Loyal Octopus 12m Fixed

Verdigris

username said:

Wow those prices are definitely a hike, pushing close to 50p a unit electricity (!).

I fixed this week with Loyal Octopus for 12 months, I scheduled it to start from the 1st of April.

My rates were:

Elec unit charge 33.51p/kWh

Elec S/C: 24.03p per day

Gas unit charge: 8.81p/kWh

Gas S/C 26.10 per day

I used to be fixed but the contract ended as the 12 months were up, I'm currently on Flexible until 1st April.

Like most people, I followed the "Martin Lewis" advice to not fix but in light of the Ukraine/Russia situation, and the fact that the offer was only open until the 1st March, I thought I'd lock the rates in for some certainty.

Sometimes I feel a bit of buyers' remorse! Am I ever right in feeling so?!

I'm based in the South East, and annual usage figures according to bill are E: 3209 kWh and G: 4773kWh, if anyone wishes to provide some insight.

Looks like you made the right call. Have some buyers' satisfaction!

You'll especially benefit from the low daily charges as you are a low user.

QrizB

username said:

Sometimes I feel a bit of buyers' remorse! Am I ever right in feeling so?!
I'm based in the South East, and annual usage figures according to bill are E: 3209 kWh and G: 4773kWh, if anyone wishes to provide some insight.

You've fixed on a higher unit price than the April cap but will enjoy a much lower electricity ctanding charge so between now and October you could be better off on the fix despite everything.

• Flexible SE from April - £1545/yr, £129/mo
• Your Loyal from April - £1679/yr, £140/mo

Not a lot in it, plus you've got a fixed rate through the coming winter.

(You're a very low gas user but higher-than-average electricity user, which is slightly odd?)

username

Thanks both. Appreciate the thoughts, and I was thinking longer-term as it means that Winter 2022 is covered and won't be subjected to the October cap hike as I will have locked in the rates. Hopefully the market will be a different kettle of fish by 2023 (here is hoping, anyway).

Suspect the slightly higher than average usage is that I have a server sitting in a cupboard running 24/7, as well as associated switch and network storage. It's probably the technical equivalent to the fishtank/pond pump/freezer in the garage people often have on here that uses background electricity for doing what it needs to. And also the added cups of tea from working at home part of the week etc.

Aego

I notice you both have fixed your Octopus tariff (username and Verdigris). I'm feeling rather muddled. 

I'm on Flexible at the moment £76 a month. I give regular monthly readings... Estimated annual electric 1333.3, Gas 10132. Loyal Octopus 12m Fixed offer on my Octopus account has gone back down to £138 a month (£150 the other day). Should I fix or stay variable? I thought come April, energy was going up about 54%??

twinklie

username said:

Wow those prices are definitely a hike, pushing close to 50p a unit electricity (!).

I fixed this week with Loyal Octopus for 12 months, I scheduled it to start from the 1st of April.

My rates were:

Elec unit charge 33.51p/kWh

Elec S/C: 24.03p per day

Gas unit charge: 8.81p/kWh

Gas S/C 26.10 per day

I used to be fixed but the contract ended as the 12 months were up, I'm currently on Flexible until 1st April.

Like most people, I followed the "Martin Lewis" advice to not fix but in light of the Ukraine/Russia situation, and the fact that the offer was only open until the 1st March, I thought I'd lock the rates in for some certainty.

Sometimes I feel a bit of buyers' remorse! Am I ever right in feeling so?!

I'm based in the South East, and annual usage figures according to bill are E: 3209 kWh and G: 4773kWh, if anyone wishes to provide some insight.

How did you schedule it to begin from 1st April?

username

twinklie said:

username said:

Wow those prices are definitely a hike, pushing close to 50p a unit electricity (!).

I fixed this week with Loyal Octopus for 12 months, I scheduled it to start from the 1st of April.

