To change or not to change?

chris1940

I am currently with Octopus energy. I was on a fixed term until November, unfortunately I didn't realise it was coming to an end, so am now on flexible. My monthly dd has gone up from £131 to £176. They offer fixed deal for £244
OVO estimate £210/month. Should I stay on flex or is it likely that with the current situation in Ukraine this will rise again?

Mstty

Not just because of Ukraine but prices were expected to rise in October this year anyway.

However no one can really help you without actual figures of usage of energy in kWh for the year and the prices offered on your fixes.

markin

The October rise is expected to be 24-30%, Most fixes are way above that, Sticking with the capped Variable seems like the cheapest way now this heating season is over. The could be another 24-30% next April, Or it could stay flat, Or under 15% ???? Consult a cristal ball for more answers.

Also check you're  yearly usage is still the same.

Chrysalis said:

I have seen a crap ton of reports of Octopus updating direct debits to way above annual usage for previous year.  They seem to be deliberately trying to raise cashflow by having as many people as possible with credit balances.

If you catch them doing, I would consider switching to variable direct debit which is paid in arrears not up front.

(To clarify above as I know some will think I am been confused, I mean they are increasing the direct debits much more than the actual cost rise, so e.g. if previously using 1000 units year, and billed at 10p unit, then increase to 20p unit (plus extra standing fees), instead of just increasing based on tariff they also act as if you using double electric.  An example is one guy who had £85 month increased to £415 month, and that account is in credit with actual not estimated readings).