Octopus 15 month fix tariff

ToniMac

On September 9th I contacted Octopus and asked to be switched from the flexible tariff to the 12-mth no exit fee fixed tariff from October 1st. 

Today I read there was a newer 15-mth tariff so called them to ask if this would be a better option. They weren't able to  advise me but gave me the following prices: 

12 mth – Elec 25p khr. Gas £5.90 khr. 

Standing charge 49.12, no exit fee.

15 mth – Elec 24.83 khr. Gas 5.47 khr.
Standing charge 49.98, no exit fee.

Is the new one likely to be better?  

northernstar007

the 15 month deal is better, its the 1 ive took for the gas but agile for electric if you can keep off the 4pm-7pm peak

Lorian

15m looks to have disappeared being replaced by a new 12m. Electric a smidge cheaper for me on the new 12m but I won't be switching as i like the bit longer protection 15m gives me

bristolleedsfan

Octopus 12M Fixed October 2024 v1 - Electricity unit rate significantly lower than 15 month fix - Nth West Region 1.29 kWh less, gas very marginally lower, can split fuels between fixed rate versions if preferred.

phillw

bristolleedsfan said:

Octopus 12M Fixed October 2024 v1 - Electricity unit rate significantly lower than 15 month fix - Nth West Region 1.29 kWh less, gas very marginally lower, can split fuels between fixed rate versions if preferred.

Yes, this was announced yesterday on MSE and then appeared later in the day in the app.

It would save me £22 for the year, but then leave me with three months on an unknown tariff.

The question is whether this unknown tariff in 12 months time will be £7 a month more.

Lorian

I'm no global economist but I see the longer fix as a slight hedge against prices rising if for example the Karish and Leviathan gas fields becoming targets in the situation in the middle east and the impact that may have on the European gas market. Happy to be told there is no risk. Appreciate I can split the fuels across tarrifs.

Mark2019

phillw said:

bristolleedsfan said:

Octopus 12M Fixed October 2024 v1 - Electricity unit rate significantly lower than 15 month fix - Nth West Region 1.29 kWh less, gas very marginally lower, can split fuels between fixed rate versions if preferred.

Yes, this was announced yesterday on MSE and then appeared later in the day in the app.

It would save me £22 for the year, but then leave me with three months on an unknown tariff.

The question is whether this unknown tariff in 12 months time will be £7 a month more.

Lorian said:

I'm no global economist but I see the longer fix as a slight hedge against prices rising if for example the Karish and Leviathan gas fields becoming targets in the situation in the middle east and the impact that may have on the European gas market. Happy to be told there is no risk. Appreciate I can split the fuels across tarrifs.

These were my concerns too. I can save about £30 a year going on the Oct v1 tariff but think I may hold off given the situation in the Middle East and how that may affect energy prices. Would be interested to hear other views on this though in case I’m being more risk averse. 

slipthru

Will they not just release a cheaper fix in few days? 

grumpyoldwoman

I switched from the flexible tariff to the 15 month fixed August tariff mid September thinking it would be cheaper than the October price cap. Then they brought out 15 month fixed September tariff which was marginally cheaper. Then yesterday they brought out the 12 month October fix and that was cheaper still. Just got my first statement since switching and, as if to rub my nose in it, it says the new fix would save me £150 a year. I couldn't change to it myself as once you're on a fix the change my tariff button disappears, so I emailed them this morning and 30 minutes later got a reply to say they've moved me over. Can't fault their service. Magic!

grn99

I've switched yet again within Octopus to the 12 month fixed as it's cheaper for me on the electricity unit price and a tiny amount on the gas unit price. Puts me almost back to SVR (pre-October) rates at only 0.2% above. Our usual annual consumption 16,000 gas, 3390 electric.