Octopus Fixed Tariffs

Bigwheels1111

bristolleedsfan said:

Bigwheels1111 said:

I opted for,
Loyal Octopus 12M Fixed.
I like to be able to jump tariffs if need be.

I was looking on MSE this morning quoting the new standing charges from April.
If I’ve worked it out correctly I will save just under £100 a year.

Whilst it is likely you are saving compared with current flexible tariff  you will not be saving £100 on standing charges unless you changed tariff before .Octopus increased standing charges  during  Friday on Loyal Octopus 12M Fixed in line with April price cap minus 4%.  (North West region electricity standing charges are not increasing)

I think I will save, please correct me if I’m wrong.

Richchad

Bigwheels1111 said:

It looks like I signed up for same tariff as you but a day later than you, a bit puzzled why rates are different.

This was before the latest fixed tariff increase, gas is cheaper but electricity dearer?

bristolleedsfan

Bigwheels1111 said:

bristolleedsfan said:

Bigwheels1111 said:

I opted for,
Loyal Octopus 12M Fixed.
I like to be able to jump tariffs if need be.

I was looking on MSE this morning quoting the new standing charges from April.
If I’ve worked it out correctly I will save just under £100 a year.

Whilst it is likely you are saving compared with current flexible tariff  you will not be saving £100 on standing charges unless you changed tariff before .Octopus increased standing charges  during  Friday on Loyal Octopus 12M Fixed in line with April price cap minus 4%.  (North West region electricity standing charges are not increasing)

I think I will save, please correct me if I’m wrong.

You fixed before Friday and appear to live in UK cheapest standing charge region which are hardly increasing from April.

bristolleedsfan

Richchad said:

Bigwheels1111 said:

It looks like I signed up for same tariff as you but a day later than you, a bit puzzled why rates are different.

This was before the latest fixed tariff increase, gas is cheaper but electricity dearer?

You live in a different region of the country.that is why rates are different.

Richchad

bristolleedsfan said:

You live in a different region of the country.that is why rates are different.

Quite a difference in the electricity standing charge, almost 12p a day or £43 a year..!

bristolleedsfan

Richchad said:

bristolleedsfan said:

You live in a different region of the country.that is why rates are different.

Quite a difference in the electricity standing charge, almost 12p a day or £43 a year..!

Some regions currently 60p + per day electricity standing charge on SVR tariff, 70p+ per day from April on SVR tariff (from Friday on some fixes)

double_dutchy

Richchad said:

Quite a difference in the electricity standing charge, almost 12p a day or £43 a year..!

From April the gap between the largest standing charge allowed by Ofgem @ 71.2p (Northern) and the smallest @ 40.79p (London) is over 30p a day!

HouseMartin567

I moved to the Loyal Fix 10 days ago, before the standing charges increased. I’ve just run the numbers between my current tariff and the new Loyal Fix, but only taking into account my estimated usage for April - June. I’m pretty much equal between the two tariffs - in fact, £2 better off staying with the cheaper standing charges. I’ll keep an eye on things, but will probably stay on my current fix.

Richchad

Update of Octopus Fixed Tariff

The April 2024 Loyalty Fixed Tariff has changed a bit, seems increased standing charges and slightly lower unit price.

My changes for the Oxford area are as follows...

Existing charges

Electricity Standing charge 47.95p/day    Unit Price 26.69/kWh

Gas Standing charge 27.47p/day   Unit Price  6.03/kWh

New Fixed Loyalty Tariff

Electricity Standing charge  61.27p /day   Unit rate   24.47p /kWh

Gas Standing charge 28.71p /day    Unit rate 5.86p /kWh

Not really sure if it is worth switching to the new fixed tariff as gas consumption will drop over the summer but the standing charge increases, electricity in my case will drop as we have solar panels but again standing charge increases.

Both old and new tariffs have no exit fees so can switch at any time.

bristolleedsfan

Octopus 12M Fixed April 2024 v1 - Cheaper for both fuels than previous version detailed within above post.

Oxford area  

Electricity

• Unit rate:23.91 p/kWh
• Standing charge:61.27 p/day

Gas

• Unit rate:5.73 p/kWh
• Standing charge:28.71 p/day