New 12mths fixed Octopus

jpk2112
jpk2112 Posts: 5
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Hi..looking and tempted by the latest 12mths Octopus fix.

Electricty bith day and night is 18% less than current tarif

Gas charge 26% less than current tarif.

I see the "predictions" showing down 16% then 8% then up 3%. So averaging down 21% until xmas.

Looks like a good deal, especially as 8 weeks left at current high winter usage rates which i could now get cheaper

Any thoughts or opinions??

Comments

  • mebu60
    mebu60 Posts: 820
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    Exit fees? 
  • MeteredOut
    MeteredOut Posts: 1,125
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    edited 8 February at 12:41PM
    <pedant mode>

    It's nearer a 20% drop (actually 20.4) over the next 3 predictions when you apply them cumulatively (ie, a 8% drop after a 16% drop is less than an 8% drop from todays tariff).

    </pedant mode>
  • jpk2112
    jpk2112 Posts: 5
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    mebu60 said:
    Exit fees? 
    £75 for each. But happy to stick with it for 12mths 👍
  • mortgageFTB
    mortgageFTB Posts: 237
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    edited 8 February at 12:53PM
    I’d be wary about fixing prices, wholesale prices are predicted to continue to fall.

    Octopus tracker rates are probably a good indicator of this. I.e. tracker rates have been hugely below standard tariffs all autumn and winter so far.
  • Price cap forecast for April 2024 is £1,620 TDCV. Any fixes above that will cost you more in 2 months time.
  • If I were looking for a fix (not yet) I wouldn't be looking til the April price cap is in and see what's offered then and the predictions.
  • mebu60
    mebu60 Posts: 820
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    jpk2112 said:
    mebu60 said:
    Exit fees? 
    £75 for each. But happy to stick with it for 12mths 👍
    I would pass and wait to see what's on offer after April. 
  • spot1034
    spot1034 Posts: 791
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    Predictions beyond Q2 are pure guesses based on present wholesale prices which could go up or down. Only three months or so ago, CI were predicting a further increase in Q2 over Q1 which we're in now, which was their best guess at the time. What has happened since is that prices for April to June have dropped sharply, so they were very wrong and have updated their forecast accordingly. 
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