Historic Prcing and Loyal Octopus 12M Fixed June 2023 v1 fixed

House_98934

Hi, I am really puzzled by this octopus fixed pricing as it does not seem to be any cheaper and actually 10-15% more expensive. I thought I'd put in some historic pricing for comparison:

Electricity
Aug 2018 - Day: 17.40, Night: 9.02, Standing Charge: 27.40
Aug 2021 - Day: 18.89, Night: , Standing Charge: 27.40
Oct 2022  - Day: 53.65, Night: , Standing Charge: 36.54
Jun 2023 - Day: 34.68, Night: , Standing Charge: 36.54
Jun 2023
- Fixed - Day: 39.97, Night: , Standing Charge:36.54.

Are prices going to reduce? I don't think the fixed pricing is worth it. 

House_98934

I am on a Flex Tariff now. Should I change?

CSI_Yorkshire

Looking at 2018 prices is not particularly useful at the moment (or possibly ever again).

Fixes don't have to be cheaper than variable.  They are there to give you certainty.

If you think prices will go up, or just want 'insurance' against the chance that they do - fix.

If you think prices will go down or stay the same - don't fix.

bristolleedsfan

Octopus discount flexible tariff, offer smart meter tariffs which they state are loss leaders, loyal 12 month fixed rate tend to be more expensive than existing customer fixed rates offered by other suppliers.

Thread last year on subject. ( Octopus 12 month fixed rates now has exit fees including if change to another Octopus tariff as well as being more expensive than existing customer 12 month fixed rates offered by other suppliers)

https://forums.moneysavingexpert.com/discussion/6364946/octopus-have-they-let-down-their-solr-customers/p1

[Deleted User]

Are prices going to reduce? I don't think the fixed pricing is worth it.  

You will have to ask Mystic Meg. Economists may give a view based on what they can see today but I doubt that any of them foresaw a potential coup against the Kremlin this weekend. The only given is that World events can rapidly impact energy prices. As said above, a fix gives the consumer certainty. I suspect that those who took out a fix 2 years ago have saved a small fortune.

ASDA_PAYG_block_DEC

Nice for Octopus NOT to let customers know in ADVANCE that, when their current fixed deals expires, there are NO new fixed tariffs available (only the so-called FLEXIBLE) unless they have SMART meters installed.
So, as their customers will NOT have time to get dual fuel smart meters installed on time, they will have only one option: "Flexible Octopus" which is currently set to the current OFGEM Price Cap (approx.)
So their loyal customers don't get any benefit and are treated as new customers who cannot get anything else but "Flexible Octopus" variable rate based on the wholesale prices. 

Ofgem "Energy unit price for price cap from 1 July 2023"

Electricity  per KWh £0.30

Daily standing chge: £0.53

Gas / per KWh £0.08 

Daily std charge £0.29

QrizB

See reply in other thread:

https://forums.moneysavingexpert.com/discussion/comment/80173339/#Comment_80173339

[Deleted User]

ASDA_PAYG_block_DEC said:

Nice for Octopus NOT to let customers know in ADVANCE that, when their current fixed deals expires, there are NO new fixed tariffs available (only the so-called FLEXIBLE) unless they have SMART meters installed.
So, as their customers will NOT have time to get dual fuel smart meters installed on time, they will have only one option: "Flexible Octopus" which is currently set to the current OFGEM Price Cap (approx.)
So their loyal customers don't get any benefit and are treated as new customers who cannot get anything else but "Flexible Octopus" variable rate based on the wholesale prices. 

Ofgem "Energy unit price for price cap from 1 July 2023"

Electricity  per KWh £0.30

Daily standing chge: £0.53

Gas / per KWh £0.08 

Daily std charge £0.29

Where are you getting this information from? When I look at the Octopus tariff quote page, the only electricity tariffs designated as SMART are Flux; Cosy; Agile; Intelligent; Go and Go Green. Tracker is also now a smart tariff. The reason why these tariffs are designated as being SMART only is because Octopus uses 30 minute usage data for billing not standard index readings.