So will Octopus keep to their word and start communicating with customers today?

JackRaygun

Silly question maybe, but as a low user with a sizeable in credit balance, what if your monthly payment is less than £67 as mine is? Does that mean that they credit your bank account with the difference?

Email tells me what I will be paying post October on my Current ex Avro tariff.

Electric: 51ppd s/c and 33.86p per unit 

Gas: 26.841ppd and 10.426p per unit

West Country here so on the high side of things.

MWT

JackRaygun said:

Silly question maybe, but as a low user with a sizeable in credit balance, what if your monthly payment is less than £67 as mine is? Does that mean that they credit your bank account with the difference?

Yes, that is our expectation.

jackieblack

jimroy said:

I've just had an email from them today subject titled "Important: Energy prices from October, and what they mean for you."

The key points I got from it were: "From October 1, your unit rates will match, and your standing charges will be 4% cheaper than the Energy Price Guarantee rates. You don't need to do anything – this will be handled automatically." 

And: "There's a personalised breakdown attached of the increase, including an outline of what prices would be without the guarantee."

"We'll automatically reduce your October payment by £67 as part of the Energy Bill Support Scheme."

"We'll always offer the best fixed prices we can to our existing customers,but in the current market, those prices are well above the new capped price. With this in mind, we're not currently offering standard fixed term tariffs – they simply don't make much sense right now."

I’ve had the same email this afternoon - I’m on Flexible Avro 

MWT

jackieblack said:

jimroy said:

I've just had an email from them today subject titled "Important: Energy prices from October, and what they mean for you."

The key points I got from it were: "From October 1, your unit rates will match, and your standing charges will be 4% cheaper than the Energy Price Guarantee rates. You don't need to do anything – this will be handled automatically." 

And: "There's a personalised breakdown attached of the increase, including an outline of what prices would be without the guarantee."

"We'll automatically reduce your October payment by £67 as part of the Energy Bill Support Scheme."

"We'll always offer the best fixed prices we can to our existing customers,but in the current market, those prices are well above the new capped price. With this in mind, we're not currently offering standard fixed term tariffs – they simply don't make much sense right now."

I’ve had the same email this afternoon - I’m on Flexible Avro 

Thanks, just checking, so nothing new then, still just emails to the 'Flex' customers as expected.

The_Hawk

If Octopus are going to reduce my Direct Debit by £66/£67 each month from October 2022 to March 2023, then I'll need to increase my Direct Debit by £66/£67 each month, as I'd factored those government payments into the equation, when setting the level of my Direct Debit.

MWT

The_Hawk said:

If Octopus are going to reduce my Direct Debit by £66/£67 each month from October 2022 to March 2023, then I'll need to increase my Direct Debit by £66/£67 each month, as I'd factored those government payments into the equation, when setting the level of my Direct Debit.

That is the way it was always planned to be done...

So yes, you'll probably need to put it back up again.

jimroy

MWT said:

jimroy said:

I've just had an email from them today subject titled "Important: Energy prices from October, and what they mean for you."
...

Which tariff are you on at the moment?

Flexible Avro October 2021 v1

bristolleedsfan

MWT said:

JackRaygun said:

Silly question maybe, but as a low user with a sizeable in credit balance, what if your monthly payment is less than £67 as mine is? Does that mean that they credit your bank account with the difference?

Yes, that is our expectation.

You might be correct, however British Gas said in media reports that it is not crediting Bank Accounts with more than DD value, if DD is say 23.00, BG credit Bank Account with £23, remainder becomes credit in energy account, if DD is £66/£67 + it will credit bank account with £66/£67

I saw Octopus answer somebody last week on twitter that customers who do not use as much as the energy credits/DDs would be less than £66/£67 can request credit refund in the normal way.

If a DD can be set to minus numerical value it is entirely possible that a balance over and above normal DD will automatically get credited to B/A

MWT

bristolleedsfan said:

MWT said:

JackRaygun said:

Silly question maybe, but as a low user with a sizeable in credit balance, what if your monthly payment is less than £67 as mine is? Does that mean that they credit your bank account with the difference?

Yes, that is our expectation.

You might be correct, however British Gas said in media reports that it is not crediting Bank Accounts with more than DD value, if DD is say 23.00, BG credit Bank Account with £23, remainder becomes credit in energy account, if DD is £66/£67 + it will credit bank account with £66/£67

I saw Octopus answer somebody last week on twitter that customers who do not use as much as the energy credits/DDs would be less than £66/£67 can request credit refund in the normal way.

If a DD can be set to minus value it is entirely possible balance will automatically get credited to B/A

Hopefully we will get clarity on this soon, one way or another the full £66/67 should be available to reduce expenditure though, and I'd trust Octopus a lot more than I would BG to make getting a refund easy if it is necessary...

CanNeverThinkOfAUsername

JackRaygun said:

Silly question maybe, but as a low user with a sizeable in credit balance, what if your monthly payment is less than £67 as mine is? Does that mean that they credit your bank account with the difference?

Email tells me what I will be paying post October on my Current ex Avro tariff.

Electric: 51ppd s/c and 33.86p per unit 

Gas: 26.841ppd and 10.426p per unit

West Country here so on the high side of things.

I used to pay £5 per month DD (and make extra payments per month via my cashback credit card). But i changed my DD to £70 per month, just to try and make the £67 simpler for me to work out and understand. Once its over i will lower my DD again.