Octopus tariff

Silverbird65

How do I work out what percentgage will be added to my tariff rate in October?Talk of 10% increase.
So if my current rate is 23.23  kWh elec sch 64.97.  gas 5.45 stch 39.83.
The offer of fix
Gas 5.67
Elec 24.28 same stch for both.
Low user, just want to work on our how companies add the price cap
Thanks everyone or just anyone that can help an OAP out👍

BarelySentientAI

We don't know.

All that there is at the moment is the "about 10%" prediction, which doesn't account for variations across the country (and those can be equally significant as the overall change).

MikeJXE

To find 10% of a figure move the decimal point 1 place to the left is good enough 

10% of 23.23 = 2.32 

Silverbird65

Thank you, I did know that, just wondering whether fixing is a good I dea I will be paying a little more for 2 months.
Thanks 

BarelySentientAI

So assuming that your tariff changes exactly as the current predictions think the average notional typical user would - which is very unlikely but all we can do.

Electricity will be 65.9p/day and 25.9p/kWh
Gas will be 41.8p/day and 6.1p/kWh

It won't be that, and anyone else's guess at how far off that it ends up is as good as yours.

PRAISETHESUN

Too many factors to accurately predict how your particular bills may be affected. But I think you should fix, if only for the fact that most Octopus fixed tariffs have no exit fees. If prices go up then you're quids in, and if they go down then you can leave penalty free.

Silverbird65

I will be paying a more for a few months.👍

Newbie_John

Fixes are for a year, so the prices will change 3-4 times during thsat period. 
If nothing chaotic happens in the world then the changes should be minor, comparable to what's now +/- 10%. If it's just financial decision - then nobody can help as we don't know.

If you're happy with the existing prices and want to have a stress free year - not be affected if sth major changes in the world - then go and fix.

Silverbird65

Thank you for your input, all comments gratefully received.

MikeJXE

Silverbird65 said:

Thank you, I did know that, just wondering whether fixing is a good I dea I will be paying a little more for 2 months.
Thanks 

Whether to fix or not is all about doing the maths

Last October I fixed with Octopus at the rates I was already on

Since then unit rates have gone down but SC have gone up

I am a very low user too and knowing my summer use is almost zero lower unit rates wouldn't affect me

I keep a spreadsheet and calculate my own costs and despite there being lower rates I'm a winner 

I will choose again in September 

One thing about a fix is you know what you will pay

Silverbird65

I have taken the fix. Will be paying about £2 a month for 2 months. Then I expect it to increase in October. 
What do you put on your spreadsheets, it might be a good idea?
Thanks