Octopus 12 month fix

Hooch22

Can anyone tell me if the below is a good 12 month fix (no exit fees) I would really appreciate the help.

Gas 14.93p/kWh (standing charge 27.22p/day)

Elec day 49.85p/kWh / elec night 32.17p/kWh (standing charge 37.74p/day)

Many thanks

bristolleedsfan

Rates look a lot better than what appears to be best 12 month fix currently available from Octopus

pearl123

It  looks to be better than the fixed deal I'm offered by Octopus. I'm a former Avro customer. 

Octopus Lloyal Fixed 
Gas - day unit rate 17.13p kWh.... Daily standing 27.22p / 

Elec - day unit rate 58.66p /kWh  Daily Standing charge. 41.39p

Hooch22

Yer I took the fixed rate out last week but I have a 14 day cooling off period so was trying to decide whether to stick or cancel it. 103% gas increase seems a lot. 

Mstty

Octopus don't generally have a good record of price cap beating fixed deals this close to a price cap announcement.

The good thing is zero exit fees and with the Ofgem announcement just over 3 weeks away, combined with this being the month you should use least energy it might be worth taking and then seeing what Ofgem announce.

Hooch22

Yer that’s what I was thinking. Only be a month of higher fees and then I can always cancel if the ofgem rates are lower. Thanks for the advice 😊 

bristolleedsfan

Mstty said:

Octopus don't generally have a good record of price cap beating fixed deals this close to a price cap announcement.

Within a month of April SVR cap taking effect many Octopus customers changed to 36 Month fixed rate that was considered to be cheaper than April Cap.

https://forums.moneysavingexpert.com/discussion/comment/79029115/#Comment_79029115

Mstty

Hooch22 said:

Yer that’s what I was thinking. Only be a month of higher fees and then I can always cancel if the ofgem rates are lower. Thanks for the advice 😊 

No problem, it got me thinking everyone should fix now if there are no exit fees or on or shortly after the 12th August if their contracts come with a 14 day cooling off contract and calculate it all when Ofgem release the October price cap rate on 26th August.