To fix or not to fix, that is the question! Octopus Energy

bristolleedsfan

AMUK786  October 2021 energy cap increase was said to be at least 12%, figure of 12% pretty much related to April 2021 energy cap of £1138 x 12%=  new cap level of £1277 for those who pay by direct debit.

If April 2022 energy cap increase is 50% then £1277 x 50% = £1915.50 ish

I just trying to provide answer in a nutshell

Uh Oh! message. - temporarily error

Just for possible future reference changing to Octopus tracker tariff involves asking Octopus for account link to change to tracker tariff for either/both fuels

Tracker tariff daily rates can be see https://energy.guylipman.com/sm/gastracker max 6pkwh product capped rate
https://energy.guylipman.com/sm/electracker max 30pkwh product capped rate

AMUK786

bristolleedsfan said:

AMUK786  October 2021 energy cap increase was said to be at least 12%, figure of 12% pretty much related to April 2021 energy cap of £1138 x 12%=  new cap level of £1277 for those who pay by direct debit.

If April 2022 energy cap increase is 50% then £1277 x 50% = £1915.50 ish

I just trying to provide answer in a nutshell

Uh Oh! message. - temporarily error

Just for possible future reference changing to Octopus tracker tariff involves asking Octopus for account link to change to tracker tariff for either/both fuels

Tracker tariff daily rates can be see https://energy.guylipman.com/sm/gastracker max 6pkwh product capped rate
https://energy.guylipman.com/sm/electracker max 30pkwh product capped rate

so October 2022 increases could be as much as April 2022.  This won't be sustainable for many people and I can't see prices come down after October, why would they - it'll be like when Petrol passed £1, once we've passed a threshold for prices, they'll just keep it there and not long until Petrol passes £1.50 and that will become the norm. 

I think whatever way I look at it, my costs will to near approx. £4k just for energy. Madness. 

Verdigris

I think whatever way I look at it, my costs will to near approx. £4k just for energy. Madness.

Or it could be the wake-up call for you, and many others, to reduce their energy usage. Every cloud...

AMUK786

agree - yes, there are ways to reduce some energy usage but I can't see any significant changes that I can make which will make an impact to the underlying total. 

out of curiosity, just checked EDF quote for 1 year fixed, ouch!

Electricity
Yearly Personal Projection	£2892.34
Daily standing charge	23.30p per day
Unit rate	40.66p per kWh
Exit fees	£35.00
Gas
Yearly Personal Projection	£2841.41
Daily standing charge	26.12p per day
Unit rate	12.282p per kWh
Exit fees	£35.00

Fred2712

I think EDF have a two year fix which is lower than the 1 year fix, (but higher exit fee).

Planeteer

I'm in the same boat with 🐙.  Reading today's article and prediction by Centrica on gas prices remaining high for 1.5-2 years, does raise the prospect of a longer 2 Yr fix perhaps. The cheapest I am getting is 20% higher vs SVR from SSE on 2yr fix.

https://www.bbc.co.uk/news/business-59957716

wild666

I'm also wondering if I should fix to one of the Octopus tariffs? my monthly usage of electric is only 126 kWh but that would be an extra £8 per month and the gas would be an extra £4 per month, but the monthly DD would increase by £20.26 per month on the cheapest tariff and £36.60 on the dearest tariff.
The fixed price tariffs haven't increased prices since I first looked at them at the middle of November 
My present rates are 26.45p & 26.11p Standing charges and 20.01p & 3.91p electric and gas kWh charges. the fixed rates are 26.45 and 26.72p SC & kWh electric, 26.10p & 8.31p SC & kWh gas
26.45p and 35.88p SC & kWh electric, 26.10p & 9.88p SC & kWh gas. 

I was a bit tempted to take on the lower priced fix when I first saw the prices but now I am not sure in case price increases aren't as much as predicted in April.

bristolleedsfan

wild666 said:

I'm also wondering if I should fix to one of the Octopus tariffs? my monthly usage of electric is only 126 kWh but that would be an extra £8 per month and the gas would be an extra £4 per month, but the monthly DD would increase by £20.26 per month on the cheapest tariff and £36.60 on the dearest tariff.
The fixed price tariffs haven't increased prices since I first looked at them at the middle of November 
My present rates are 26.45p & 26.11p Standing charges and 20.01p & 3.91p electric and gas kWh charges. the fixed rates are 26.45 and 26.72p SC & kWh electric, 26.10p & 8.31p SC & kWh gas
26.45p and 35.88p SC & kWh electric, 26.10p & 9.88p SC & kWh gas. 

I was a bit tempted to take on the lower priced fix when I first saw the prices but now I am not sure in case price increases aren't as much as predicted in April.

Bear in mind that fuels can be split between tariffs, looking at Gas do you fancy paying more than double on your gas usage until maybe middle of April being as Octopus generally increase flexible tariff rates later than energy cap date. most people use a lot less gas in many cases little or no gas during warmer months, gas energy capped rate until end September unlikely to exceed 8.31pkwh