With Octopus? Here's how to get a decent fix for elec and gas (it's no longer Octopus SPOILER!!)

Alnat1

The Agile and Tracker tariffs have recently been updated for new switchers so are no longer such a good deal.

Utility Warehouse only give good energy rates if you sign up for other services like broadband so not for everyone.

Green Energy's tariff is still available.

wibbler

Thanks @Alnat1. As far as I've read, the choices are:

1. Wait it out, hope the predictions don't get worse (as most available fixes are worse than the predictions) and see if the Government steps in to help in October
2. Switch to one of the remaining fixes, pay over the odds until October, and hope that you end up paying less - and that the Government DOESN'T step in to help (as it would make the fixes uncompetitive). I guess you could pay an early break charge to get out of it though.

Is this correct?

P.S. Those that fixed a while ago until early next year are literally saving thousands compared to those of us stuck in this cycle. It's really galling!

pearl123

wibbler said:

With prices and tariffs changing a lot over the course of this thread, can someone give advice on the best option available now for current ex-Avro Octopus  (Flexible Avro) customers? I only see Octopus 12M Fixed and Loyal Octopus 12M Fixed as options to change to on the Octopus website, how does the Agile tariffs fit in (if they are still available)? Do you see any value in switching to Utility Warehouse or Green Energy UK tariffs which seem better? Thanks!

This is what I'd like to know too, especially in light of todays scary headlines re: Putin cutting gas pushing up energy prices. 

"UK households could see their energy bills hit £500 for a single month by next year as Putin’s latest gas supply cuts drive up prices across Europe, analysts have warned.

A new report from BFY Group predicts that the energy price cap will rise to £3,420 at the next increase in October before surging to £3,850 in the first quarter of 2023.

That means average bills for January alone are likely to be above £500.

The predictions are even more bleak than recent analysis from Cornwall Insight, which said the energy price cap will hit £3,363 for the first quarter. 

However, those figures came before the Kremlin slashed gas supplies to Europe even further, driving up prices and fuelling fears of shortages this winter." (The Telegraph. )

bristolleedsfan

Loyal Octopus 12M Fixed July 2022 v2  back available showing via online dashboard change tariff option as well as back on current tariff list. cheaper rates than v3 which was typically 50p kWh electricity 

SJMALBA

bristolleedsfan said:

Loyal Octopus 12M Fixed July 2022 v2  back available showing via online dashboard change tariff option as well as back on current tariff list. cheaper rates than v3 which was typically 50p kWh electricity 

v2 gone again, back to v3!

spot1034

wibbler said:

Thanks @Alnat1. As far as I've read, the choices are:

1. Wait it out, hope the predictions don't get worse (as most available fixes are worse than the predictions) and see if the Government steps in to help in October
2. Switch to one of the remaining fixes, pay over the odds until October, and hope that you end up paying less - and that the Government DOESN'T step in to help (as it would make the fixes uncompetitive). I guess you could pay an early break charge to get out of it though.

Is this correct?

P.S. Those that fixed a while ago until early next year are literally saving thousands compared to those of us stuck in this cycle. It's really galling!

I really can't see the government stepping in to directly subsidise the price for one group of consumers (those on the SVT) whilst leaving those on fixes to fend for themselves - particularly as in many cases those who have recently taken out a fixed deal have suffered a short term hit by paying higher prices until October. If you're going to subsidise in that way you have to get in early as the French have done - and of-course there was an election to concentrate minds there! It might have made more sense as it would have kept inflation lower and saved a lot of cash which will now have to be paid out in upratings to benefits and pensions, but we are where we are, and I think a subsidy to some energy customers but not others based solely on whether they have or haven't taken out a fixed deal just isn't a runner.

QrizB

Maybe @Mstty could edit the title of this thread, and the opening post, to make it clear that the tariffs that were being promoted have changed and the "decent fix" has gone?

k_man

QrizB said:

Maybe @Mstty could edit the title of this thread, and the opening post, to make it clear that the tariffs that were being promoted have changed and the "decent fix" has gone?

Was just thinking the same thing, just in case someone doesn't read the whole thread.

pochase

wibbler said:

Thanks @Alnat1. As far as I've read, the choices are:

1. Wait it out, hope the predictions don't get worse (as most available fixes are worse than the predictions) and see if the Government steps in to help in October
2. Switch to one of the remaining fixes, pay over the odds until October, and hope that you end up paying less - and that the Government DOESN'T step in to help (as it would make the fixes uncompetitive). I guess you could pay an early break charge to get out of it though.

Is this correct?

P.S. Those that fixed a while ago until early next year are literally saving thousands compared to those of us stuck in this cycle. It's really galling!

It is very unlikely that the government will just make the SVT cheaper and punish those who took out a fixed tariff. More likely is that if at all they will continue to help with direct payments, or as promoted by both candidates remove the 5% VAT which will benefit everybody alike.

Where do you get the idea that people who fixed earlier are saving thousands of pounds? For that to be remotely likely you will need to have energy bills near the £1000 per month.

Why is it galling that those who have taken the gamble and fixed are now getting the benefit? I have taken a fixed tariff in February and am still paying a lot more until October than you do on SVT, plus I was paying for March already 33p / 9p while everybody else was still paying 21p/4p.

It most likely will take until the end of the year to make up for what I paid more upfront before I will start to save money.

wibbler

pochase said:

Where do you get the idea that people who fixed earlier are saving thousands of pounds? For that to be remotely likely you will need to have energy bills near the £1000 per month.

Why is it galling that those who have taken the gamble and fixed are now getting the benefit? I have taken a fixed tariff in February and am still paying a lot more until October than you do on SVT, plus I was paying for March already 33p / 9p while everybody else was still paying 21p/4p.

It most likely will take until the end of the year to make up for what I paid more upfront before I will start to save money.

Thanks for the good discussion on this. My "galling" comment was made just after I talked to a friend who is fixed until February 2023 (like maybe you). I was assuming that prices offered then was still relatively normal, but maybe not.