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

BooJewels

I've just got my email.  In the north west/north, my new electricity prices - including VAT - will be:

Standing charge:  41.616p
Unit rate (per kWh):   33.476p

So the unit price is within a penny of published estimates and the SC is a bit over 3p lower.  I don't have gas with them unfortunately, so can't help with those numbers.  It also says that without the Government support/ EPG, the unit price would be 51.324p/kWh, inc. VAT.  Their estimate of my annual cost is about £317 more than I'd be paying at current prices, so £26.40 per month more.  So whilst I'm not happy with the current prices, like everyone else, it's nowhere near as bad as I'd predicted it might have been.

bristolleedsfan

BooJewels said:

I've just got my email.  In the north west/north, my new electricity prices - including VAT - will be:

Standing charge:  41.616p


and the SC is a bit over 3p lower.  

Standing Charge for North West from 1 October is 0.4326 per day, your saving appears to be 0.01644 per day 

Sterlingtimes

I have the Economy 7 tariffs for the West Midlands, can anyone give me the standard single tariff rate for the West Midlands, please?

bristolleedsfan

Sterlingtimes said:

I have the Economy 7 tariffs for the West Midlands, can anyone give me the standard single tariff rate for the West Midlands, please?

...........

nadsat

t0rt0ise said:

nadsat said:

I've had the email and am on variable tariff in London and the new unit rates will be:

Electricity - 35.513p
Gas - 10.51p

And the standing charges?

Standing charges:

Electricity - 31.513p
Gas - 26.841p

BooJewels

bristolleedsfan said:

BooJewels said:

I've just got my email.  In the north west/north, my new electricity prices - including VAT - will be:

Standing charge:  41.616p


and the SC is a bit over 3p lower.  

Standing Charge for North West from 1 October is 0.4326 per day, your saving appears to be 0.01644 per day 

I was referring to the difference from the 'published estimates' of 46p/day - which was an ethereal generalised figure anyway.  But I'd used that and the published estimate of 34p/kWh to project forwards.  On balance, I'm fractionally better off than I personally had predicted that I might be.

savers_united

Chrysalis said:

savers_united said:

Spies said:

This suggests some sort of cap will apply to Agile and tracker. 

There are a number of different smart tariffs, some that currently have caps that sit below the Gov't cap and others well above so it's a rather broad statement and will not apply to all. I am struggling with tracker and Agile as those caps are voluntary, tracker was always a variable tariff that tracks the market rate daily, you sign up to those tariffs knowing this, one day it can be high next it can be low. Octopus due to market volitility introduced caps on the tariffs to prevent price shocks for customers.

These caps have risen with each new version released, those customers have the option to switch at no cost to the Octopus variable tariff and pay the Gov't agreed rates, I am not sure why there would be support on Tracker, this tariff like today has a Gas rate below the new Gov't cap, so supporting tracker gives the customer a win win, never paying more than the SVT but benefiting on days like today when the rate falls below it.

It would need to be another octopus voluntary cap as unlikely it would fit within the Gov't criteria of being an SVT or fixed tariff. 

What you described happens to fixes as well, new fixed deals come out to adapt to market changes, the same way new tracker tariffs come out.

Its quite simple the cap is fixed for the length of the contract, and the contract length is fixed.  The only difference to full fixed deals is the unit price "can" go below the cap.

Logically they would subsidise the cap, as it saves taxpayer money over having people move to SVR and then having the full subsidy and keeps the smart tariffs in use.

But of course logical things dont always happen hence us waiting for them to communicate.

I guess it depends on how Octopus are classing these tariffs and if they fit with Gov't criteria, remember that the caps on these tariffs are voluntary and self imposed by Octopus.

Not sure if they are losing money on these caps or how much hedging goes on with tracker tariffs. 

If as you say they are requesting the difference from Gov't between their own cap and the new rates then it makes sense as it will be alot less for the taxpayer but on the other hand octopus may see this as opportunity to claim the full amount on Tracker as it takes their own self imposed voluntary cap costs away.

If they are trying to claim the full rebate on tracker then the question from Gov't should be why not just move or give everyone the option to move to the flexible tariff,  those who are on v2 & v3 with a gas cap of 11p may choose to stick hoping that certain days may be below the SVT rate, the more recent tracker versions even with Gov't reduction will still have a cap above the SVT. 

nadsat

How is the higher rate in London justified - we'll be on 35.8p electricity which is about 2.4p more than some other rates I'm seeing. It's a 6.5% or so difference.  

However the standing charge is lower. 

bristolleedsfan

Sterlingtimes said:

I have the Economy 7 tariffs for the West Midlands, 

How does Octopus Economy 7 tariff for the West Midlands,compare with :
https://www.edfenergy.com/sites/default/files/government_energy_price_guarantee_prices._standard_variable_deemed_and_welcome._credit_meters.pdf

littlemissbossy

I’ve just received my email from Octopus 

Octopus Flexible (North West)
E 33.476 s/c 41.616
G 10.327 s/c 26.841