MSE News: Energy bill hikes hit millions as price cap rises by an average £139/yr

GrahamB

MWT said:

DeletedUser said:

If my understanding is correct, it will be this:-

Octopus Flexible October V2

GasU:3.94   GasSC:26.11
LecU:19.89  LecSC:26.82

Keep in mind that those numbers vary by region…

Understood 👍

GrahamB

SnowMan said:

GrahamB said:

Ultrasonic said:

A number of posters have independently worked out that the new Octopus tariff for former Avro customers will be Flexible Octopus October 2021 v2. The logic to get there is that it's a new 'flexible' tariff about £10 below the energy cap for average use hence likely to be it. We await official confirmation of that being the tariff so can't say for sure.

You can find the standard charge/unit rates for your region by going to

https://octopus.energy/tariffs/

Don't click on 'get a  quote' but enter your postcode instead and it's listed under current tariffs. You will probably need to click on 'load more' a few times until the Flexible Octopus October v2 tariff appears in the list.

Alternatively it's listed in the MSE Cheap Energy Club as Flexible Octopus v2. You can change your current tariff to Flexible Octopus v2 (it's an abbreviated name in there without the October but is the same tariff) and it will show your resulting cost based on your estimated gas/electricity usage.

https://clubs.moneysavingexpert.com/cheapenergyclub

Ouch!!!.....working with those figures from 'Octopus' for the 'Flexible Octopus October 2021 v2' it looks like we'll be paying and extra.....wait for it......£700 a year, exceeding the cap by some £500 a year!  Looks like we need to turn off the gas heating and put on more layers of clothing.

I'll go do some working out on 'MSE Cheap Energy Club' when I've gotten over the shock 😨.

Many thanks for the 'heads up' on how to find all the current 'Octopus' tariffs 👍

MWT

GrahamB said:

Ouch!!!.....working with those figures from 'Octopus' for the 'Flexible Octopus October 2021 v2' it looks like we'll be paying and extra.....wait for it......£700 a year, exceeding the cap by some £500 a year!

You will not be exceeding the cap.

The cap is on the standing charge and the total bill for a specific level of consumption, if your consumption is different then your bill will be different, but it doesn't mean you have exceeded the cap...

GrahamB

MWT said:

GrahamB said:

Ouch!!!.....working with those figures from 'Octopus' for the 'Flexible Octopus October 2021 v2' it looks like we'll be paying and extra.....wait for it......£700 a year, exceeding the cap by some £500 a year!

You will not be exceeding the cap.

The cap is on the standing charge and the total bill for a specific level of consumption, if your consumption is different then your bill will be different, but it doesn't mean you have exceeded the cap...

Sorry, incorrect use of words by me.  Should have said we'll be exceeding what has been set as the average consumption...I think 🤔.

stuart4703

Is my supplier (Ovo) within their rights to increase my tariff if I am on a FIXED tariff  ("Better Smart"), which they have informed me that the intend to do  ?  My contract clearly states that my price is guaranteed until May 2022, but when I challenged Ovo they have told me that it's within their rights to change their price.  I've scoured their terms and conditions, and whilst there clauses "guaranteeing" my price, there are other clauses that seem to be a get-out-of-jail-free card meaning they can do what they like.

My fix clearly isn't worth anything if it's not fixed.

Ultrasonic

stuart4703 said:

Is my supplier (Ovo) within their rights to increase my tariff if I am on a FIXED tariff  ("Better Smart"), which they have informed me that the intend to do  ?  My contract clearly states that my price is guaranteed until May 2022, but when I challenged Ovo they have told me that it's within their rights to change their price.  I've scoured their terms and conditions, and whilst there clauses "guaranteeing" my price, there are other clauses that seem to be a get-out-of-jail-free card meaning they can do what they like.

My fix clearly isn't worth anything if it's not fixed.

Just to check, is it the tariff costs (i.e. standing charge and/or cost per kWh) that have changed, or your monthly direct debit amount?

stuart4703

Ultrasonic said:

stuart4703 said:

Is my supplier (Ovo) within their rights to increase my tariff if I am on a FIXED tariff  ("Better Smart"), which they have informed me that the intend to do  ?  My contract clearly states that my price is guaranteed until May 2022, but when I challenged Ovo they have told me that it's within their rights to change their price.  I've scoured their terms and conditions, and whilst there clauses "guaranteeing" my price, there are other clauses that seem to be a get-out-of-jail-free card meaning they can do what they like.

My fix clearly isn't worth anything if it's not fixed.

Just to check, is it the tariff costs (i.e. standing charge and/or cost per kWh) that have changed, or your monthly direct debit amount?

The tariffs cost has changed. The DD amount can obviously change during the course of the year, but the unit price should not, IMO.

MWT

stuart4703 said:

Is my supplier (Ovo) within their rights to increase my tariff if I am on a FIXED tariff  ("Better Smart"), which they have informed me that the intend to do  ?  My contract clearly states that my price is guaranteed until May 2022, but when I challenged Ovo they have told me that it's within their rights to change their price.

Your tariff is fixed through the term, your price is fixed as well, but your cost will vary in line with your consumption.

If they are telling you they intend to vary the tariff by changing the price of your energy per kWh or the daily standing charge then they should not be doing that.

If they are telling you that your DD cost has to go up to keep up with your consumption then they are perfectly entitled to do so.

Which is it...?

QrizB

stuart4703 said:

Is my supplier (Ovo) within their rights to increase my tariff if I am on a FIXED tariff  ("Better Smart"), which they have informed me that the intend to do  ?  My contract clearly states that my price is guaranteed until May 2022, but when I challenged Ovo they have told me that it's within their rights to change their price.

Can you copy-and-paste whatever it is that Ovo have told you? Remove or obscure any personal info.

Ultrasonic

stuart4703 said:

Ultrasonic said:

stuart4703 said:

Is my supplier (Ovo) within their rights to increase my tariff if I am on a FIXED tariff  ("Better Smart"), which they have informed me that the intend to do  ?  My contract clearly states that my price is guaranteed until May 2022, but when I challenged Ovo they have told me that it's within their rights to change their price.  I've scoured their terms and conditions, and whilst there clauses "guaranteeing" my price, there are other clauses that seem to be a get-out-of-jail-free card meaning they can do what they like.

My fix clearly isn't worth anything if it's not fixed.

Just to check, is it the tariff costs (i.e. standing charge and/or cost per kWh) that have changed, or your monthly direct debit amount?

The tariffs cost has changed. The DD amount can obviously change during the course of the year, but the unit price should not, IMO.

Agreed. I asked as you'd be surprised how many people post here who aren't clear on the distinction.

As above it would be interesting if you could share exactly what you have been told. It is understandable for energy companies to want to increase prices even during a fixed agreement but your post is the first I've seen to suggest any company may be trying to do so.