new octopus 14mth fix

wrf12345

Just noticed that after changing electric from Agile to 12 mth fix, Octopus changed my variable direct debit to fixed DD, albeit at a level that would not cover the actual cost - 4 minutes on the phone and about 30 seconds actual talking to get it changed back. Worth checking.

MWT

bristolleedsfan said:

MWT said:

Telegraph_Sam said:

I have yet to check if Tracker returnees now sign up to an exit fee contract. Ditto Agile ... and all stations west.

You will not find an exit fee on a variable tariff, that would make no sense.

Fixed tariffs are a different matter and you should always look for any exit fees any time you consider moving to a new fix. The exit fees add balance to the tariff in that they commit to providing energy at a fixed price and you agree to take the tariff for a fixed period, or pay a fee to exit.

Fixed tariffs with no exit fee are a risk to the supplier only, so nice when they are available but historically not typical.

https://x.com/ClemCowton/status/1471232391490555907  -  Director of External Affairs

@OctopusEnergy Group

A lot can change in a little over 3 years, and this one looks like it is a 'special' low rate that will have been well hedged, hence the exit fee.

bristolleedsfan

MWT said:

bristolleedsfan said:

MWT said:

Telegraph_Sam said:

I have yet to check if Tracker returnees now sign up to an exit fee contract. Ditto Agile ... and all stations west.

You will not find an exit fee on a variable tariff, that would make no sense.

Fixed tariffs are a different matter and you should always look for any exit fees any time you consider moving to a new fix. The exit fees add balance to the tariff in that they commit to providing energy at a fixed price and you agree to take the tariff for a fixed period, or pay a fee to exit.

Fixed tariffs with no exit fee are a risk to the supplier only, so nice when they are available but historically not typical.

https://x.com/ClemCowton/status/1471232391490555907  -  Director of External Affairs

@OctopusEnergy Group

A lot can change in a little over 3 years, and this one looks like it is a 'special' low rate that will have been well hedged, hence the exit fee.

Octopus actually launched tariffs with exit fees during 2022 and again during 2023, they were lobbying Ofgem to ban exit fees had that happened Octopus would not have been able to launch tariffs with exit fees whatever the reason.

What is the difference between buying a years energy up front and hedging for 12 Month fix and "that will have been well hedged"

northernstar007

Octopus actually launched tariffs with exit fees during 2022 and again during 2023, they were lobbying Ofgem to ban exit fees had that happened Octopus would not have been able to launch tariffs with exit fees whatever the reason.

What is the difference between buying a years energy up front and hedging for 12 Month fix and "that will have been well hedged"

what its telling me, i could be miles off is they have got a load of expensive gas they need to shift before cheaper deals come along

debitcardmayhem

bristolleedsfan said:

MWT said:

bristolleedsfan said:

MWT said:

Telegraph_Sam said:

I have yet to check if Tracker returnees now sign up to an exit fee contract. Ditto Agile ... and all stations west.

You will not find an exit fee on a variable tariff, that would make no sense.

Fixed tariffs are a different matter and you should always look for any exit fees any time you consider moving to a new fix. The exit fees add balance to the tariff in that they commit to providing energy at a fixed price and you agree to take the tariff for a fixed period, or pay a fee to exit.

Fixed tariffs with no exit fee are a risk to the supplier only, so nice when they are available but historically not typical.

https://x.com/ClemCowton/status/1471232391490555907  -  Director of External Affairs

@OctopusEnergy Group

A lot can change in a little over 3 years, and this one looks like it is a 'special' low rate that will have been well hedged, hence the exit fee.

Octopus actually launched tariffs with exit fees during 2022 and again during 2023, they were lobbying Ofgem to ban exit fees had that happened Octopus would not have been able to launch tariffs with exit fees whatever the reason.

What is the difference between buying a years energy up front and hedging for 12 Month fix and "that will have been well hedged"

i guess it’s a topiary tariff 😂 ok I’ll get my hat and me coat.

bristolleedsfan

northernstar007 said:

Octopus actually launched tariffs with exit fees during 2022 and again during 2023, they were lobbying Ofgem to ban exit fees had that happened Octopus would not have been able to launch tariffs with exit fees whatever the reason.

What is the difference between buying a years energy up front and hedging for 12 Month fix and "that will have been well hedged"

what its telling me, i could be miles off is they have got a load of expensive gas they need to shift before cheaper deals come along

I think it has more to do with - ( by putting exit fees on current 12 month fix will deter a number of existing customers from changing tariff.)

https://www.thisismoney.co.uk/money/bills/article-14582993/Energy-bills-nearly-half-MILLION-households-end-unless-action.html  ( Octopus subsequently undercut OFTM by a whisker)

"Uswitch has warned that 79 fixed 12-month energy tariffs will finish by the end of May, meaning 418,000 households will be out of contract"

"There are a particularly large number of customers coming to the end of fixed energy deals at the moment, Uswitch said.  

Fixed deals started returning at this time last year as the wholesale energy market calmed down after months of volatility, which resulted in an unusually 471,870 consumers switching in April and May 2024. 

Most took one-year fixed deals, which are now coming to a close"

'It's unusual for such well-priced deals to be available, and we believe that households may have a relatively short window of opportunity to grab one before they disappear"

The_Green_Hornet

This exit fee tariff is squarely aimed at attracting new customers.

Existing customers will need to wait until the next fix comes along. April 2025 v5 or May 2025 v1.

bristolleedsfan

April 2024v4 Octo fix was 18p year cheaper than OFTM based on typical average use dual fuel - North West Region.

Outfox The Market have now launched new 12 month version £39 ish cheaper,( £324ish per year cheaper than April price cap)

18 month version same exit fee also been dropped  £30ish cheaper than Octo fix

northernstar007

exit fees have now been removed from the tariff

bristolleedsfan

northernstar007 said:

exit fees have now been removed from the tariff

Dearer fix - Back to  Octopus 12M Fixed April 2025 v2