Octopus Energy Fix Rate Query

QrizB

MrsRWilliams said:

Do you know if the loyalty fixed rate we have been offered can be withdrawn at any time? I don't really want to accept it now with 6 weeks on the present low fixed tariff.

Others have reported that Octopus will apply your new fix from the end of your old one. I've not been with them for long enough to have experienced this myself.

MWT

QrizB said:

Others have reported that Octopus will apply your new fix from the end of your old one. I've not been with them for long enough to have experienced this myself.

This is the format of the renewal email that Octopus have previously used, those receiving one now should verity that it is still the case.

An example from last year....

"Your fixed tariff is coming to an end on 7th April 2021. While it's still a little way off, we thought you'd like to know your options. We've outlined them for you below.

If you choose to change to a new tariff, we will honour your current prices until the end of your fixed term. Your new prices (and fixed term if that's what you choose) will start on 8th April 2021. "

Captainkirk54

Hi MrsRWilliams

I am in the same position my current contract expires end of Feb.

I have found this on the main Octopus webpage under "Get Quote" - not account page 

"Octopus

You need to know this 👇

Right now, energy prices are at record highs, and most homes will be better off staying with their current energy supplier for the winter.

If your fixed term is coming to an end, don't choose a new tariff or switch supplier.

Instead, let your supplier automatically move you to their default tariff, so your prices are protected by the Government's Energy Price Cap.

Would you like an email when prices fall?

Yes, please email me"

This appers to be the advice Martin issued on TV as prices may fall eventually if the Goverment intervenes. I'll stay on the Octopus default rate until March then see whats on offer.

Captainkirk54

MrsRWilliams

MWT said:

QrizB said:

Others have reported that Octopus will apply your new fix from the end of your old one. I've not been with them for long enough to have experienced this myself.

This is the format of the renewal email that Octopus have previously used, those receiving one now should verity that it is still the case.

An example from last year....

"Your fixed tariff is coming to an end on 7th April 2021. While it's still a little way off, we thought you'd like to know your options. We've outlined them for you below.

If you choose to change to a new tariff, we will honour your current prices until the end of your fixed term. Your new prices (and fixed term if that's what you choose) will start on 8th April 2021. "

Thanks very much - reading again their message on renewal email, it would seem to suggest that unless I accept and request that I am transferred immediately onto the Loyal Octopus I will be transferred onto a "always good value and variable tariff; Flexible Octopus' tariff".  This suggests that the Loyal Octopus may or may not be around when my current contract ends.  If i select it now to secure it then my current (much better) rates will no longer apply and I will immediately start paying the much higher prices on the Loyal Octopus tariff ....?!?!? so hard to predict

spot1034

MrsRWilliams said:

MWT said:

QrizB said:

Others have reported that Octopus will apply your new fix from the end of your old one. I've not been with them for long enough to have experienced this myself.

This is the format of the renewal email that Octopus have previously used, those receiving one now should verity that it is still the case.

An example from last year....

"Your fixed tariff is coming to an end on 7th April 2021. While it's still a little way off, we thought you'd like to know your options. We've outlined them for you below.

If you choose to change to a new tariff, we will honour your current prices until the end of your fixed term. Your new prices (and fixed term if that's what you choose) will start on 8th April 2021. "

Thanks very much - reading again their message on renewal email, it would seem to suggest that unless I accept and request that I am transferred immediately onto the Loyal Octopus I will be transferred onto a "always good value and variable tariff; Flexible Octopus' tariff".  This suggests that the Loyal Octopus may or may not be around when my current contract ends.  If i select it now to secure it then my current (much better) rates will no longer apply and I will immediately start paying the much higher prices on the Loyal Octopus tariff ....?!?!? so hard to predict

Has it occurred to you that with wholesale prices now falling, the loyal Octopus tariff of which you speak might not be around when your tariff ends as it will have been replaced by something cheaper? I just suggest this as a possibility, as it seems that many people aren't even considering it. 

Captainkirk54

Octopus should not apply the new fix without your consent, they should default you to the current non-fixed rate under the present cap until March. I forgot to renew my fixed contract last year and I was immediately defaulted to the cap rate. 

QrizB

MrsRWilliams said:

Thanks very much - reading again their message on renewal email, it would seem to suggest that unless I accept and request that I am transferred immediately onto the Loyal Octopus I will be transferred onto a "always good value and variable tariff; Flexible Octopus' tariff".  This suggests that the Loyal Octopus may or may not be around when my current contract ends.  If i select it now to secure it then my current (much better) rates will no longer apply and I will immediately start paying the much higher prices on the Loyal Octopus tariff ....?!?!? so hard to predict

Octopus have had a "Loyal Octopus" tariff for a while now. It's updated every so often; the last few updates have been to increase the tariff but as spot1034 says it might fall in future.

If the tariff does fall, you can simply switch from your current Loyal Octopus to the new one. Octopus tariffs have no exit fees and you can switch whenever you want (although some of their tariffs do limit you to one switch a month).

MWT

MrsRWilliams said:

Thanks very much - reading again their message on renewal email, it would seem to suggest that unless I accept and request that I am transferred immediately onto the Loyal Octopus I will be transferred onto a "always good value and variable tariff; Flexible Octopus' tariff".

Could you post the text of the email here please?

Do remove any personal information of course...

Mr_Pegs

I have opted for the loyalty rate from octopus zero exit fees my current plan ends 22/2/2022 here is a clip from octopus email new plan starts at the end of current plan

Loyal Octopus 12M Fixed
This tariff features 100% renewable electricity and fixes your unit rates and standing charge for 12 months. There are no exit fees, so if you change your mind, you're in control. Hope this helps

Starts from	12:00 AM, 22nd Feb 2022
Electricity
Unit price	29.17p per kWh
Standing charge	23.50p per day

MWT

Mr_Pegs said:

I have opted for the loyalty rate from octopus zero exit fees my current plan ends 22/2/2022 here is a clip from octopus email new plan starts at the end of current plan

Perfect, thanks for that.

So this confirms that the new fix will start from the end of the current fix.