Octopus Energy - New Tariff help

dawsonz

Hello,

My current tariff is due to expire at the end of April - I'm with Octopus Energy, here is the detail of my current fixed plan;

Current Tariff

Electricity Rate: 17.27p per kWh
Standing Charge: 23.44p per day

Gas Rate: 2.98p per kWh
Gas Charge: 21.00p per day

Annual Amount: £1141.90

And here is the detail of what they're offering;

Loyal 10m Fixed Offer

Electricity Rate: 40.93p per kWh
Standing Charge: 24.01p per day

Gas Rate: 12.26p per kWh
Gas Charge: 26.10p per day

Annual Amount: £3089.57

Flexible Octopus

Electricity Rate: 29.23p per kWh
Standing Charge: 37.65p per day

Gas Rate: 7.34p per kWh
Gas Charge: 27.22p per day

Annual Amount: £2153.22


I'd really appreciate some help in understanding which plan to go for, thanks in advance.

victor2

dawsonz said:

Hello,

My current tariff is due to expire at the end of April - I'm with Octopus Energy, here is the detail of my current fixed plan;

Current Tariff

Electricity Rate: 17.27p per kWh
Standing Charge: 23.44p per day

Gas Rate: 2.98p per kWh
Gas Charge: 21.00p per day

Annual Amount: £1141.90

And here is the detail of what they're offering;

Loyal 10m Fixed Offer

Electricity Rate: 40.93p per kWh
Standing Charge: 24.01p per day

Gas Rate: 12.26p per kWh
Gas Charge: 26.10p per day

Annual Amount: £3089.57

Flexible Octopus

Electricity Rate: 29.23p per kWh
Standing Charge: 37.65p per day

Gas Rate: 7.34p per kWh
Gas Charge: 27.22p per day

Annual Amount: £2153.22


I'd really appreciate some help in understanding which plan to go for, thanks in advance.

Just let the current tariff expire and drop onto their standard variable tariff, which is presumably the "Flexible Octopus"

Paying a premium for a 10 month fix is unlikely to gain you anything. The standard variable is going up this April, so if that is the price quoted, then it shouldn't increase until next October.

Verdigris

It depends what you think will happen to prices in October, when the cap is next reset.

Nobody knows the answer to that.

Personally, I'd go for the Flexible tariff and hope the next cap price isn't much higher than the fixed price.

dawsonz

Thanks for the responses, i'll stick with the flexible tariff (do nothing) and see what comes around next year.

pyrex

Where do you see the option to go flexible? If I go to “Chnge my tariff” from the dashboard, the best deal I see is going from £1,150 a year to over £3,500. This seems crazy and is way over the average increases I’m seeing.

MWT

pyrex said:

Where do you see the option to go flexible? If I go to “Chnge my tariff” from the dashboard, the best deal I see is going from £1,150 a year to over £3,500. This seems crazy and is way over the average increases I’m seeing.

If your fixed tariff is ending, you merely do nothing to 'go flexible', you will be put on the flexible tariff once your fix ends.

You only need to actively pick a different tariff if you want another fix...

Gerry1

pyrex said:

Where do you see the option to go flexible? If I go to “Chnge my tariff” from the dashboard, the best deal I see is going from £1,150 a year to over £3,500. This seems crazy and is way over the average increases I’m seeing.

They don't have to publicise the capped default tariff so they're hoping you'll sign up to an expensive fix.  That will catch many people out.  You get the capped default tariff if you do nothing when your fix expires.

pyrex

Perfect, thanks. I understand the October dilemma now! I’m not going to fix now.