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

What_time_is_it

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

frugalmacdugal

Hi,

is this offer for existing customers only?

How does it compare to what you're paying now?

What_time_is_it

frugalmacdugal said:

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

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.

What_time_is_it

matt_drummer said:

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

Stick or twist, ever feel like we are all sat at the blackjack table?

matt_drummer

What_time_is_it said:

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

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.

What_time_is_it

Do you think Corwall Insight will issue another price cap prediction before the announcement of the Oct-Dec Ofgem cap later this month?

What_time_is_it

One other thing... if I do take up the fix offer, I presume I should send them meter readings too?

la531983

What_time_is_it said:

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