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

savers_united

bristolleedsfan said:

savers_united said:

MWT said:

SJMALBA said:

If they are going to do anything with Tracker, then, presumably, they will 'simply' reduce the respective UR caps by applying the EPG reduction, which doesn't 'seem' particularly complicated (emphasis on 'seem')?

The likely complication is the Government are providing a subsidy for the SVT, and for fixed tariffs over the cap, Tracker and Agile do not fall into either of those groups, so there may be a bit of debate going on about the subsidy, if any for tariffs that don't fit into the already declared groups that are receiving support... .

That's my thoughts, where does tracker fit. Its a variable tariff for a fixed period with voluntary caps by Octopus themselves. How do they get Gov't subsidy on that kind of tariff. Surely the Gov't response would be leave as is or move all to the SVT, there are no exit fee's with Octopus anyhow, but leaving those on Tracker with a Gov't supported cap around 10p for Gas could mean some days paying less than the cap but never exceeding it.

So maybe the cap on these tariffs will be higher than the SVT to take into account the potential to fall below on certain days. 

https://twitter.com/MartinSLewis/status/1570797760215154693

"On Eco 7, Eco 10 or other non standard tariff? I'm being told that firms should reduce tariffs so the reduction works on the weighted average of the combined rates. (Im guessing its the same 4p/kWh and 17p/kWh as the fix reduction). Its up to firms how they implement"

But its very different with tracker type tariffs as you could be hitting the cap all year, on the other hand days of plenty of wind / sun, higher temps Elec and Gas could be well below the cap. But its not consistent, in my view when it comes to Agile / tracker type tariffs their caps should sit just above the SVT as they have potential to offer cheaper rates, if your not happy to gamble on this you switch to the SVT flexible tariff FOC. 

MWT

bristolleedsfan said:

"On Eco 7, Eco 10 or other non standard tariff? I'm being told that firms should reduce tariffs so the reduction works on the weighted average of the combined rates. (Im guessing its the same 4p/kWh and 17p/kWh as the fix reduction). Its up to firms how they implement"

That works fine for the SVT and the two-tier fixed tariffs like 'Go' for example as it mirrors what I've been saying for a while that you can use the standard weighting of 58/42% day/night for those tariffs.

Agile and Tracker only really needs the tariff cap reduced, as there isn't really any weighting that makes sense below that level.

As long as the government payments will cover those tariffs then that would be the easiest solution.

QrizB

MWT said:

Agile and Tracker only really needs the tariff cap reduced, as there isn't really any weighting that makes sense below that level.

I'm not saying this is an ideal solution (I can see some drawbacks already) but Octopus could calculate Tracker bills as normal and then see what the price for that many units would have been on a capped tariff. If above the cap, reimburse the excess.

MWT

QrizB said:

MWT said:

Agile and Tracker only really needs the tariff cap reduced, as there isn't really any weighting that makes sense below that level.

I'm not saying this is an ideal solution (I can see some drawbacks already) but Octopuis could calculate Tracker bills as normal and then see what the price for that many units would have been on a capped tariff. If above the cap, reimburse the excess.

I did think about that option, but it would tend to deliver a higher price to the customer for the versions of Tracker that have the cap set above 35p, and it felt less in keeping with the spirit of the new cap...

Marmaduke123

I'm still sitting on the July tracker, waiting to hear something from Octopus. If  there's  no news in a week or so I shall revert to the SVT, but I'm aware that's a one way street. Maybe Octopus are waiting to see how many people switch back before telling us their plans.

MWT

Marmaduke123 said:

Maybe Octopus are waiting to see how many people switch back before telling us their plans.

Not really their style, easier to believe there is a lot of uncertainty around tariffs that are not simple SVT or at most 2 rate fixes.

I'll take 'right' over 'now' any day.

Spies

I think we will hear something tomorrow. 

TheGardener

Marmaduke123 said:

I'm still sitting on the July tracker, waiting to hear something from Octopus. If  there's  no news in a week or so I shall revert to the SVT, but I'm aware that's a one way street. Maybe Octopus are waiting to see how many people switch back before telling us their plans.

Yes, I've been trying that for a week - zero response to emails...I'm guessing they are a bit overwhelmed at the mo...

vienly

I'm with Octopus and received this email today to update my direct debit, clearly someone can't do their maths!

8.25p all year round, I wish!

niktheguru

Perhaps are keeping mum as they know their customer services will be totally slammed as soon as any announcement is made with customers trying to switch tariffs and move to get the cheapest deal. Probably not best to do that over the weekend when their phone lines are closed which means their emails will be swamped more than usual.

Maybe they're just preparing for the storm!