Decision time.

uqo64i

Hi all. It’s nearly time for the next energy price cap to be announced, and an increase is predicted. I’m currently on the Octopus Tracker tariff. Going great so far, but a little nervous about heading into the colder months. Switch to a fixed tariff, or stay on the Tracker. Advice would be appreciated. Thank you

BarelySentientAI

The fixed tariffs that didn't include a rise because of the upcoming price cap change all closed several weeks ago.

Your decision time is a month too late.

Tracker doesn't have much to do with the price cap either, does it?

uqo64i

Fair comment. My instinct tells me to take the risk with the Tracker for the winter, and hope for the best. Worst case, if rates increased significantly, I’d only be paying back what I’ve saved so far this year. It’s worth a go.

bristolleedsfan

BarelySentientAI said:

The fixed tariffs that didn't include a rise because of the upcoming price cap change all closed several weeks ago.

Your decision time is a month too late.

Just over a week ago to be precise, other suppliers subsequently launched cheaper fixes to compete with this EDF fix launched on 19 July, withdrawn 6th August ish - "priced at the current energy price cap"

https://www.edfenergy.com/media-centre/edf-tariff-cheapest-of-large-suppliers

Spot1034 is generally spot on when it comes to factual postings. https://forums.moneysavingexpert.com/discussion/comment/80926312/#Comment_80926312

   

7 August at 5:27PM

littlemissbossy said:

» show previous quotes

The Octopus 12m fix has now increased, Aug 24 V1.

Yes I was right - EDF and British Gas pulled theirs yesterday as well

spot1034

Thank you bristolleeds fan, the rise in wholesale rates was very fast and it just seemed obvious that those offers wouldn't stay open for long. As I said in a post yesterday, the new price cap assessment (for January to March) will now start at a higher level than might have been expected until recently, and both EDF and British Gas have increased their predictions for January to March (and beyond) this week. No longer is it thought that January's price cap will be much the same as the October one.

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

https://www.britishgas.co.uk/energy/price-cap.html

Presumably an update from Cornwall Insight is imminent and they will concur.  Of-course it's early days and it could all change if wholesale prices fall again, but somehow a sharp fall doesn't seem too likely with things in the world the way they are at the moment.

cisko65

I know I'm too late to switch to the fixed tariffs that didn't include a rise.
Nevertheless I need to switch to fixed tariff as I'm still on the the Octopus flexible.
I need some help to choose.

Last year I used 6559kwh gas and 979kwh electricity (with Octopus flexible).
Not sure how to compare staying with Octopus for a fixed tariff to switching.

On the Cheap Energy Club it says:
E.on Next Pledge: The Price Cap but 3% cheaper!
 Moves with the Price Cap but costs less, if you're staying on the Cap, it's often a winner.
&
EDF Energy Ensure: £50 off energy STANDING CHARGES! Moves with the Price Cap but costs less, if you're staying on the Cap and a low user, it could be a winner.


Thank you sooo much.

ABFG

In the last week on Octopus I moved from tracker at the cap to fixed for a year at basically the same price with no exit fee. Might still be available.

cisko65

ABFG said:

In the last week on Octopus I moved from tracker at the cap to fixed for a year at basically the same price with no exit fee. Might still be available.

Thanks! Still avaiable.
I wonder if E.on or EDF are better considering other aspects.

bristolleedsfan

ABFG said:

In the last week on Octopus I moved from tracker at the cap to fixed for a year at basically the same price with no exit fee. Might still be available.

As per earlier posts Octopus 12 month fixed that was close to current price cap was withdrawn on/around 7th August, replaced by a more expensive version which has since been replaced by a dearer version.

Ildhund

I just checked OVO's current offerings, having noticed last week a 1-year fix at a (very slightly) lower price than I fixed at back in May. The rates have gone up again marginally, with today's (15 August) fix [for me] at £0.2173/kWh and £0.4950/day. This compares with OVO's current SVT of £0.2061 and £0.5333. The lower standing charge appeals to a low user (2.4 kWh/day) like me.

The fixed rate is attractive bearing in mind the widely-expected ~9% increase next quarter with no decrease in sight yet. 

Our prices | OVO Energy 

imavillan

uqo64i said:

Hi all. It’s nearly time for the next energy price cap to be announced, and an increase is predicted. I’m currently on the Octopus Tracker tariff. Going great so far, but a little nervous about heading into the colder months. Switch to a fixed tariff, or stay on the Tracker. Advice would be appreciated. Thank you

I'm also on Flexible Octopus and the current rates are
E 22.10p kWh - Std charges 65.12p per day
G 5.76p kWh - Std charges 28.91p per day

an Octopus fixed charge for the next 12 months is
E 22.10p kWh - Stg charges 65.12p per day
G 6.27P kWh - Stg charges 28.91 per day

Thats a £3.46 increase per month for me

Fixing has no early exit fees. So based on the forecasts of energy caps increasing it seems a simple decision to fix. You can always opt out if the forecast increases do not materialise. 

Have you checked what your new bill would be on your Octopus account under change my tariff?