Octopus October 2024

RaySis

I’ve joined Octopus recently and now have just moved to there fixed rate Sept 2024 they have sent me a email to my question of the new rate I’m going to pay 
Electricity Unit rate = 21.90p/kWh Standing charge = 69.14p/day
Gas Unit rate = 5.60p/kWh Standing charge = 29.52p/day
can anyone help have I done the right thing as I know it’s going up by 10% for everyone else on October 1st 2024 I really like Octopus I think there customer help line and emails is fantastic the reason I’m asking I’m a low user and was paying about £2.80 per day for both gas and electric, since my fix I’m now paying about £3.50 - £3.80 a day just seems a lot thanks for reading Ray Newcastle NE5 

Netexporter

Current fixed rates are generally not much different to the SVT estimates for the coming 12 months. The only benefit of fixing is your are insuring against world events upsetting the energy market.

If you actually want to pay less then get a smart meter fitted, if you haven't already, then you'll be able to take advantage of the TOU (time of use) tariffs, of which Octopus offer many, to fit many lifestyles/consumption patterns.

phillw

RaySis said:

I’ve joined Octopus recently and now have just moved to there fixed rate Sept 2024 they have sent me a email to my question of the new rate I’m going to pay 
Electricity Unit rate = 21.90p/kWh Standing charge = 69.14p/day
Gas Unit rate = 5.60p/kWh Standing charge = 29.52p/day
can anyone help have I done the right thing as I know it’s going up by 10% for everyone else on October 1st 2024 I really like Octopus I think there customer help line and emails is fantastic the reason I’m asking I’m a low user and was paying about £2.80 per day for both gas and electric, since my fix I’m now paying about £3.50 - £3.80 a day just seems a lot thanks for reading Ray Newcastle NE5 

There are some fixed deals that are cheaper than octopus, which would be closer to what you paid before.

Prices will rise in January. Nobody knows what will happen in April. It's up to Putin and the middle east

Gerry1

phillw said:

Prices will rise in January. Nobody knows what will happen in April. It's up to Putin and the middle east

The latests forecast suggests they'll fall by 1% in January.

phillw

Gerry1 said:

phillw said:

Prices will rise in January. Nobody knows what will happen in April. It's up to Putin and the middle east

The latests forecast suggests they'll fall by 1% in January.

I'd not read the latest report. Everything up until today has said a rise in January. Which kinda proves my point that nobody can really predict anything

Energy prices are higher because of world events. That could change for better or worse 

The cheapest deals have high exit fees. I've been burned by those before.

CalvinHobs

RaySis said:

I’ve joined Octopus recently and now have just moved to there fixed rate Sept 2024 they have sent me a email to my question of the new rate I’m going to pay 
Electricity Unit rate = 21.90p/kWh Standing charge = 69.14p/day
Gas Unit rate = 5.60p/kWh Standing charge = 29.52p/day
can anyone help have I done the right thing as I know it’s going up by 10% for everyone else on October 1st 2024 I really like Octopus I think there customer help line and emails is fantastic the reason I’m asking I’m a low user and was paying about £2.80 per day for both gas and electric, since my fix I’m now paying about £3.50 - £3.80 a day just seems a lot thanks for reading Ray Newcastle NE5 

For comparison, I am also with Octopus but I have a smart meter. I recently signed up for their 15 month fix, starting tomorrow - 1st Oct. My new tariff will be:

Electricity : Unit price = 23.24p per kWh - Standing charge = 61.27p per day

Gas : Unit price = 6.06p per kWh - Standing charge = 28.71p per day

So my unit prices are a bit higher than yours but my standing charges are lower. There are lower tariffs on the market, but my new monthly payments will not be going up. Also, I know what I will be paying until the end of Dec 2025. 

Oh, and my new tariff has no exit fee. I don't know if this is unusual but it's the first time I've got a fixed contract without an exit fee.