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Octopus Tariffs

I received a MSE Newsletter this morning. It mentioned prices og Octopus Intelligent and Go. Are the rates current, or after this weekends rate decreases of electricity?
1
1 votes

Ask An Expert: Answered · Last Updated

Hi Speaker1

Our latest weekly email mentioned Agile Octopus and Octopus Tracker. Both of these tariffs are variable tariffs based on wholesale prices and are not governed by the Price Cap. So the rates will not change on 1 October, however they will change based on daily/half-hourly wholesale prices.

You mentioned Intelligent Octopus and Octopus Go - we didn't cover these in yesterday's email, but as above, these are smart variable tariffs that are not governed by the Price Cap.

I hope that helps.
Some useful links mentioned above:

This question and answer came about during the MSE Forum 'Ask An Expert' event in Sep 2023. It won't be updated so may no longer be correct at time of reading. This info does not constitute financial advice: always do your own research on top to make sure it's right for your circumstances.

Comments

  • only SVR rates are decreasing, neither of the 2 listed above are SVR. They are linked to real time rates and will go up and down accordingly.
  • MSE_Clare
    MSE_Clare Posts: 30 MSE Staff
    First Post Photogenic First Anniversary
    edited 27 September 2023 at 4:00PM
    Hi Speaker1Our latest weekly email mentioned Agile Octopus and Octopus Tracker. Both of these tariffs are variable tariffs based on wholesale prices and are not governed by the Price Cap. So the rates will not change on 1 October, however they will change based on daily/half-hourly wholesale prices.

    You mentioned Intelligent Octopus and Octopus Go - we didn't cover these in yesterday's email, but as above, these are smart variable tariffs that are not governed by the Price Cap.
    I hope that helps.
  • And yet, I'm on Octopus Go, and I've received an email from Octopus to say my tariff will be reduced this weekend. I don't understand.
  • astroL
    astroL Posts: 72 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    When the previous price cap reduction was announced by Octopus, Octopus increased my electricity charge by 27% (7.5p to 9.5p). Before they announced the recent price cap I asked them by how much they proposed to increase my cap charges (in the light of my experience of their 'reductions ....').  In fact they reduced the priced by an almost imperceptible amount. MSE is referring to the Octopus fix tariff.  FWIW (sadly very little), their quote for me (for a fix) would have doubled my current costs, and more. (~£800 to ~£1800, quite disappointing) for a family that has spent savings to reduce future electricity usage/costs.

    Lawrence H
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