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Should I accept this fixed priced offer (12 month fix with Octopus)?

Options
Is this an offer I should take up? Hard to predict I know.
I don't have smart meters so no access to agile options at the moment.

This is the fixed price offer in full:

12 month fix (£150 early exit fee overall)

⚡ Electricity
Daily standing charge 48.66p /day
Unit rate 27.60p /kWh
Early exit fee
(For changing tariff or supplier)
£75
🔥 Gas
Daily standing charge 27.47p /day
Unit rate 6.92p /kWh
Early exit fee
(For changing tariff or supplier)
£75
«1

Comments

  • Hi,
    is this offer for existing customers only?
    How does it compare to what you're paying now?
  • What_time_is_it
    What_time_is_it Posts: 867 Forumite
    500 Posts Third Anniversary Name Dropper
    edited 18 August 2023 at 9:57AM
    Hi,
    is this offer for existing customers only?
    How does it compare to what you're paying now?
    Yes. Existing customers only.

    Currently paying - 
     Gas: 7.379p  /  27.468p
     Elec: 29.482p /  48.66p

    So, the fix is a little lower than the current price I am on.
  • matt_drummer
    matt_drummer Posts: 2,006 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Are you planning on having smart meters fitted and moving to one of their tariffs that requires them in the next 12 months?

    If not, why wouldn't you fix?

    There is very little to gain by not fixing as the chances of prices being significantly lower in the next 12 months are small.

    There is a far higher chances that prices could rise during the period of this fix.

    I can't see you have much to lose by fixing.
  • Are you planning on having smart meters fitted and moving to one of their tariffs that requires them in the next 12 months?

    If not, why wouldn't you fix?

    There is very little to gain by not fixing as the chances of prices being significantly lower in the next 12 months are small.

    There is a far higher chances that prices could rise during the period of this fix.

    I can't see you have much to lose by fixing.
    Thanks. That's what I'm leaning towards. Wasn't planning on smart meters, but maybe. And the exit fees are putting me off a bit too.
  • Mstty
    Mstty Posts: 4,209 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    Stick or twist, ever feel like we are all sat at the blackjack table?
  • matt_drummer
    matt_drummer Posts: 2,006 Forumite
    1,000 Posts Second Anniversary Name Dropper

    Thanks. That's what I'm leaning towards. Wasn't planning on smart meters, but maybe. And the exit fees are putting me off a bit too.
    Why would you want to exit?

    I can't predict the future but I would be amazed if there was anything much better available to you in the next 12 months unless you plan to move to one of the tariffs that requires a smart meter.

    By not fixing you are gambling and the gamble is that you might save a few pounds against potentially losing hundreds.


  • pallyman
    pallyman Posts: 355 Forumite
    Part of the Furniture 100 Posts Name Dropper
    I have took the fix,just for peace of mind as cannot see myself losing much on it & possible prices may go up if anything else happens in the world.
  • Do you think Corwall Insight will issue another price cap prediction before the announcement of the Oct-Dec Ofgem cap later this month?
  • One other thing... if I do take up the fix offer, I presume I should send them meter readings too?
  • la531983
    la531983 Posts: 3,068 Forumite
    1,000 Posts First Anniversary Name Dropper
    Do you think Corwall Insight will issue another price cap prediction before the announcement of the Oct-Dec Ofgem cap later this month?
    Yes, it was the lead story on Radio 2 at 10am just gone, talk about a quiet news day...

    https://www.bbc.co.uk/news/business-66542340
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