Tariffs from 1st April 22

houseowner

I've just received details of my tariff from 1st April from Octopus. At present I'm paying £100 per month which is to go up to £257 a month.  I thought that it was going to be a price rise of 54%? The price per kWh of electric has doubled and gas has gone up by more than 200%!

MWT

houseowner said:

I've just received details of my tariff from 1st April from Octopus. At present I'm paying £100 per month which is to go up to £257 a month.  I thought that it was going to be a price rise of 54%? The price per kWh of electric has doubled and gas has gone up by more than 200%!

The average for a typical customer (gas/electric) on the current capped tariff is going up by 54%, but it sounds like you are not currently on the capped variable rate?

Which tariff are you on now and what are the kWh/standing charge rates for that tariff?

... or are you perhaps comparing to one of the new fixed tariffs?

Just le us know the rates you are on and what you are comparing to and we'll help...

QrizB

houseowner said:

I've just received details of my tariff from 1st April from Octopus. At present I'm paying £100 per month which is to go up to £257 a month.

Are you currently on a fixed tariff? Is your new tariff fixed, or variable?

I thought that it was going to be a price rise of 54%? 

That is the average rise for the average dual-fuel customer, whenn looking at the change in standard variable tariffs from the current Oct-Mar price cap and the future Apr-Sep cap. If you aren't average, or aren't on a standard variable tariff, the change will be different.

The price per kWh of electric has doubled and gas has gone up by more than 200%!

Electricity should be rising by about 35%, from ~21p/kWh to ~28p/kWh. Gas should be rising by 80% from about 4p/kWh to about 7.5p/kWh.

Exactly what rates have you been quoted?

The_Fat_Controller

Ignore the DD amounts UNLESS they actually cover you current usage to the nearest pound.

Is your account in credit or debit ?

Read the pinned post at the top of the energy boards and make sure you understand how the system actually works and erase the number 54 completely from your thinking.

jimexbox

Maybe I'm being cynical, but it seems some energy providers are offering expensive fixed tariffs to those whose fixed term is ending, some  for 10 months only. While keeping a little quiet on the default capped variable tariff. 

MWT

jimexbox said:

Maybe I'm being cynical, but it seems some energy providers are offering expensive fixed tariffs to those whose fixed term is ending, some  for 10 months only. While keeping a little quiet on the default capped variable tariff. 

That certainly isn't the case for Octopus.

I got my renewal email about a week ago, it clearly showed 2 options to fix and 1 to 'do nothing' and drop onto the variable tariff.

houseowner

I'm currently on a variable tariff as I was transferred to Octopus when Avro went bust. I am paying 20.67p per kWh for electric at present and new rate will be 40.93p. Gas has risen from 4.01p to 12.26p per kWh. Standing charge is the same as before for electric and almost the same as before for gas. The new prices are a 10 month fixed contract. I keep a note each month of my usage, have done for years, so I know exactly how much energy I use. To round up I use 2,000 kWh of electric and 17,000 kWh of gas per year.

MWT

houseowner said:

I'm currently on a variable tariff as I was transferred to Octopus when Avro went bust. I am paying 20.67p per kWh for electric at present and new rate will be 40.93p. Gas has risen from 4.01p to 12.26p per kWh. Standing charge is the same as before for electric and almost the same as before for gas. The new prices are a 10 month fixed contract. I keep a note each month of my usage, have done for years, so I know exactly how much energy I use. To round up I use 2,000 kWh of electric and 17,000 kWh of gas per year.

You are not comparing against the variable tariff, if you've just received your email there will also be a 'do nothing' option on there, compare against that, not the fix.

You can fix if you want, but as you've noticed, it is not a cheap option.

jimexbox

houseowner said:

I'm currently on a variable tariff as I was transferred to Octopus when Avro went bust. I am paying 20.67p per kWh for electric at present and new rate will be 40.93p. Gas has risen from 4.01p to 12.26p per kWh. Standing charge is the same as before for electric and almost the same as before for gas. The new prices are a 10 month fixed contract. I keep a note each month of my usage, have done for years, so I know exactly how much energy I use. To round up I use 2,000 kWh of electric and 17,000 kWh of gas per year.

Very expensive unit rate for 10 months. You have to work out if its worth fixing that far above the default capped April variable rate, for the 4 months it will protect you from the October 1st price increase. 

Phlik

jimexbox said:

Maybe I'm being cynical, but it seems some energy providers are offering expensive fixed tariffs to those whose fixed term is ending, some  for 10 months only. While keeping a little quiet on the default capped variable tariff. 

I think we'll see more and more sharp practices from some suppliers as the situation worsens.
There's threads on here where suppliers are refusing to connect up new gas meters on refurbed properties and I wouldn't be surprised if new housing developments start to be refused connections for new plots.

houseowner

Thank you everyone! I had not read it through properly and didn't realise that there is a variable rate option I only looked at the rates they were offering for the fixed rate one.  Back to the calculator to see what I'll be paying on the variable one!