Octopus - Fixed or Variable

liteman2
liteman2 Forumite Posts: 2
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The fixed contract for my gas & electric from Octopus comes up for renewal at the beginning of October. They are offering me two options: Flexible Octopus and Loyal Octopus 12 months fixed. The fixed is about £5pm less for the Fixed. With the way prices seem to go these days, would I be wise to go for the fixed price contract or are prices likely to reduce over the next 12 months which would make the flexible option attractive. I know that none of us have a crystal ball, but I was wondering if anyone had a bit more insight into the subject that I do.

Comments

  • double_dutchy
    double_dutchy Forumite Posts: 236
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    Have you considered Octopus Tracker? Rates change every day and can potentially go much higher than variable but currently it's cheaper than any of the options you mention. Octopus won't offer it to you, you have to ask.

    Octopus also have other Smart tariffs available
  • Mstty
    Mstty Forumite Posts: 4,209
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    edited 30 August at 6:50PM
    Have you considered Octopus Tracker? Rates change every day and can potentially go much higher than variable but currently it's cheaper than any of the options you mention. Octopus won't offer it to you, you have to ask.

    Octopus also have other Smart tariffs available
    As much as it is good to point people to tracker you should also point out the pitfuls.

    Largely that the price per kWh for electricity could reach £1 per kWh and gas could cost 30p kWh unless the customer is on the ball, checking prices and ready to say switch me to flexible/agile/fixed etc at the right time.
  • liteman2
    liteman2 Forumite Posts: 2
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    I will contact Octopus today to ask about Tracker, thanks to you both for responding.
  • bristolleedsfan
    bristolleedsfan Forumite Posts: 11,697
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    liteman2 said:
    I will contact Octopus today to ask about Tracker, thanks to you both for responding.

    Sign up link is near bottom of page  https://octopus.energy/smart/tracker/
  • Qyburn
    Qyburn Forumite Posts: 1,505
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    Tracker prices have been creeping up over this month.
  • Mstty
    Mstty Forumite Posts: 4,209
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    Qyburn said:
    Tracker prices have been creeping up over this month.
    Yep our cut off point is when the average since joining tracker reaches 23p kWh and we will switch to cosy as that what that tariff will cost us on average over winter.
  • Ryan_Holden
    Ryan_Holden Forumite Posts: 232
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    OP, I'm currently on Flexible Octopus 2022 v2, and for the first time in months I've been offered a fix that is lower

    Currently paying 36.8 Day / 16.4 Night for electricity, new fix offer is 34.3 / 15.3

    Currently paying 7.3 for gas, new fix offer is 6.9. 

    There is no answer to your question. You must decide really at what point you want to fix based on what you can afford vs. your appetite for certainty. There's nothing to stop energy prices going up again if something drastic happens to supplies, which could happen. 

    I think I'm going to wait one more month, see what's what, and then fix so I have certainty.
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