Octopus help please price gone up since yesterday.

Ms_W

Hoping somebody may be able to guide me as I am now getting lost in these figures. Do I change from flexible now to 1year loyal. I presume flexible goes up next month.

Annual usage electricity 2749.5 KWh gas 10748KWh

Flexible
Electricity unit 19.57p standing 24.38p
Gas unit 3.82p standing 23.85p
Annual amount £1104.50 ( i pay £87 a month was alittle in credit)

Loyal 12m fixed
Electricity unit 36.78p standing 24.38p
Gas unit 11.11p standing 26.10p
Annual amount £2331.14 / monthly £194.26

The loyal 12m fixed has gone up £16 a month from last night prices using the same amount of fuel.

Thank you for any help that you can give.

MattMattMattUK

Ms_W said:

Hoping somebody may be able to guide me as I am now getting lost in these figures. Do I change from flexible now to 1year loyal. I presume flexible goes up next month.

Annual usage electricity 2749.5 KWh gas 10748KWh

Flexible
Electricity unit 19.57p standing 24.38p
Gas unit 3.82p standing 23.85p
Annual amount £1104.50 ( i pay £87 a month was alittle in credit)

Loyal 12m fixed
Electricity unit 36.78p standing 24.38p
Gas unit 11.11p standing 26.10p
Annual amount £2331.14 / monthly £194.26

The loyal 12m fixed has gone up £16 a month from last night prices using the same amount of fuel.

Thank you for any help that you can give.

Based on that tariff you would be far better off staying on the standard variable tariff. The price capped rates are quite a bit lower than the current fixed cap and potentially roughly in line with the October rise.

Gas
Unit rate: 7.37p per kWh

Standing charge: 27.22p per day

Electricity 

Unit rate: 28.34p per kWh

Standing charge: 45.34p per day

*Exact rates vary by region

Ms_W

So the flexible price, is that the one that increases by 54% in april, and the 20%+ in october. I thought I read it may go up to another 45%+ in the autumn??

MattMattMattUK

Ms_W said:

So the flexible price, is that the one that increases by 54% in april, and the 20%+ in october. I thought I read it may go up to another 45%+ in the autumn??

Those rates i posted are the new rates that apply from April. No one knows how much the flexible price will rise in October, current estimates range from 10-100% and really are just speculation.

What you have to factor in is that if you fix, you pay the higher rate immediately, between now and October when the variable will rise a yet unknown amount.

bristolleedsfan

New Flexible rates, Electricity Standing Charge is being discounted/reduced by £48-£50

https://octoenergy-production-media.s3.amazonaws.com/documents/Flexible_Octopus_April_2022__PDF_VAT.pdf

https://octopus.energy/blog/why-we-are-increasing-energy-prices-for-some-customers/

Ms_W

Okay trying some other figures to get my head round it 
Working on flexible figures above
£1104.50 + 54% = £1700.93
£1700.93  + 37% = £2330.27 ( this % gives me the price of the fixed 12m)fixed
Difference between both is £629.34
But let's just say it's october - March for the 37% bit so 6 month = £314.67
My yearly bill would be £1700.93+£314.67=£2015.60 if I paid on flexible giving me difference of £315.54 

So if October date goes up to 74% that would be the same as 1 full year at 54% and 6 months at +74% by staying on flexible.


Sorry this is long winded just trying to work it all out in stages. Thanks again 

 

coupleuk

I did my calculations yesterday based on yesterdays lower fix.

Allowing for a 50% increase in September, I would have been around £130 per year better off.

Since, Octopus have reduced the capped rate by £50 so my "fixed saving" would have been just £80

Not worth it IMHO as paying high c=rates for 6 months and not knowing if Septembers increase will be 50%

If its below 50% Im better off staying on Variable - if it's above 50% then the fixed becomes more attractive.

BUT that was based on lower rates yesterday so todays rates are a no-no for me.

Everything is a guess at present.

Best advice, is to imagine you're on the higher tariff and put that money into savings account every month.

wild666

My Octopus fixes have increased to £76.70 from £71.02 for the cheapest fix or to £91.99 for the dearest fix up from £76.45. That's an increase of £15.54 on the dearest option compared to £5.68 for the cheapest, both are 12 month fixes. 

MattMattMattUK

wild666 said:

My Octopus fixes have increased to £76.70 from £71.02 for the cheapest fix or to £91.99 for the dearest fix up from £76.45. That's an increase of £15.54 on the dearest option compared to £5.68 for the cheapest, both are 12 month fixes. 

Monetary amounts are meaningless in this context as they are just the estimated direct debit amounts, the unit rates and standing charges are what matters.

Ms_W

Thank you for all your help