Electricity only, fix now to beat the CAP rise? (with a suggestion)

bristolleedsfan

booshya said:

bristolleedsfan said:

booshya said:

MWT said:

booshya said:

Feel free to post a link of your own that supports your view of how you think Octopus operates then

You can move to any of the currently available tariffs without penalty as long as you meet any special requirements the tariff may have.

I do not, and never have, disputed that.

What I dispute is that the OP will be able to choose to transfer to the suppliers default tariff once they have chosen to switch to a fixed tariff.

That is the same situation with almost any supplier at present.

1st and 2nd paragrah self contradictory due to default tariffs being classed as "currently available tariffs" showing on current tariff listing, by definition others are correct you are incorrect

Friend of mine recently signed up to switch electricity Eon Next via expensive fixed rate link, when switch completed changed to energy capped variable tariff.  same person signed up to switch gas to Octopus via twitter. on switch date asked if could change to flexible Octopus
My octopus live today for gas
Twitter replied:
Thanks for getting in touch. Yes that is not a problem, your gas agreement has now been switched to the Flexible tariff

booshya said:

bristolleedsfan said:

booshya said:

MWT said:

booshya said:

Feel free to post a link of your own that supports your view of how you think Octopus operates then

You can move to any of the currently available tariffs without penalty as long as you meet any special requirements the tariff may have.

I do not, and never have, disputed that.

What I dispute is that the OP will be able to choose to transfer to the suppliers default tariff once they have chosen to switch to a fixed tariff.

That is the same situation with almost any supplier at present.

1st and 2nd paragrah self contradictory due to default tariffs being classed as "currently available tariffs" showing on current tariff listing, by definition others are correct you are incorrect

Friend of mine recently signed up to switch electricity Eon Next via expensive fixed rate link, when switch completed changed to energy capped variable tariff.  same person signed up to switch gas to Octopus via twitter. on switch date asked if could change to flexible Octopus
My octopus live today for gas
Twitter replied:
Thanks for getting in touch. Yes that is not a problem, your gas agreement has now been switched to the Flexible tariff

Octopus is not currently offering default tariff to new applicants, save for those that meet the special requirements for that tariff

I've not tried Eon Next. Thanks for that.
- ah it was via twitter! bah
- presumably as bad as that BG cheap tariff only available via chat that was promoted on here.

Both Octopus and E.on Next seemingy operate policy that when a customer can switch to any currently available tariff hence changes made on switch date

The reason my friend signed up to Octopus via twitter he was not able to switch gas only by phone, Octopus have answered  publicly., Telegraph article 12 November that people can switch to flexible variable tariff by phone if they ask for it, maybe you asked and was given incorrect answer.

booshya

bristolleedsfan said:

booshya said:

bristolleedsfan said:

booshya said:

MWT said:

booshya said:

Feel free to post a link of your own that supports your view of how you think Octopus operates then

You can move to any of the currently available tariffs without penalty as long as you meet any special requirements the tariff may have.

I do not, and never have, disputed that.

What I dispute is that the OP will be able to choose to transfer to the suppliers default tariff once they have chosen to switch to a fixed tariff.

That is the same situation with almost any supplier at present.

1st and 2nd paragrah self contradictory due to default tariffs being classed as "currently available tariffs" showing on current tariff listing, by definition others are correct you are incorrect

Friend of mine recently signed up to switch electricity Eon Next via expensive fixed rate link, when switch completed changed to energy capped variable tariff.  same person signed up to switch gas to Octopus via twitter. on switch date asked if could change to flexible Octopus
My octopus live today for gas
Twitter replied:
Thanks for getting in touch. Yes that is not a problem, your gas agreement has now been switched to the Flexible tariff

booshya said:

bristolleedsfan said:

booshya said:

MWT said:

booshya said:

Feel free to post a link of your own that supports your view of how you think Octopus operates then

You can move to any of the currently available tariffs without penalty as long as you meet any special requirements the tariff may have.

I do not, and never have, disputed that.

What I dispute is that the OP will be able to choose to transfer to the suppliers default tariff once they have chosen to switch to a fixed tariff.

That is the same situation with almost any supplier at present.

1st and 2nd paragrah self contradictory due to default tariffs being classed as "currently available tariffs" showing on current tariff listing, by definition others are correct you are incorrect

Friend of mine recently signed up to switch electricity Eon Next via expensive fixed rate link, when switch completed changed to energy capped variable tariff.  same person signed up to switch gas to Octopus via twitter. on switch date asked if could change to flexible Octopus
My octopus live today for gas
Twitter replied:
Thanks for getting in touch. Yes that is not a problem, your gas agreement has now been switched to the Flexible tariff

Octopus is not currently offering default tariff to new applicants, save for those that meet the special requirements for that tariff

I've not tried Eon Next. Thanks for that.
- ah it was via twitter! bah
- presumably as bad as that BG cheap tariff only available via chat that was promoted on here.

