Octopus Renewal offer - Am I missing something?

bristolleedsfan

savers_united said:
Previously they have left it at least a month, Mid November was my last increase to reflect the October cap. 

14th October Flexible Octopus tariff was increased https://octopus.energy/blog/why-we-are-increasing-energy-prices-for-some-customers/

savers_united

bristolleedsfan said:

savers_united said:
Previously they have left it at least a month, Mid November was my last increase to reflect the October cap. 

14th October Flexible Octopus tariff was increased https://octopus.energy/blog/why-we-are-increasing-energy-prices-for-some-customers/

November 12th they increased mine, it is an Octopus variable that tracks the cap but its called price promise not flexible. 

bristolleedsfan

savers_united said:

bristolleedsfan said:

savers_united said:
Previously they have left it at least a month, Mid November was my last increase to reflect the October cap. 

14th October Flexible Octopus tariff was increased https://octopus.energy/blog/why-we-are-increasing-energy-prices-for-some-customers/

November 12th they increased mine, it is an Octopus variable that tracks the cap but its called price promise not flexible. 

I replied to  " Those already with Octopus the other thing to consider is when they will raise their SVT rate. Previously they have left it at least a month, Mid November was my last increase to reflect the October cap"

Octopus SVT/default tariff is Flexible Octopus which was increased 2 weeks after standard cap increase date

Danny30

Verdigris said:

Is it worth taking the 12 month fix in view of the estimated increasing prices in April and October?

Only you can answer that. If your usage is lower than average and you think there will be another substantial rise in October, it probably is. Nobody has any answers, unfortunately.

My estimated annual annual usage according to my bills is 14577 for gas and 2277 for electricity. 

Verdigris

My estimated annual annual usage according to my bills is 14577 for gas and 2277 for electricity.

It does depend on what it is estimated on, though. If it is estimated on monthly meter readings (or smart meter data) it will be spot on. If people don't submit regular readings, and readings are estimated, that figure can be wildly out.

Danny30

Verdigris said:

My estimated annual annual usage according to my bills is 14577 for gas and 2277 for electricity.

It does depend on what it is estimated on, though. If it is estimated on monthly meter readings (or smart meter data) it will be spot on. If people don't submit regular readings, and readings are estimated, that figure can be wildly out.

I always provided my meter readings monthly but have had a smart meter for the last month and a half so no more readings required. 

Verdigris

That's good. It's just that some people are getting caught out by enforced changes of lifestyle, owing to Covid. Mine's gone up owing to Covid forcing (well bringing forward) retirement!

VT41

Ultrasonic said:

VT41 said:

Martin mentioned if you're offered anything 25% above the April 2022 fix then go for it.

I suspect you meant below rather than above there. This logic may have shifted from when it was first shared too.

As for the calculations I'd be looking at comparing costs for your actual usage in kWhs. Do you know this?

I'm guessing that 'Octopus offer' is a fix of some sort? If so, for how long?

This is Martin's latest tweet which he says 'below . Octopus offer is 12months fixed, no exit fees which seems to be lower than the April increase + 25%

https://twitter.com/MartinSLewis/status/1499690157884203012?s=20&t=nYKDKx-ReAPmUaqjs2pi2g

To fix or not to fix? I know many are trying to work out whether to accept energy fixes from your existing supplier. Remember my best-GUESS (too uncertain for more) is if it's no more than 25% costlier than the April price cap rates it's a decent bet for price surety.

Factoring in the 25% increase .

Gas unit price = 7.37p + 1.84 = 9.21p
Gas Standing = 27.22p + 6.8p = 34.02p

Elec Unit  - 28.34 + 7.08 = 35.42p
Electricity Standing - 45.34 + 11.33 = 56.67p

Octopus offer 

Electricity

Daily standing charge -  23.30p /day . Unit rate-  35.65p /kWh

Early exit fee   £0

 

Gas - Daily standing charge- 26.10p /day . Unit rate -9.96p /kWh

Ultrasonic

VT41 said:

Ultrasonic said:

VT41 said:

Martin mentioned if you're offered anything 25% above the April 2022 fix then go for it.

I suspect you meant below rather than above there. This logic may have shifted from when it was first shared too.

As for the calculations I'd be looking at comparing costs for your actual usage in kWhs. Do you know this?

I'm guessing that 'Octopus offer' is a fix of some sort? If so, for how long?

This is Martin's latest tweet which he says 'below . Octopus offer is 12months fixed, no exit fees which seems to be lower than the April increase + 25%

https://twitter.com/MartinSLewis/status/1499690157884203012?s=20&t=nYKDKx-ReAPmUaqjs2pi2g

To fix or not to fix? I know many are trying to work out whether to accept energy fixes from your existing supplier. Remember my best-GUESS (too uncertain for more) is if it's no more than 25% costlier than the April price cap rates it's a decent bet for price surety.

Factoring in the 25% increase .

Gas unit price = 7.37p + 1.84 = 9.21p
Gas Standing = 27.22p + 6.8p = 34.02p

Elec Unit  - 28.34 + 7.08 = 35.42p
Electricity Standing - 45.34 + 11.33 = 56.67p

Octopus offer 

Electricity

Daily standing charge -  23.30p /day . Unit rate-  35.65p /kWh

Early exit fee   £0

 

Gas - Daily standing charge- 26.10p /day . Unit rate -9.96p /kWh

You quoted me but I'm not sure why you shared that Tweet?

What's the answer to my question about knowing your energy usage in kWh?

bristolleedsfan

VT41 said:

Ultrasonic said:

VT41 said:

Martin mentioned if you're offered anything 25% above the April 2022 fix then go for it.

I suspect you meant below rather than above there. This logic may have shifted from when it was first shared too.

As for the calculations I'd be looking at comparing costs for your actual usage in kWhs. Do you know this?

I'm guessing that 'Octopus offer' is a fix of some sort? If so, for how long?

This is Martin's latest tweet which he says 'below . Octopus offer is 12months fixed, no exit fees which seems to be lower than the April increase + 25%

https://twitter.com/MartinSLewis/status/1499690157884203012?s=20&t=nYKDKx-ReAPmUaqjs2pi2g

To fix or not to fix? I know many are trying to work out whether to accept energy fixes from your existing supplier. Remember my best-GUESS (too uncertain for more) is if it's no more than 25% costlier than the April price cap rates it's a decent bet for price surety.

Factoring in the 25% increase .

Gas unit price = 7.37p + 1.84 = 9.21p
Gas Standing = 27.22p + 6.8p = 34.02p

Elec Unit  - 28.34 + 7.08 = 35.42p
Electricity Standing - 45.34 + 11.33 = 56.67p

Octopus offer 

Electricity

Daily standing charge -  23.30p /day . Unit rate-  35.65p /kWh

Early exit fee   £0

 

Gas - Daily standing charge- 26.10p /day . Unit rate -9.96p /kWh

Each element would not all increase  by 25%,

Based on average medium home, current Octopus loyal 12 month is just over 21% above april cap