Octopus - should I fix - no brainer ?

MouldyOldDough

I have just received an offer from Octopus to fix my charges at a fraction less than I am currently paying for 12 months

Daily standing charge
61.27p /day
Unit rate
22.26p /kWh
Early exit fee	£0
Daily standing charge
28.71p /day
Unit rate
5.54p /kWh
Early exit fee	£0

currently paying

Unit rates

Electricity: 22.49p per kWh

Gas: 5.56p per kWh

Standing charges

Electricity: 61.27p per day

Gas: 28.71p per day

it seems to be a good move - because there's no penalty to leave early

but will rates go up again this winter anyway ?

HumberFlyer

I too have just received a fixed and variable rate to go on to from octopus as contract finishes shortly. I have chosen the fixed. I notice Martin has said The Energy Price Cap is likely to RISE 10% in October, and stay there across winter - but you can FIX at current prices or less right now..... What I was offered is slightly more than yours

On-the-coast

and if you’re willing to live with a little more risk, 
my average rates on octopus tracker over past 12 months have been 18p electricity, 4.6p gas. 

With slightly lower standing charges. 

spot1034

A rise of somewhere in the region of 10% is pretty much baked in now. Wholesale rates are firm and have been creeping up in recent weeks. No one knows what will happen beyond the end of December but prices at present are higher than for the period before that. EDF have just released their weekly prediction for the price cap, and whilst Q424 has stayed the same as last week, Q125 has gone up from £1,724 to £1,745. I think fixes which guarantee no increase from present prices are on borrowed time.

https://www.edfenergy.com/gas-and-electricity/price-cap-predictions

MP1995

On-the-coast said:

and if you’re willing to live with a little more risk, 
my average rates on octopus tracker over past 12 months have been 18p electricity, 4.6p gas. 

With slightly lower standing charges. 

Adding the important fact that the gravy train ends at some point and you will have an end date for the new formula to kick in.

Others not on tracker have to hit the new formula now and it isn't as enticing.

bob2302

Whatever you do I'd suggest installing Octopus Compare.

Eldi_Dos

MouldyOldDough said:

but will rates go up again this winter anyway ?

The question you should ask is will rates go down this winter, I imagine there will be a general consensus on that.

MikeJXE

My fix with Octopus ends October 16

I hope I get another offer soon 

Eldi_Dos

MikeJXE said:

My fix with Octopus ends October 16

I hope I get another offer soon 

Can you not do another fix with them now?

BG allow you to move to another fix with them without any charge, if it suits you, during the period of your existing fix.

spot1034

I've just noticed that British Gas have pulled their Fixed Tariff 12M v8 during the day today. It was there this morning but gone now.  That was the one which slightly undercut the present price cap - not by much, but enough for them to claim it did. The fix they have on offer now is 2% more.

That shows the direction of travel with fixes and it's no great surprise when you see wholesale prices creeping up as they have again today.

MikeJXE

Eldi_Dos said:

MikeJXE said:

My fix with Octopus ends October 16

I hope I get another offer soon 

Can you not do another fix with them now?

BG allow you to move to another fix with them without any charge, if it suits you, during the period of your existing fix.

No its £75 penalty on each