Octopus - Help Me Understand Rates

coupleuk

I have Gas and Electric with Octopus and I'm ready for the Price Cap from April

My understanding is that for the South West the Price Capped Rates are as follows;

Electric - Standing Charge = 51.62p

Electric - Unit Rate = 28.40p

Gas - Standing Charge = 27.22p

Gas - Unit Rate = 7.48p

Soooo why are Octopus quoting me;

Electric - Standing Charge = 25.66p

Electric - Unit Rate = 36.75p

Gas - Standing Charge = 26.10p

Gas - Unit Rate = 9.82p

Both Standing Charges are below Ofgem BUT the Unit Rates are higher (especially Electric which is a lot more)

Can anyone explain please?

Verdigris

Because that's a 12 month fixed deal, not the SVT.

coupleuk

I wasn't aware of that.

But I cannot find any other rates on their website from April - just my current rate and the rates I quoted.

Aren't fixed rates controlled by the Cap too then?

EssexHebridean

No, they're not. 

QrizB

Verdigris said:

Because that's a 12 month fixed deal, not the SVT.

Exactly this. The rates you quote are for the Loyal Octopus February 2022 V1 12-month fixed rate tariff, not the April rates for Flexible Octopus.

coupleuk

Soooo even though I can't find it on Octopus website, my Capped Rates from April will be;

Electric - Standing Charge = 51.62p

Electric - Unit Rate = 28.40p

Gas - Standing Charge = 27.22p

Gas - Unit Rate = 7.48p

Is it the opinion then that IF I can get a fix at or below the following then I might do well to fix now?

Electric - Standing Charge = 64.52p

Electric - Unit Rate = 35.50p

Gas - Standing Charge = 34.05p

Gas - Unit Rate = 9.35p

The above are April Capped plus 25%

AND the Octopus Rates I quoted above for the 1 Year Fix are actually quite good (I don't believe I'm actually saying that)

QrizB

Don't get too hung up on the rates, you'll go round the twist trying to work it all out. Use your estimated annual consumption figures to work out your annual spend and base it on that.

Eg. say your gas consumption works out as £800 per year on the April cap. A 25% increase would be £1000, so you might want to think about taking a fix if it's cheaper than £1000.

coupleuk

While I do agree, there are so many people who aren't aware of how much they really use - they just get a shock when a meter reading is done after 7 months and think they're being ripped off when they get the £1,000 bill lol

So just saying add 25% onto what you're paying isn't advisable for everyone.

Sent you an excel to look at QrizB