Octopus rates

d1961h

Advice and help please, I am on a fixed tariff with Octopus until next year and they have written to me to inform me that my charges will not change, nothing to do with the fact that i am on a fixed tariff but 
Quote
The Energy Price Guarantee caps the average unit rate to 34p / kWh (this number varies by region) — and with a smart time–of–use tariff, that means the combined average of your off-peak and peak rates is capped at 34p.

So although your day rate is above 34p, the Government’s rules are very clear: we can’t apply the subsidy because your night rate is so low, and overall you’re already paying less than the Energy Price Guarantee rates for your electricity.

Anyone know how they would calculate the fact that i am paying less due to my combined average. Obviously i use a lot less during the 4hrs i have at cheap rate in the evening

When i spoke with them they then said if i came of the fixed that my charge would be 43.3p KWH and 12.30 - 7.30am 14.83KWH

I am confused any help to understand appreciated

MWT

d1961h said:

Advice and help please, I am on a fixed tariff with Octopus until next year and they have written to me to inform me that my charges will not change, nothing to do with the fact that i am on a fixed tariff but 
Quote
The Energy Price Guarantee caps the average unit rate to 34p / kWh (this number varies by region) — and with a smart time–of–use tariff, that means the combined average of your off-peak and peak rates is capped at 34p.

So although your day rate is above 34p, the Government’s rules are very clear: we can’t apply the subsidy because your night rate is so low, and overall you’re already paying less than the Energy Price Guarantee rates for your electricity.

Anyone know how they would calculate the fact that i am paying less due to my combined average. Obviously i use a lot less during the 4hrs i have at cheap rate in the evening

When i spoke with them they then said if i came of the fixed that my charge would be 43.3p KWH and 12.30 - 7.30am 14.83KWH

I am confused any help to understand appreciated

That sounds like you are on Octopus 'Go' which is for people using an EV and hence tending to use a lot of energy during those 4 hours.

If you are not in fact using much energy in those 4 hours, and perhaps don't even have an EV, you might be best advised to look at their capped single-rate tariff, rather than the E7 rates you were quoted...

Do you have any idea of your current night use during those 4 hours? ... and your use for the rest of the time?

Keep_pedalling

Presumably like me you are on Go, but most Go users will not be light night rate users as they will be charging an EV during those four hours so a couple of times a week a more. Your day rate is not based on your personal usage but on the typical Go user. If you can’t shift much of your consumption to the cheap rate hours then you would be better off moving to the standard variable rate.

[Deleted User]

Dual rate tariffs are capped based on a 58:42 peak:off-peak ratio.

So at the prices you mention in your post that’s 58% at 43.3p and 42% at 14.83p - or an ‘average’ of 31.3p

vienly

Just had my bill for Octopus go Faster, average kw price was 26p, can't complain!

QrizB

d1961h said:

When i spoke with them they then said if i came of the fixed that my charge would be 43.3p KWH and 12.30 - 7.30am 14.83KWH

Just to be clear, if OP has seven hours of electricity at 14.83p/kWh they're probably on E7 not Go.

But apart for that, everything else holds true.

OP you haven't said which supply region you are, but here is Octoopus's table of EPG capped tariffs for you to compare to your deal:

MWT

QrizB said:

d1961h said:

When i spoke with them they then said if i came of the fixed that my charge would be 43.3p KWH and 12.30 - 7.30am 14.83KWH

Just to be clear, if OP has seven hours of electricity at 14.83p/kWh they're probably on E7 not Go.

That was the tariff they would be on if they dropped the fix...

This is the bit that suggests a 'Go'  or 'Go Faster' tariff...

d1961h said:

Obviously i use a lot less during the 4hrs i have at cheap rate in the evening

Along with this bit, which is what those on 'Go' have been receiving due to the low 7.5p 'night' rate...

d1961h said:

"So although your day rate is above 34p, the Government’s rules are very clear: we can’t apply the subsidy because your night rate is so low, and overall you’re already paying less than the Energy Price Guarantee rates for your electricity."