My rates were:

Elec unit charge 33.51p/kWh

Elec S/C: 24.03p per day

Gas unit charge: 8.81p/kWh

Gas S/C 26.10 per day

I used to be fixed but the contract ended as the 12 months were up, I'm currently on Flexible until 1st April.

Like most people, I followed the "Martin Lewis" advice to not fix but in light of the Ukraine/Russia situation, and the fact that the offer was only open until the 1st March, I thought I'd lock the rates in for some certainty.

Sometimes I feel a bit of buyers' remorse! Am I ever right in feeling so?!

I'm based in the South East, and annual usage figures according to bill are E: 3209 kWh and G: 4773kWh, if anyone wishes to provide some insight.

How did you schedule it to begin from 1st April?

I was in email discussion with them, and said I would consider the offer only if it started from the 1st of April and that I would stay on Flexible Octopus until then.

Lo and behold the guy replying to my email was cool with it, and sent me a link with all of the details of the new tariff and to consider, and if I wanted to go for it just click the link to change it over.

I guess they can schedule something if you ask them, and also, the good thing about Octopus is that they give everythng in writing via email.

So therefore it is all in black and white - none of this "he said, she said" rubbish you often get with other companies that insist you deal with them on the phone, where the operators will "forget" to do something, or pretend it was never offered, as it was something "dodgy" they did to hit their target/KPIs.

Aego

I've done some calculations ( I think they're right)?

Presently on Flexible £76 a month meter readings given every month, Est annual electric 1333.3  Est annual gas 10132

Flexible Octopus April 2022 rates for South Wales.. 
Electric unit 28.29   St Charge 47.88
Gas unit 7.43            St Charge 27.22

Elec 1333.3 x 28.29p unit   £373.32
Gas 10132 x 0.07p unit       £709.24
Elec 365 x 47.88p st/ch     £171.55
Gas 365 x 27.22p st/ch      £98.55
Total (approx)                      £1352.66

Offer on my account... Loyal Octopus 12m Fixed £138 a month.

Elec 1333.3 x 36.04p unit  £479.98
Gas 10132 x 9.78p unit      £911.88
Elec 365 x 24.86p st/ch     £87.60
Gas 365 x 26.10p st/ch      £94.90
Total (approx)                    £1574

So, staying on Flexible is best?

MWT

username said:

I was in email discussion with them, and said I would consider the offer only if it started from the 1st of April and that I would stay on Flexible Octopus until then.

Lo and behold the guy replying to my email was cool with it, and sent me a link with all of the details of the new tariff and to consider, and if I wanted to go for it just click the link to change it over.

I guess they can schedule something if you ask them, and also, the good thing about Octopus is that they give everythng in writing via email.

It is very normal for them to schedule a tariff change up to about 45 days out when you are on a tariff that is expiring, so I can certainly imagine they have some degree of flexibility on that point...

My next gas fix will begin in the middle of April, locked it in last week.

Aego

Mind I ask your thoughts on my reply above MWT?

MWT

Aego said:

Mind I ask your thoughts on my reply above MWT?

The decision is really about what you think will happen in October...

Also this is mostly about your gas use as your electricity use is very low and so you save almost as much on the fix due to the lower standing charge as you'd pay extra on the higher kWh charge.

Given that you will probably use about 75% of your gas annually during the period from October to March, you are at risk of a significant price rise in October wiping out the saving you made by going for the variable tariff now.

If you fix then you'll pay about £70 more over the period from April - Sept than if you had stayed on the variable tariff, but you will know for sure that your cost will not go up over winter.

If the prices don't go up then you drop the fix and go to the cheaper variable rate and the £70 was an insurance cost in effect.

If you don't fix and the costs do go up significantly you will not be able to get a fix at the same price as now and that £70 you saved by not fixing will quickly be wiped out by the large amount of gas you will use over winter...

So it is a gamble either way, but the 'insurance' route will cost you an extra £12 for peace of mind.

Just depends if you are a risk taker or risk averse...

Run your numbers again with 25% gas use over the first 6 months and even spread of electricity over the year and see if you agree with my numbers...