Octopus Energy 1 year fixed price tariff increases by 42% - is this a common percentage increase

Mabel2012

Octopus Energy 1 year fixed price tariff increases by 42%.

I shall not be renewing my contract despite their excellent customer service..

I am a very low user so did not expect such a hike in prices.  Are low users taking a larger percentage of the price increases or is the increase proportional. The Octopus annual charge increases from an accurate £502.68 to £713.99 for the same usage figures. I have trimmed my usage to the minimum by being energy efficient and using energy efficient bulbs and appliances. I don't know what else I can do to reduce my next years energy spend.

The cheapest 1 year fixed price tariff I can find is Avro Energy for £568/year.

• do they live up to the Which? Customer Score of 76%
  
• what is the likelihood of them still being in business for another year.
  

If prices are going to continue to rise sharply in the future. Is anyone fixing for 2 years. If so, what are the cheapest tariffs. 

Are suppliers likely to release new tariffs in the next month, my tariff expires on 09 October 2021.

bristolleedsfan

Mabel2012 said:

Octopus Energy 1 year fixed price tariff increases by 42%.

I am a very low user so did not expect such a hike in prices.  Are low users taking a larger percentage of the price increases or is the increase proportional.

Those on Octopus Go Tariff  will currently see electricity price increase on renewal of less than 15% peak time plus able to charge EVs for up to 5 hours at unchanged 5pkwh ish off peak

EDF Direct and E.ON Next Direct do 2 year fixed rate with no exit fees, cheaper than Octopus despite both having increased rates last week ish ............EDF Direct last time I looked was fixed until March 2024 with no exit fees

EDF, Eon Next, Zog Energy to name a few have all increased fixed rates during last week or so with new Gas kwh fixed rates significantly below what Octopus have been charging for fixed rates since late July

QrizB

Mabel2012 said:

Octopus Energy 1 year fixed price tariff increases by 42%.

I shall not be renewing my contract despite their excellent customer service..

...

The cheapest 1 year fixed price tariff I can find is Avro Energy for £568/year.

• do they live up to the Which? Customer Score of 76%
  
• what is the likelihood of them still being in business for another year.
  

If prices are going to continue to rise sharply in the future. Is anyone fixing for 2 years. If so, what are the cheapest tariffs. 

Are suppliers likely to release new tariffs in the next month, my tariff expires on 09 October 2021.

There's an active Avro thread here, take a look at that and dee if it helps answeer your questions.

https://forums.moneysavingexpert.com/discussion/5367862/avro-energy-reviews-give-your-feedback/p301

You might want to look at separate gas and electricity suppliers, rather than dual fuel.

FWIW I'm shortly starting a 2-year gas fix with Zog and a 1-year electricity fix with Logicor. My future Zog gas tariff is cheaper per kWh than I was paying in 2012.

tim_p

So has the price per kWh gone from, say 15p to 21p?  What about the standing charge?

edit typo 

Mabel2012

Thank you all for your comments.

Above is the old tariff rates and the new ones. All rising drastically from last year.

I joined Octopus in October 2020 just as Tonik was going bust. I'm considering a 2 year fix only because I don't want to have to think about comparing prices again for some time. It's no fun when the prices are going up and up. I may be moving house next year but as I will only select a no exit fee tariff that should not present any difficulties. 

I don't want to split my supply and double the trouble if I end up with the wrong suppliers. Before I make up my mind I will check out the comments on the Avro thread. I noticed Sainsbury's Energy 2 Year Fix And Reward v18 for £667 which is the same as EonNext 2 Year v5 and quite a bit cheaper than the Octopus 1 year fixed tariff. With Sainsburys I get Nectar points, the reward.                         

bristolleedsfan

Additional benefit of switching out based on current rules, can rejoin Octopus at same address 12 months after leaving them get another £50 credit via refer a friend.

Mabel2012

bristolleedsfan said:

Additional benefit of switching out based on current rules, can rejoin Octopus at same address 12 months after leaving them get another £50 credit via refer a friend.

By then I will probably have to pay £999.99 for the tariff that is now £713.99. I don't think I will consider Octopus again unless I have an electric vehicle to charge at home. It is only fun switching if you get a better deal each time. That is unlikely to happen with 'Truth to Power' Octopus Energy any time soon.

tlcgrantham

You don’t need an electric vehicle to switch to the Go tariff. It’s fixed for 12months and depending on your usage and area likely cheaper than your current fix. E.G. Rates in my area are 15.33kw & 5.0p from 00:30-04:30am with standing charge 25.0p. 

Mabel2012

tlcgrantham said:

You don’t need an electric vehicle to switch to the Go tariff. It’s fixed for 12months and depending on your usage and area likely cheaper than your current fix. E.G. Rates in my area are 15.33kw & 5.0p from 00:30-04:30am with standing charge 25.0p. 

Having an EV makes the Go tariff attractive if you have a smart metre. I have avoided having one fitted to date. As I don't have an EV there are many other supplier tariffs that are cheaper for me.

[Deleted User]

Mabel2012 said:

tlcgrantham said:

You don’t need an electric vehicle to switch to the Go tariff. It’s fixed for 12months and depending on your usage and area likely cheaper than your current fix. E.G. Rates in my area are 15.33kw & 5.0p from 00:30-04:30am with standing charge 25.0p. 

Having an EV makes the Go tariff attractive if you have a smart metre. I have avoided having one fitted to date. As I don't have an EV there are many other supplier tariffs that are cheaper for me.

It would be nice to know which ones? This time last year on Go Faster (20.30 to 01.30hrs) we were able to get our average unit cost down to c.8p/kWh by pushing as much use as we could to the Offpeak period. My EV sat in its hutch as my wife was shielding.

Naseby

My tariff with Octopus is coming to an end in a month. I use a bit more energy than Mabel2012, £822.48 pa, which was fixed for the previous 12 months. My increase is 41.15% but this time it is fixed for 24 months. Their variable tariff which obviously is not fixed is going up by 18.12%.

I knew prices were going up and expected them to be quite high but I am more than a bit shocked about the % increase. I haven't looked at comparison sites yet but would have preferred to stay with Octopus.