Loyal Octopus 12M Fixed June 2023 v1 fixed - £75 per fuel exit fee

westv

If Ofgem change the average useage dont the figures become a bit meaningless?

CSI_Yorkshire

Fictitious 'typical' customer annual costs are just as meaningful as they always have been.

westv

CSI_Yorkshire said:

Fictitious 'typical' customer annual costs are just as meaningful as they always have been.

If the base useage figures are fixed then you can easily see if prices are rising or falling. If the base figures vary it makes it far more difficult.

CSI_Yorkshire

westv said:

CSI_Yorkshire said:

Fictitious 'typical' customer annual costs are just as meaningful as they always have been.

If the base useage figures are fixed then you can easily see if prices are rising or falling. If the base figures vary it makes it far more difficult.

The ones in the calculation are (at the moment) - but only weirdos like me look at them.
 
The ones in the headlines are not.

Scot_39

Yes.

But fortunately CI tabled  both old and new tdcv figures in at least one of their articles posts.

But can see the media headlines quoting it blindly without reporting on the TDCV shrinkflation.  2900 to 2700 and 12000 to 11500 units iirc.


And far more meaningfully - have always tabulated the unit rates.

The tdcv duel fuel is just a guesstimated average use for a averaged size - tier 2 / mid level or whatever - household - in an average price region.  Very few will pay that exact figure.  

And the headline saving from epg is actually about 80% from gas component.

So gas down 27% electricity about 10% depending on region cf EPG rates etc.

Gerry1

CSI_Yorkshire said:

Fictitious 'typical' customer annual costs are just as meaningful as they always have been.

Fictitious 'typical' customer annual costs are just as meaningless as they always have been.

FTFY !

westv

I checked my account and  the fix was an estimated £126 a month compared to £124 if I chose flexible

Scot_39

Yes the slightly increased price - with CI still forecasting a small drop Q4 / Q1 cf Q3 (now as of today) - and more so the HARD exit fees - do seem to be a common issue for other users.

 It's not a stupid rate - only a couple of percent to buy the security of the price guarantee. It's an old fashioned way of looking at fixes - but that is one of their key attributes - price stability. Like extended warranties or boiler service contracts - many are more than willing to pay a real premium for that security.

So as a set it and forget it deal - many will still be tempted.

It seems to have been forgotten by many - that in the pre Ofgem deregulation (for want of a better word) period (encouraging often very badly funded entries to the reseller market) - where 2 year fixes in particular used to come at a good few % price premium with likes of SP, BG etc.

Strikes me many suppliers are probably more than a tad anxious about risk exposure - none will want to add to the 30 or so failures to date - but based on past - they might tend to have short memories.

Pensions_matter_2

I have been thinking about the fixed deal but concerned it may require installation of a smart meter. I emailed Octopus and someone from customer service said it wasnt a requirement, but when I read the Ts and Cs they seemed to me to imply that a smart meter could be installed by Octopus. Has anyone any experience of this?

CSI_Yorkshire

Pensions_matter_2 said:

I have been thinking about the fixed deal but concerned it may require installation of a smart meter. I emailed Octopus and someone from customer service said it wasnt a requirement, but when I read the Ts and Cs they seemed to me to imply that a smart meter could be installed by Octopus. Has anyone any experience of this?

Many suppliers T&Cs now say something along the lines of "you agree to have a smart meter fitted if you do not already have one".

Very few suppliers have actually turned up to fit a smart meter based on that condition yet (probably as they are having trouble getting enough meters / installers).

The pressure is on them to fit more though, so I expect that term will become more rigidly enforced in future.