Fixed price deal tariff being increased

lensgirl1234

Hi

I signed up with octopus energy in July on a fixed price deal and today I have received a letter saying my tariff is increasing. Surely the whole point of fixing is just that? It even says on my original letter that my tariff won't increase until 2023.

Do they have the right to do that?

Thanks

worrywart_3

🤔 you sure you were on a fix what was the name of the tarrif you were on ? 

Or is it increasing the amount because your using more than anticipated? Ie your direct debit is increasing rarther than the unit rates?

QrizB

lensgirl1234 said:

I signed up with octopus energy in July on a fixed price deal and today I have received a letter saying my tariff is increasing. Surely the whole point of fixing is just that?

As worrywart asks:

• What was your old (current) tariff?
• What is your new (future) tariff?

A bit more information would be helpful, please.

Ultrasonic

Is it possibly just your direct debit payment that has increased? This is not the same as the charges associated with the tariff having changed, which I suspect they haven't.

lensgirl1234

No, definitely the tariff. The tariff was called price promise July 2021 V1.

It specifically says in that letter confirming my original tariff "you have selected our price promise tariff.  This means that your energy bills will reflect the amount of energy you use each month,  but the price you pay per unit is fixed". Tariff type says "fixed" and tariff end date is 30/08/2023.

Standing charge and unit price is going up ob both gas and electric 

lensgirl1234

Hi

Electricity standing charge is changing from 23.06p to 23.16p, unit rate 18.00p to 19.87p

Gas standing charge 25.43p to 25.09p and unit rate 3.28p to 4.01p

worrywart_3

lensgirl1234 said:

No, definitely the tariff. The tariff was called price promise July 2021 V1.

It specifically says in that letter confirming my original tariff "you have selected our price promise tariff.  This means that your energy bills will reflect the amount of energy you use each month,  but the price you pay per unit is fixed". Tariff type says "fixed" and tariff end date is 30/08/2023.

Standing charge and unit price is going up ob both gas and electric 

That doesn’t sound right then what was the unit price before and now is there any explanation for the price increase? It could
be an error and they thought you were on a
variable tarrif you may have to Contact them.

ozuma

lensgirl1234 said:

No, definitely the tariff. The tariff was called price promise July 2021 V1.

It specifically says in that letter confirming my original tariff "you have selected our price promise tariff.  This means that your energy bills will reflect the amount of energy you use each month,  but the price you pay per unit is fixed". Tariff type says "fixed" and tariff end date is 30/08/2023.

Standing charge and unit price is going up ob both gas and electric 

Are yoiu sure?

The Octopus Price Promise July 2021 V1 tariff was a variable tariff that tracks the Ofgem price cap until September 2023.

Prices are updated in October and April and give medium energy users savings of at least £50 a year if they are dual-fuel customers, compared with how much they would pay at the level of the price cap.

lensgirl1234

So it says fixed and that my tariff will never change, but it actually doesn't mean that at all?

Umiamz

No, Octopus Price Promise is a variable tariff, not fixed:

Description

Octopus Price Promise offers great value and 100% renewable electricity. As a variable tariff, your prices can rise and fall with the price cap level as set by Ofgem - but you'll always save compared to the cap. There are no exit fees, and you can switch to a fixed tariff at any time, so if you change your mind, you're in control.

lensgirl1234

But it clearly says fixed on my letter and the comment that my tariff won't change. I dont understand at all then