a month even at the coldest period last winter.

Then use the option in your online account to adjust the DD to where you want it to be...