Octopus Energy to fix or not

Mr_Pegs

Been offered to fix or not for Electric only ( oil for heating no gas laid ) with Octopus after watching Martin Lewis on 6th Jan 2022 he said fixing may well be good for some who are coming to end of fix plan my Octopus plan ends Feb 2022 12 month fixed. Been offered the following  Electricity

Daily standing charge Loyal Octopus Fixed 12m
23.50p /day
Unit rate
29.17p /kWh
Exit fee	£0

or

Electricity	Flexible
Daily charge	23.50 p/day
Unit rate	21.80 p/kWh

or

Electricity 12m Fixed

Daily standing charge
23.50p /day
Unit rate
39.10p /kWh
Exit fee	£0

I have dismissed option 3, 12M fixed I an leaning towards Loyal Octopus Fixed 12m with the future April 2022 price cap rise that is my understanding is due in April 2022 any thoughts ?

MWT

In your position I'd take the Loyal fix which should take effect when your current fix ends in Feb, and then review again in March as things should be a lot clearer by then.

Mr_Pegs

I just thought I would add a bit of context in monetary terms to the 'offer' made to me by Octopus 

Flexible would be £5.35 D/D per month

Loyal Octopus Fixed 12m Fixed would be £19.41 D/D per month

Electricity fixed 12m £38.35 D/D per month more.. (dismissed this one)

I see many questions like mine (when I searched) so I understand if no further comments as I have read many others, however this may prove good information to other consumers.

bristolleedsfan

Mr_Pegs said:

I just thought I would add a bit of context in monetary terms to the 'offer' made to me by Octopus 

Flexible would be £5.35 D/D per month

Loyal Octopus Fixed 12m Fixed would be £19.41 D/D per month

Electricity fixed 12m £38.35 D/D per month more.. (dismissed this one)

I see many questions like mine (when I searched) so I understand if no further comments as I have read many others, however this may prove good information to other consumers.

If it was me I would go onto flexible variable at the end of the fix, Octopus tend to increase flexible tariff a little later than energy cap date, October increase took effect from middle October as opposed to 1st, they also tend to price below energy cap.

Alternative opinion to locking in at that loyalty fixed rate is Octopus Tracker tariff,kwh rate changes daily based on wholesale price, maximum kwh rate was put on tariff approx 3.5 months ago of 30pkwh with lower standing charge than fixed rate

I would be very suprised if kwh rate is not consistently below 30pkwh by the time flexible Octopus increases in price

https://octopus.energy/tracker/