Would you switch at these rates?

K1977

QrizB said:

K1977 said:

QrizB said:

K1977 said:

This is a new fixed deal being offered by my energy company, I'm not very clued up on this sort of thing so here goes, Electric:standing charge 55.39, unit rate 29.94 kWh                                    gas:standing charge 27.47, unit rate 7.59 kWh                                              cost £1605.05                           

I know everyone is asking for your current rates.

If it's easier, tell us your supplier and which region you are in and we can look up their SVTs for you.

Octopus Energy, north east region

That's great, thanks.

Current tariff (which will have an EPG reduction, likely to match the current flexible tariff):

• Elec: 49.32p/kWh, 59.39p/day
• Gas: 12.53p/kWh, 27.47p/day

New offered tariff (I think it's "Loyal Octopus 12M Fixed June 2023 v1"):

• Elec: 29.94p/kWh, 55.39p/day
• Gas: 7.59p/kWh, 27.47p/day

Current EPG flexible tariff ("Flexible Octopus November 2022 v1"):

• Elec: 31.92p/kWh, 55.39p/day
• Gas: 10.24p/kWh, 27.47p/day

Expected new flexible tariff from 1st July (from here):

• Elec: 29.29p/kWh, 55.39p/day
• Gas: 7.43p/kWh, 27.47p/day

The fix you've been offered is fractionally more expensive (by 0.65p/kWh for electricity, and 0.16p/kWh for gas) than the flexible tariff that's expected to apply fof the three months July-September. Current forecasts are that the flexible tariff will be slightly lower from October to December and January to March, but those forcasts are vulnerable to external influences (like, oh, rogue mercenary generals deciding to express their dissatisfaction with their political masters, for example).

The fix is likely to work out a little more expensive than the variable rate, but it gives you peace of mind that you won't end up paying a lot more than expected if events take a turn for the worse.

Thanks for that, so it seems that it's slightly more expensive at the moment but could give peace of mind if the prices do rise again in the near future, it's something to consider or maybe wait it out a little longer just in case any better deals come along

bristolleedsfan

Noting subject of thread   "Would you switch at these rates?"

Fair to say a high number of Octopus Energy customers who post on this board are not on Flexible tariff and would not be considering 12 month fixed rate at this time due to being on currently cheaper smart meter tariffs which currently have no exit fees. -

Customers of some of the other energy suppliers can take 12 month fix and subsequently change tariff without exit fees.

QrizB

bristolleedsfan said:

Noting subject of thread   "Would you switch at these rates?"

Also noting that it's a loyalty fix, so not on offer to those switching suppliers.

bristolleedsfan said:

Fair to say a high number of Octopus Energy customers who post on this board are not on Flexible tariff and would not be considering 12 month fixed rate at this time due to being on currently cheaper smart meter tariffs which currently have no exit fees.

Agreed. While the OP's loyalty fix would give 12 months peace of mind, at a relatively small premium to the expected Flexible tariffs, with Octopus (and a working smart meter) there is the reverse option - take on more risk in the hope of greater savings on Tracker or Agile.