Should I Switch

northernstar007

ive just done the same and locked into a 2yr contract, bitten the bullet now paying more than the cap, my prices are similar to yours and know i cant be screwed over for 24mths

wild666

ChainsawCharlie said:

Hi I am with Octopus Energy for dual fuel its the
Exclusive Octopus 12M Fixed tariff and ends on February 4th 2022

Thanking my lucky stars for being in this Tariffand that I have 4 more months left.

I asked them as pure speculation for another quote, and the price has increased from £1,399 per annum to £2, 433 per annum!! This would be a 24month fixed.

Now  I guess I would be crazy to switch into this new fixed tariff given it is so much more expensive, but my question is, could this go even higher if I switch in February when my current tariff ends.  It looks like any October increases will be factored into my £1433 new quote, but maybe prices could rise again...who knows, we know they will in April.

So is it going to be a good move to forego my current cheap tariff, and fix now in the understanding it could climb even higher?

Interested to know your views folks

The simple solution is do you think electric and gas prices will keep on rising so much that the rates they are offering will be cheap after the next price cap in April. If the answer is YES then fix at the prices they're offering, if you're unsure then wait a while but if you think the prices will drop considerably after April then you won't want to fix with that deal. 
In my opinion the prices are going to increase until the end of March 2023 before levelling off. There will be few fixed price deals that will be near the price cap, most will be way over the price cap. Any company offering a deal only £200 to £300 over the present capped rates should be snapped up but the deals on offer will likely be around a thousand pounds over the capped rates. 
Something along the lines of 35p plus for electric and 10p plus for gas with high daily standing charges around the 40p mark or higher. 

bristolleedsfan

ChainsawCharlie said:

Hi,
Many thanks for your kind reply,
I was hoping if someone could respond to my last post which has more detailed information rather than the older post I made.

OK, regarding Martins recent article dated 5th January 2022

Wondering if anyone can help me please  as I have received Martins email this morning about fixing or not fixing, and I'm finding this a little confusing (Me being thick)

With Octopus, this is my current beautiful  Fixed tariff due to end 4th February.

Electricity: 15.15p per kWh

Gas: 2.60p per kWh

Standing charges

Electricity: 19.54p per day

Gas: 16.80p per day

Current annual amount: £1,292.23

My Annual usage is

Electricity	6,093 kWh
Gas	9,096 kWh

This below is the Fixed Tariff I have signed up for due to start when the Tarif above ends in February BUT I can exit without fees if need be.

Electric:

Loyal Octopus 12M Fixed

Loyal Octopus 12M Fixed December 2021 v3

Starting on 04/02/2022
29.17p/kWh

Standing Charge Electricity 23.50p/day

GAS

Loyal Octopus 12M Fixed

Loyal Octopus 12M Fixed December 2021 v3

Starting on 04/02/2022
8.48p/kWh

Standing Charge GAS = 26.10p/day

So please could someone who understands all this please guide me as to is it better to not got onto this proposed fixed tarif in Feb or to stay with this proposed tarif.
I don't really understand how the price cap will affect me  based on my current usage

Looking at Gas if you do not take Octopus Energy advice about going onto energy capped tariff ( Flexible Octopus) when your fixed rate expires until that tariff increases in price which normally is a little later than energy cap change date you will be paying 108% ish more than you need to on every kwh gas that you use from 4th February onwards

Electricity hard to see what would be gained by taking much more expensive fixed rate from 4th February particularly as Octopus Tracker tariff currently has a maximum product capped rate of 30pkwh E, 6p kwh G, both with much cheaper standing charge