Surely the 5p/15p Octopus Go / Go Faster tariffs can't be sustainable in the near future?

lohr500

I opted for the 2 year fixed EDF GoElectric 96 tariff a couple of month ago, but the variable Octopus Go tariff would have saved me a reasonable amount. At the time, the long term stability was the deciding factor in switching to the EDF tariff.

I sill wonder if I made the right decision, but now I am thinking that surely the Octopus Go/Go faster tariff is going to increase significantly sometime soon.

Any thoughts? 

bristolleedsfan

lohr500 said:

I opted for the 2 year fixed EDF GoElectric 96 tariff a couple of month ago, but the variable Octopus Go tariff would have saved me a reasonable amount. At the time, the long term stability was the deciding factor in switching to the EDF tariff.

I sill wonder if I made the right decision, but now I am thinking that surely the Octopus Go/Go faster tariff is going to increase significantly sometime soon.

Any thoughts? 

Go tariff is 12 month fixed ( not variable)

QrizB

Also, while they could easily bump it up for new joiners, I hope they don't do so for a couple of weeks as I'm joining Octopus in a week with a view to moving onto Go Faster ...

niktheguru

lohr500 said:

I opted for the 2 year fixed EDF GoElectric 96 tariff a couple of month ago, but the variable Octopus Go tariff would have saved me a reasonable amount. At the time, the long term stability was the deciding factor in switching to the EDF tariff.

I sill wonder if I made the right decision, but now I am thinking that surely the Octopus Go/Go faster tariff is going to increase significantly sometime soon.

Any thoughts? 

Octopus go/go faster is a 12 month fix (all be it with no exit fee), the edf go electric 96 is a 2 year fix.

Personally, i think the octopus go faster tariff is the one to go for, and i've been going on about it on these boards for some time. No doubt the peak rate will rise for new customers at some point, as of today it is still unchanged....i suspect its only a matter of time though. I really don't see how max 16p/kwh peak and 5.5p for 5hrs in the evening can be beaten unless you are an extremely low user. Your tariff has the benefit of the lower rate throughout the whole weekend, but the peak rate is much higher.

Even before all these price rises the octopus go faster tariff was amongst the best. (i moved from symbio to this tariff, and average at around 10p/kwh at the moment - but i do have an EV) But now, with all the price rises this tariff is ridiculously cheap.

lohr500

Thanks for all the replies. I had missed the fact that it was fixed for 12 months 🙁 I need to revisit my logic on Octopus Vs EDF.

MWT

They have hedged each of the time slots on the Go Faster tariff, so until they exceed the amount hedged it does not need to rise, but when it does then it will of course go up.

Similarly you may see the more popular choices like the 8:30pm start get closed off to new customers sooner than the others. 

bristolleedsfan

MWT said:

They have hedged each of the time slots on the Go Faster tariff, so until they exceed the amount hedged it does not need to rise, but when it does then it will of course go up.

The answer Greg Jackson has recently given on twitter is that difference in rates between Go Tariff and Standard fixed rate tariff is not on purpose,  Octopus Go tariff has rarely had rates changed ( which is true, only 1 Go tariff change since 2018, Go Faster introduced 2019, 1 tariff change since), standard tariffs change a lot more often due to a lot more customers  on standard tariff

Taken from FT - https://forums.moneysavingexpert.com/discussion/comment/78617983/#Comment_78617983

"Octopus Energy, one of the fastest growing energy providers in the UK — which is now considered a large supplier — said earlier this month that it was now effectively “subsidising our customers to the tune of over £5m a month”.

Octopus Go must be running at a loss and contributing to above figure or contributing to whatever figure Octopus Energy are subsidising its customers

niktheguru

bristolleedsfan said:

MWT said:

They have hedged each of the time slots on the Go Faster tariff, so until they exceed the amount hedged it does not need to rise, but when it does then it will of course go up.

The answer Greg Jackson has recently given on twitter is that difference in rates between Go Tariff and Standard fixed rate tariff is not on purpose,  Octopus Go tariff has rarely had rates changed ( which is true, only 1 Go tariff change since 2018, Go Faster introduced 2019, 1 tariff change since), standard tariffs change a lot more often due to a lot more customers  on standard tariff

Taken from FT - https://forums.moneysavingexpert.com/discussion/comment/78617983/#Comment_78617983

"Octopus Energy, one of the fastest growing energy providers in the UK — which is now considered a large supplier — said earlier this month that it was now effectively “subsidising our customers to the tune of over £5m a month”.

Octopus Go must be running at a loss and contributing to above figure or contributing to whatever figure Octopus Energy are subsidising its customers

which begs the question why haven't they increased the price of octopus go and go faster to new customers the way that their fixed and flexible tariffs have gone up. If they're running at a loss it doesn't matter if they've "hedged" their wholesale energy, why keep the go prices so low?

worrywart_3

I’m on octopus go is it a year since I went on to go that it will be fixed it’s saying may but I only went on to that tarrif a few weeks ago ?

MWT

worrywart_3 said:

I’m on octopus go is it a year since I went on to go that it will be fixed it’s saying may but I only went on to that tarrif a few weeks ago ?

Worth contacting support to check, I’ve seen that happen by accident and then it was corrected after a support call. 

tlcgrantham

worrywart_3 said:

I’m on octopus go is it a year since I went on to go that it will be fixed it’s saying may but I only went on to that tarrif a few weeks ago ?

May probably refers to the name of the tariff not when you started.