... maybe you asked and was given incorrect answer.

Thank you. It really wouldn't surprise me if Octopus had given me the wrong answer.

But they had their chance to gain my custom and blew it; I won't be asking them again

Octopus certainly are gaining a reputation to match that of the recent BG Zero standing charge tariff debarcle over giving wrong answers.

I posted earlier about how Octopus previously gave the wrong answer to someone else, and then tried that same wrong answer with the ombudsman. The OS soon put them right!

https://forums.moneysavingexpert.com/discussion/comment/78878285/#Comment_78878285

booshya

Sorry, I did find the Telegraph article
https://www.telegraph.co.uk/money/consumer-affairs/biggest-energy-firms-accused-denying-cheapest-deals-new-customers/

... but it's behind a paywall. Finally now found a way of accessing it though

What it actually says is:

"British Gas, E.on and EDF are refusing to offer new customers the standard variable rate deals ..."
"All three companies confirmed to The Telegraph that the policies were not currently on offer. ..."

In regards Octopus (and SP), it does say they told the Telegraph that the default tariff
"... was still available to new customers, but only if they rang up and asked for it."

Who knows who Octopus gave the wrong answer to? But it's safe to now say they have given another wrong answer to someone.

The article goes on that Octopus also added:
"...it was no longer advertising its variable tariff, saying it would be “imprudent” to do so, and has a number of warnings on its websites advising people not to switch."

Well there certainly are a number of warnings on the Octopus website advising people not to switch, so the Telegraph are correct on that.

But otherwise the article appears contradictory.

On the one hand it reports:
"A spokesman said: “Suppliers who offer standard variable tariffs to existing customers must also offer this to new customers.”"

Does that mean suppliers are not allowed to offer any tariffs to existing customers only?

But on the other hand, the article also reports that:
"Firms not offering new customers the best deals face the prospect of regulatory action,..."

However, BG who admitted to not offering new customers the (best value) standard variable rate deals, are reported as:
"A spokesman for British Gas said it was in regular contact with Ofgem and said it was “confident” it was meeting its “licence obligations”."

Further reporting included:
"... an E.on spokesman insisted there was “no issue”, saying a number of suppliers had taken the same approach."

So all clear as dishwater now

For the sake of completeness, I should add:
"All the firms said that customers that had joined as a result of their former provider collapsing would be placed on the cheapest deal and that existing customers coming to the end of the fixes would be rolled on to variable tariffs automatically."

(No dispute on that stance)

ProDave

I have done my spreadsheet and the analysis is thus:

If I accept the loyal Octopus fixed on offer taking their offer to switch to that from end of February and assuming next years use is exactly the same as the last 12 months, my annual cost from March will be £1891.  That includes £40 more in March for fixing 1 month before the cap rises.

If I stayed on the SVR and the cap rose 40% my annual cost would go up to £1909 costing £18 more than fixing.

If I stayed on the SVR and the cap rose 50% my annual cost would go up to £2038 costing £147 more than fixing.

If I stayed on the SVR and the cap rose 60% my annual cost would go up to £304 costing £304 more than fixing.

That assumes the cap rises in April and no further rise.  It it rose again in October, the savings achieved by fixing now would be greater.

 

markin

Just so were on the same page, what is your standing charge?

ProDave

markin said:

Just so were on the same page, what is your standing charge?

27p per day, but it stays the same if I switch to the fixed deal. So I have ignored it for my costs.

Mr_Pegs

ProDave I got the same offer and posed a similar question on this forum last week we are electricity only, we are low users. I fixed with the loyalty customer. My current fix end towards the end of February, new loyalty fix starts after no exit fees so will see how things go with new cap in April 2022 I as so undecided but took the plunge due to no exit fees. My monthly bill was only £43 currently on new loyalty £61 as  I say I will reassess in April when new cap announced hope this helps , maybe!

MWT

Mr_Pegs said:

... I will reassess in April when new cap announced hope this helps , maybe!

You won't have that long to wait, the new cap should be announced during February...

QrizB

MWT said:

Mr_Pegs said:

... I will reassess in April when new cap announced hope this helps , maybe!

You won't have that long to wait, the new cap should be announced during February...

In 2021 the April cap was announced on the 5th of Feb, in 2020 on the 7th of Feb, in 2019 on the 7th of Feb.

If that timetable holds, we'll know in about three weeks from now.

Verdigris

I bet it will be delayed whilst the government dither about giving consumers any help.