Do nothing or revert? Octopus

YummyPancake

Hi, I was on Flexible option with octopus before end of Sep but then I went for their fix, starting on 14th Oct, for two years, no exit fee.

Last night Martin said do nothing…. Now I don’t know if I shouldn’t have fixed and should have stayed on flexi?

The flexible option is cheaper comparing.  If I ‘undo’, I would be able to go back to the flexible rate, right?

Thanks

QrizB

If I was in your position and could undo, I would.

savers_united

I think those flexible Octopus rates are wrong, their Gas prices are now around 4p and Elec above 20p

Prices are increasing mid October for existing customers. 

QrizB

savers_united said:

I think those flexible Octopus rates are wrong, their Gas prices are now around 4p and Elec above 20p

I think that's the rate the OP is currently on. The new rates are still less than the fix they have signed up for.

MWT

I'm going to take a contrary position, given how much further the fixed rated have moved in the few days since that 24 month tariff was locked in, I'd be inclined to stay with it if the OP can afford to do so...

We are not seeing anything that suggests the next cap rate in 6 months time is going to go down so I'd suggest staying with the fix until there is concrete evidence of lower rates like another fix below the SVR.

wittynamegoeshere

Paying 50% too much is a very high premium to pay for protection.  There has to come a point where you decide that the price is just too high in comparison to the potential risk.

MWT

wittynamegoeshere said:

Paying 50% too much is a very high premium to pay for protection.  There has to come a point where you decide that the price is just too high in comparison to the potential risk.

May be a little different due to region, but this is the current version of the 24 month tariff they have locked in...

bristolleedsfan

O/P what % gas annual would you imagine using April 1st-30 September

Difference between gas fixed rate in screenshot compared with flexible is about 2.23pkwh based on current flexible octopus version, if use 9000kwh during winter months difference in cost is about £200

Difference in  electricity rates is about 5pkwh based on current flexible octopus version

It gives paying in advance a whole new meaning, certainly it is better for Octopus Energy when its customers choose to pay higher rates during winter months than capped rates which is why a few weeks ago they were recommending customers change to fixed even those who were not asking for a recommendation or advice.

wittynamegoeshere

Crikey, 35p/unit!

Would anyone admit to signing up to this?

bristolleedsfan

MWT said:

wittynamegoeshere said:

Paying 50% too much is a very high premium to pay for protection.  There has to come a point where you decide that the price is just too high in comparison to the potential risk.

May be a little different due to region, but this is the current version of the 24 month tariff they have locked in...

Equally Octopus are offering existing customers a 12 month fixed E rate about 2.25pkwh less than 24 month rate in O/P, I would stick with flexible capped rate, with view to paying whatever capped rate 1 April -30 September is with all options kept open as to what fixed rates might be offered for Winter 2022

MWT

One thing for sure though is that the tariffs where there was possibly some sense in considering a 24 month fix are now gone, so it isn't worth thinking about if you don't already have a fix in place.

I'm not including Neon Reef in that statement as I still feel it is a travesty that they are allowed to continue to trade and run up more costs to be passed on to the rest of us when they inevitably fail. Sooner they are out of business, the happier I will be.