My existing energy company.

Silverj

After looking on my present energy companies website, with Octopus Energy for a number of years, to see what the new energy prices are likely to be, I was annoyed to receive an email back from them saying, as of yesterday 7th October, they had put up my monthly amount to over double. My present fixed tariff doesn’t run out until November 30th 2021, I am in credit by £159, I pay £66 per month and suggested I pay £72 per month and adjust any difference at the end of the year. They’ve emailed back saying the new monthly amount is £159 per month, as of yesterday 7th October. I emailed back asking for my existing tariff to be re-instated. I thought at least I could have some breathing space to try to find a cheaper deal. I watched Martin last night saying do nothing, I had already asked/suggested an amount to my company before then. I thought Martin said prices aren’t due to rise until April 2022, but I may be wrong. I welcome views please.

QrizB

Nothing you have written suggests there has been any change in your tariff.

If you log in to your Octopus account you can adjust your DD.

Do bear in mind that your tariff will change from 1st Dec and this may have been Octopus trying to ease the bill shock you will feel then.

wittynamegoeshere

...or they're low on cash and decided to raid their customers' bank accounts to keep them afloat?

MWT

wittynamegoeshere said:

...or they're low on cash and decided to raid their customers' bank accounts to keep them afloat?

Of all the possibilities with Octopus that one has to be the most humorous right now...

"LONDON, Sept 27 (Reuters) - UK power supplier Octopus Energy Group said on Monday it has agreed a deal with Generation Investment Management for $600 million in additional investment, taking the group's valuation to up to $4.6 billion."

MWT

Silverj said:

After looking on my present energy companies website, with Octopus Energy for a number of years, to see what the new energy prices are likely to be, I was annoyed to receive an email back from them saying, as of yesterday 7th October, they had put up my monthly amount to over double. My present fixed tariff doesn’t run out until November 30th 2021, I am in credit by £159, I pay £66 per month and suggested I pay £72 per month and adjust any difference at the end of the year

Unless your fix has ended, your tariff has not changed.

Just use the option on the website to change your DD to the amount you wish, but do make sure you continue to cover your costs each month as we move into the winter.

When does your fix expire BTW? You can find that on your last bill, or it may also show on your account page on the web.

Curiousgirl1

Silverj said:

After looking on my present energy companies website, with Octopus Energy for a number of years, to see what the new energy prices are likely to be, I was annoyed to receive an email back from them saying, as of yesterday 7th October, they had put up my monthly amount to over double. My present fixed tariff doesn’t run out until November 30th 2021, I am in credit by £159, I pay £66 per month and suggested I pay £72 per month and adjust any difference at the end of the year. They’ve emailed back saying the new monthly amount is £159 per month, as of yesterday 7th October. I emailed back asking for my existing tariff to be re-instated. I thought at least I could have some breathing space to try to find a cheaper deal. I watched Martin last night saying do nothing, I had already asked/suggested an amount to my company before then. I thought Martin said prices aren’t due to rise until April 2022, but I may be wrong. I welcome views please.

It looks like your annual or interim review has been done for your direct debit. 

Your fix expires end of next month and you will then go into the SV tariff which I’m assuming will be a lot higher than you are paying at the moment. 

If it’s an interim review then going by your usage history Octopus will know what you use over the winter & based on the higher prices will adjust your d/d accordingly so you have a zero balance when the annual review takes place. 

If it’s an annual review, then Octopus will take into account your new prices from 01/12/21 to 31/03/22 & then the expected increase from 01/04/22 until your review next year to stop you from going into debt due to the higher tariff prices.