Octopus Tracker Switch Advice

Planeteer

Hi all. Following advice from folks on here regarding Octopus Tracker (been an SVT customer to date), I requested a quote and accepted an attractive-looking switch offer. However, the quote given (with presumed ceiling rates) seems vastly different to one live on my account now. Do their quotes just provide illustrative rates or spot rates rather than the applicable max/ceiling rates?

Current tariff post switch: 


Promised tariff pre-switch:



I thought I was going to get the tariff on the right. What did I misunderstand?

I have emailed them and been trying to call through, but no response to email yet, and call centre team are only versed in SVT or Fixes, but not Trackers, so aren't able to shed light.

bristolleedsfan

Planeteer said:

Hi all. Following advice from folks on here regarding Octopus Tracker (been an SVT customer to date), I requested a quote and accepted an attractive-looking switch offer. However, the quote given (with presumed ceiling rates) seems vastly different to one live on my account now. Do their quotes just provide illustrative rates or spot rates rather than the applicable max/ceiling rates?

Current tariff post switch: 


Promised tariff pre-switch:



I thought I was going to get the tariff on the right. What did I misunderstand?

I have emailed them and been trying to call through, but no response to email yet, and call centre team are only versed in SVT or Fixes, but not Trackers, so aren't able to shed light.

Octopus provide quotes based on some kind of estimated rates which do not bear any resemblance to reality.

Advice posts on the forum that you refer to mention current version has maximum 55pkWh Electricity/ 16p kWh gas which can be less depending on daily wholesale prices.

SJMALBA

I would guess that the unit rates on the quote would be the actual rates on that day?

Tracker rates change daily, of course, but wholesale prices are so high that the current 'July 2022 v1' caps have been hit, hence the 55p/kWh & 16p/kWh rates for today.

FYI, actual electricity UR for tomorrow would be circa 80p/kWh (were it not for the unit rate cap).

Irratus_Rusticus

Hi. No idea what region OP's in but the uncapped tracker rates on 22 July 22 (the date quoted?) were around 12p gas and 44p elec per here: https://energy.guylipman.com/sm/electracker and here: https://energy.guylipman.com/sm/gastracker

Octopus say this on how they project each estimate:-

No idea how this helps. My guess these days is to assume the worst and treat the caps as your rate? Anything less a bonus?

Planeteer

Thank you very much folks. So the concensus is that Octopus' tariff switch rates aren't the applicable maximum rates (ceilings), but in fact some kinda spot rate of the day that really doesn't have much bearing. In which case - do you think I should go back to the SVT and use it for the rest of Aug-Sep, till the rate goes up in Oct and I switch then to the tracker? I suppose, the tracker ceilings could also be adjust in the coming weeks. The tracker ceilings are still more attractive than their Fixed Rates...

bristolleedsfan

SJMALBA said:

I would guess that the unit rates on the quote would be the actual rates on that day?

No, they give estimated rate for following 12 months based seemingly on average rate for previous 12 months.

Planeteer

bristolleedsfan said:

SJMALBA said:

I would guess that the unit rates on the quote would be the actual rates on that day?

No, they give estimated rate for following 12 months based seemingly on average rate for previous 12 months.

I see - well, that makes it even more unreliable. The only thing we do know is that the next 12 months won't be anything like the alst 12 months. How bizarre to provide meaningless information on a tariff switch quote instead of the applicable ceiling rates??

bristolleedsfan

Planeteer said:

bristolleedsfan said:

SJMALBA said:

I would guess that the unit rates on the quote would be the actual rates on that day?

No, they give estimated rate for following 12 months based seemingly on average rate for previous 12 months.

I see - well, that makes it even more unreliable. The only thing we do know is that the next 12 months won't be anything like the alst 12 months. How bizarre to provide meaningless information on a tariff switch quote instead of the applicable ceiling rates??

True, 2020 was nothing like 2019, 2021 was nothing like 2020.

They have to be able to give a 12 month estimated quote, up until relatively recently actual tracker rates were typically well below product cap

SJMALBA

Given how high URs are already, sometimes above the July 2022 v1 caps, with every indication that things are not going to improve anytime soon, there must be an increasing chance of another version of Tracker coming? *

(* unless they decide to abandon past practice, and alter existing Tracker versions? ducks, runs for cover... )

pochase

It is just the cap that they need to change. They have never done it, but that is not part of the contract that they are not allowed to do it.

Their statement seems to always be that they will honour it.

Spoonie_Turtle

Irratus_Rusticus said:

My guess these days is to assume the worst and treat the caps as your rate? Anything less a bonus?

This is exactly how we're viewing it.  It's essentially a fix at the capped rate, with the possibility (remote, now, but still) that it might occasionally dip back below.