Fixed tariff coming to an end

Bronia80

Currently on octopus 12m fixed, which ends in February, my options are fix for another 12 months at £166 per month, do nothing at £88.30 per month or fix with loyal octopus 12m fixed at £133.62 per month, I’m unsure what to do please help. 

bristolleedsfan

Bronia80 said:

Currently on octopus 12m fixed, which ends in February, my options are fix for another 12 months at £166 per month, do nothing at £88.30 per month or fix with loyal octopus 12m fixed at £133.62 per month, I’m unsure what to do please help. 

I would go by "you need to know this"  do nothing Octopus Energy advice

Bronia80

bristolleedsfan said:

Bronia80 said:

Currently on octopus 12m fixed, which ends in February, my options are fix for another 12 months at £166 per month, do nothing at £88.30 per month or fix with loyal octopus 12m fixed at £133.62 per month, I’m unsure what to do please help. 

I would go by "you need to know this"  do nothing Octopus Energy advice

Thanks it’s all quite confusing.

username

I'm in a similar quandary as my fix comes to the end of its current cycle at the end of Jan.

I have also been offered similar prices, and compared to the existing tariff, the standing charge for gas is nearly 10p more per day as to where it is now. All in all, compared to what I pay now by DD I am looking at an extra £30ish per month to find.

Why are fixes being offered but at astronomical rates? Is it to just put people off from fixing, and a view into the future of what standard pricing may be?

As for the do nothing option, what protections will there be come a review in April? Is the government going to do anything to subsidise or reduce the impact from the additional costs, rather than hiking the cap upwards or will we be left to the wolves (aka the what the "market" says)?

Bronia80

username said:

I'm in a similar quandary as my fix comes to the end of its current cycle at the end of Jan.

I have also been offered similar prices, and compared to the existing tariff, the standing charge for gas is nearly 10p more per day as to where it is now. All in all, compared to what I pay now by DD I am looking at an extra £30ish per month to find.

Why are fixes being offered but at astronomical rates? Is it to just put people off from fixing, and a view into the future of what standard pricing may be?

As for the do nothing option, what protections will there be come a review in April? Is the government going to do anything to subsidise or reduce the impact from the additional costs, rather than hiking the cap upwards or will we be left to the wolves (aka the what the "market" says)?

I’m not sure about all that but I was paying £64 per month so I can’t really afford to pay the fixed price it’s more than doubled. I think I’m going to go with the do nothing option. 

bristolleedsfan

username said:

As for the do nothing option, what protections will there be come a review in April? I

It is hoped fixed rates and/or Octopus tracker tariff  will be cheaper by then.

Octopus tracker tariff gas maximum  6pkwh - 15p17p per day standing charge based on formula the tariff is set currently

Electriicty maximum 30pkwh, hopefully will be consistently lower by then, Standing Charge 16-18p per day

https://octopus.energy/tracker/  Smart meter or no Smart meter

[Deleted User]

bristolleedsfan said:

username said:

As for the do nothing option, what protections will there be come a review in April? I

It is hoped fixed rates and/or Octopus tracker tariff  will be cheaper by then.

Octopus tracker tariff gas maximum  6pkwh - 15p17p per day standing charge based on formula the tariff is set currently

Electriicty maximum 30pkwh, hopefully will be consistently lower by then, Standing Charge 16-18p per day

https://octopus.energy/tracker/  Smart meter or no Smart meter

Loyal Octopus 12M Fixed December 2021 v3

Electricity Unit rate: 27.45 p/kWh  Standing charge: 24.38 p/day

Gas Unit rate: 8.39 p/kWh ( more than double current energy cap, coldest month ahead) Standing charge: 26.1 p/day

The problem with a ‘do nothing’ approach is that once the April price cap is announced next month then all the fixed prices on offer today will be withdrawn/changed. We can all hope but given the way that our Government has managed this crisis so far, I wouldn’t bet the farm on massive intervention to bring prices back into a more normal cost pattern. Bear in mind that Germany has just closed a number of nuclear power stations and when the wind doesn’t blow and the sun doesn’t shine then gas is used to produce electricity (as is the case in the UK).

Bronia80

These are my options 

jimjames

I don't understand, why would you choose to pay £166 rather than £88? Doesn't seem much of a choice to me

[Deleted User]

Martin Lewis said on R4 World at One that based on 5 of the 6 months of prices, he calculates a 52% rise in the Cap (with a caveat that it depends on whether Ofgem changes the methodology). He will also be producing an update on whether to Fix Now in the next few days.

meinnit

jimjames said:

I don't understand, why would you choose to pay £166 rather than £88? Doesn't seem much of a choice to me

Do nothing option may or may not be more than the fixed rate in April or October when the cap is reviewed. Who knows