Loyal Octopus 12m Fixed

Aego

Hi, hope someone can please 'advise'. I've been with Octopus couple of years and presently on Flexible tariff for gas/electric currently paying £76.59 a month (in credit a little). Selecting change tariff in my Octopus account gives the below. Should I take it? 

"Octopus Energy is the first supplier to announce its existing customers will be paying below the new price cap level of £1971.

Instead, those on standard variable tariffs, who are already being supplied by Octopus, will see costs rise to £1,921 for a typical user – £50 below the price cap."

Spies

Stay on variable, no sense in switching to fixed at those rates. 

Verdigris

It depends on your annual usage in kWh. If it is lower than average, the low daily charges will be advantageous.

You will also have to take a view on whether you think there will be another steep rise in the SVT October.

Aego

Thanks for replying Spies and Verdigris.. I see I can download/view my statements (each one has estimated annual usage kwh on them. Is that the figure you're referring to?

Verdigris

The mythical average annual usage, per household, is 2900kWh electricity, 12,000kWh of gas. That is what the Ogem price cap is calculated on.

Your annual consumption, supplied by Octopus, will be accurate if you supply regular (monthly) readings, or you have a smart meter. Otherwise you need to work it out from some historic actual readings, that take in all seasons.

Aego

On my latest statement it shows
Electric estimated annual 1333.3
Gas estimated annual 10132

I submit regular monthly meter readings online to Octopus.

Aego

Embarrassingly confused.. if I do nothing will I be paying £1921 come April?

Ref:- "Instead, those on standard variable tariffs, who are already being supplied by Octopus, will see costs rise to £1,921 for a typical user – £50 below the price cap."

Verdigris

Well you are a good bit below average, so if you think prices will rise significantly at the next cap setting in October, then it is probably a reasonable bet. Remember, there are no exit fees in Octopus, so it things do change, radically, you can reassess the situation in the light of new offers.

Your gas is much nearer average. If you can turn the thermostat on the central heating down a couple of degrees, you'll cut you consumption significantly.

QrizB

Aego said:

Embarrassingly confused.. if I do nothing will I be paying £1921 come April?

No.

Based on your usage:

Aego said:

Electric estimated annual 1333.3
Gas estimated annual 10132

• If you take the Loyal Octopus fix, you'll be paying £1657/yr
• If you stick with Flexible Octopus, you'll be paying around £1350/yr (only an estimate as Octopus haven't published rates yet)

Note that the Flexible Octopus rates will change (almost certainly rise) in October, so "£1350/yr" isn't a true year-long forecast.

double_dutchy

Aego said:

On my latest statement it shows
Electric estimated annual 1333.3
Gas estimated annual 10132

For that level of consumption if you pay at the new price cap level come April you should average £116 per month (£1390 pa), depending on region, if you stay on the Flexible tariff. Clearly that may go up again if the price cap rises in October or earlier

Aego

Thanks for the input, I understand a little better I think. Stay with present Flexible it seems.