Flexible avro october 2021 v1 fixed - stick or switch?

ClaireLR

Hi all
I'm usually pretty savvy on knowing when/whether to switch or not but I'm a bit confused with this.
I've received an email from Octopus with part of it saying:
Today, we're introducing a temporary Loyal Octopus support to help customers like you keep your bills as low as possible in this difficult time. The reward automatically reduces your electricity charges by £48 per year compared to our standard tariff (that's £50 below the price cap).

We're the only large energy company to do anything like this. It'll cost us another £50m over the next 6 months.

We've never made a profit and won't do now, but we've received major investments and are more efficient than other companies. We are using this to do everything we can to help our existing customers through the crisis.

We intend to maintain this support throughout the current price cap period, but if we need to change our Loyal Octopus support, we'll always let you know with plenty of notice.

As a result: from April 2, with the Loyal Octopus support, your prices will be £50 below the cap.

Am I better to stay on this tariff or try and find a fix?
Thanks 😀 

QrizB

ClaireLR said:

Hi all
I'm usually pretty savvy on knowing when/whether to switch or not but I'm a bit confused with this.
...
Am I better to stay on this tariff or try and find a fix?
Thanks 😀 

Feel free to give the usual comaprison sites a whirl, but you're almost guaranteed *not* to find a fix that''s cheaper than the variable tariff between now and October.

Everyone is expecting the variable rates to increase in  Octopbe but until the new cap is announced in August, we've no real idea how big the increase will be.

ClaireLR

QrizB said:

ClaireLR said:

Hi all
I'm usually pretty savvy on knowing when/whether to switch or not but I'm a bit confused with this.
...
Am I better to stay on this tariff or try and find a fix?
Thanks 😀 

Feel free to give the usual comaprison sites a whirl, but you're almost guaranteed *not* to find a fix that''s cheaper than the variable tariff between now and October.

Everyone is expecting the variable rates to increase in  Octopbe but until the new cap is announced in August, we've no real idea how big the increase will be.

Thank you. That's what I was expecting but nice to have it confirmed. 

keithgawler

Hi Claire

If you received the same email that I received yesterday then there is an attachment that bears careful reading. Mine offers me a fix option as well as SVR. Elec is only a marginal increase for a 10 month fix, but gas is about 40% more than SVR. I need to do my maths on consumption profile over the next 12 months and guestimated Oct price cap increase to decide which way to go.

keithgawler

keithgawler said:

Hi Claire

If you received the same email that I received yesterday then there is an attachment that bears careful reading. Mine offers me a fix option as well as SVR. Elec is only a marginal increase for a 10 month fix, but gas is about 40% more than SVR. I need to do my maths on consumption profile over the next 12 months and guestimated Oct price cap increase to decide which way to go.

So I've now read the attachment in fine detail and find my fixed price offer is compared against current price, not the April one, so I'll def stay on Standard Variable!

Ally_E.

I just did my sums and keeping in mind that prices in October are predicted to go up 45% (so far), sticking with capped tariff is cheaper for me. Capped will cost £3,872.10 and switching to fixed loyal tariff would cost £4,501.66.

Ultrasonic

keithgawler said:

keithgawler said:

Hi Claire

If you received the same email that I received yesterday then there is an attachment that bears careful reading. Mine offers me a fix option as well as SVR. Elec is only a marginal increase for a 10 month fix, but gas is about 40% more than SVR. I need to do my maths on consumption profile over the next 12 months and guestimated Oct price cap increase to decide which way to go.

So I've now read the attachment in fine detail and find my fixed price offer is compared against current price, not the April one, so I'll def stay on Standard Variable!

I don't follow your logic there. If your figure of '40% more than SVR' was compared to the current rate rather than the April one then it would be a better deal. 

Edit: anyone know if there's a way to use italic text as I did above but without it putting the next word on a new line for no good reason?

QrizB

Ultrasonic said:

Edit: anyone know if there's a way to use italic text as I did above but without it putting the next word on a new line for no good reason?

Your italic text is on the same line for me? Screenshot follows:

Ultrasonic

QrizB said:

Your italic text is on the same line for me? 

Thanks for confirming. Whenever I actually post something it shows as I described for me but right now the post you quoted looks right for me too. I'll see what this post looks like as a test...

Ultrasonic

Here's what I see straight after posting:



It's odd, but if it looks normal for everyone else then no problem  .

oliverbrown

I see the same issue, maybe it is browser specific.