Tulo Energy UK Cheapest Energy

QrizB

MattyB1980 said:

Just spoke to someone on the chat and they said its variable and they think the end date thing is a mistake on their site.

That's not especially reassuring; you'd have hoped that they could get the details of their tariff right on their own website.

MattyB1980 said:

The tariff tracks the market so if it falls they will reduce rates and increase if the opposite happens but you still get the protection of the price cap.

But which market does it track - the day-ahead market (like Octopus Tracker), the month-ahead, the season-ahead? And how often do prices change?

The lack of detail is not encouraging.

[Deleted User]

But which market does it track - the day-ahead market (like Octopus Tracker), the month-ahead, the season-ahead? And how often do prices change?

My late Father used to say ‘if you don’t understand the offer then walk away’.

[Deleted User]

Dont Octopus owe the taxpayer like £3 Billion I read?

Octopus did gain 1.5M customers overnight and their investors have very deep pockets. They didn’t make an offer to buy Bulb out of charity.

MattyB1980

Not sure why investors with deep pockets would need a £3 billion loan from UK government!

I dont think there tariff tracks a day-ahead market more just they change the rates as when they decide but general trend will follow wholesale price over a period of time - or thats how I understand it - wasn't Bulb something similar with one variable tariff?

Spoonie_Turtle

MattyB1980 said:

Not sure why investors with deep pockets would need a £3 billion loan from UK government!

I dont think there tariff tracks a day-ahead market more just they change the rates as when they decide but general trend will follow wholesale price over a period of time - or thats how I understand it - wasn't Bulb something similar with one variable tariff?

Very reassuring.

The standard variable tariff of all suppliers follows the wholesale market according to Ofgem's price cap.

[Deleted User]

Not sure why investors with deep pockets would need a £3 billion loan from UK government!

The amount that Octopus paid for Bulb is undisclosed. The Government has made up to £4.5Bn of taxpayer’s money available to enable Octopus to buy energy for ex Bulb customers. Why  - because The Treasury decided not to hedge whilst the company was in Special Administration. Had Bulb gone into administration then the appointed SoLR would have been able to claim for the additional cost of buying energy plus the cost of administration. The cost to the Government should be a lot less than £4.5Bn as a result of falling gas prices and a profit-sharing scheme built into the purchase agreement.

Scot_39

Fixed term variable price wholesale price tracking tariffs are not uncommon in many countries. Do a search for Texas grid collapse in 2021 - and you will seen the risk these carry - for the savings made in the good times.

You could for instance launch a tariff that tracks the Ofgem cap itself (in the same way as banks did for mortgages that tracked BofE rates)  - say Ofgem - 5%.  As essentially most SVT traiffs currently do at 100%.

That would provide the protection of the price cap in a very direct way.

You could still legally call it a tracker.

The term tracker as post above in itself is meaningless without knowing what the reference point is.

Octopus for instance quote their daily (yesterday whole day for tracker, 1/2 hourly for agile etc) wholesale rate x rate factor + y fixed cost factor equations - their unit rate cap (£1.00p/kWh electric ? / gas ??) etc etc so it's clear what the dependence is and what the risk exposure could be.

Wooly words - up  / down / protection of cap sound great - but also sound like sales blurb - without the actual details of how.

The world is too full of people who have lost money - by not understanding what they were signing up to - on the basis of a good sales line.

Get more details - and some might be able to give a better opinion.

Spoonie_Turtle

It looks just like the SVT as far as I can see
https://tulo.energy/AllTariffDetails

(Don't ask me how I got to that page, I can't remember - I've not seen such a useless, unintuitive, difficult-to-navigate site for quite some time.  I'm on mobile so maybe it's a bit better on desktop or even a tablet, but just clicking on 'Energy' took me to the guff about this supposed tracker with zero details.)

[Deleted User]

As the fixed contract end date has now been removed from the website, I would opine that the OP is more closely aligned to the supplier than he is letting on.

As Tulo Energy appears to be open to comment, they might wish to revise this webpage:

QrizB

Scot_39 said:

You could for instance launch a tariff that tracks the Ofgem cap itself (in the same way as banks did for mortgages that tracked BofE rates)  - say Ofgem - 5%.  As essentially most SVT traiffs currently do at 100%.

That would provide the protection of the price cap in a very direct way.

You could still legally call it a tracker.

Octopus had a fixed-term tariff that tracked £50 below the Ofgem cap called something like "Helpful Octopus".

We've had several threads on the forum from customers who didn't fully understand the tariff information before signing up and thought they were on a fixed rate tariff, not a cap tracking one.

Here's an example:

https://forums.moneysavingexpert.com/discussion/6344633/octopus-energy-telling-me-my-fixed-tariff-is-variable-help/p1