Currently fixed until November octopus, should I re fix now ?

Wilkesy91

just reading a few things online, probably scaring people more than anything. Sure many others are wondering too. Can I re fix with the same company now so it could potentially stay at a lower price so re do for another 12 months and do octopus charge for this? So staying with the same company? I’m fixed until November so a lot can change in that time just don’t want to be paying a lot of money come November when I could have potentially saved. How do I switch to a different traffic if currently fixed too whilst staying with octopus ? No option in the app

EssexHebridean

Chances are that you won't have exit fees on your current tariff, but changing now to a different Octopus fix is likely to see you with a £50* per fuel exit fee from that new tariff.

As for "should you" - well it's pretty sure that your current fix is going to be better priced than anything you will get right now. That said, you're likely - like most of us - to be winding down on gas use now as the weather warms up, so a higher unit price there is less of a concern. the problem is that at the moment this is all crystal-ball stuff. Nobody knows what is likely to happen with pricing over the next 8 days, never mind weeks or - as in the case of the time period for your existing fix, months!

I currently also have a gas fix until November and I'm certainly not jumping off it. Sure, prices might be higher by then, but I may as well have the benefit of FAR better prices until that point.

*Now £75

Lorian

If you are on Nov V3 especially it's a about the trickiest call.

bristolleedsfan

£75 per fuel exit fee including change of tariff, Octopus current March v3 fix.

Wilkesy91

yeh been requoted and it add £20 for the year which isn’t much but again the crystal ball who knows not sure whether to wait until April to re fix or just wait it out. Just got a feeling this Iran war might be over a lot quicker compared to the Russian/Ukraine war which obviously hiked prices too. Just annoying they’re on about dropping prices come April now this has happened always seems to be something to put a spanner in the works

spot1034

People are getting a bit over-excited, thinking prices can only go up more. Well, wholesale gas prices have fallen about ten per cent or more today, and it's entirely possible that the next fixes that come along will be lower, not higher, than the ones there is a scramble to get on today.

It's all guesswork, but I'd hold off ditching a good fix that still has more than half its time to run, especially if a new one locked me in with exit fees.

luci

https://forums.moneysavingexpert.com/discussion/comment/81909210#Comment_81909210

Am I imagining it, or did Octopus used to have no exit fees?

bristolleedsfan

https://forums.moneysavingexpert.com/discussion/comment/81909492#Comment_81909492

Some years ago Octopus lobbied OFGEM to ban exit fees, Octopus said should be suppliers taking risk not consumers.

https://x.com/ClemCowton/status/1471232391490555907

Kim_13

Octopus don't have anything longer than a 12 month fix currently, so you sacrifice 8/9 months of cheaper rates to get another 3/4 months of price certainty. Those numbers would have to be the other way around for me to even consider doing it.

They usually have no exit fees but have had Loyalty/MSE versions with exit fees. It may be that suppliers soon won't offer a fixed option so accepting an exit fee from a supplier who doesn't usually have them won't feel so bad. No exit fees should return when things are more normal.

Wilkesy91

iv left it for now, would like to think this war won’t be as long as the Russia Ukraine one

luci

I'm also on a fix till November and haven't even thought about switching. I'm happy to be on a fix I'm happy with till then. Too many things could affect energy prices until then and not even the analysts can tell what is going to happen, so there's no point in me trying to second guess. I already check the CEC every few weeks to see how my fix compares, but have only seen a difference of £20 or less a year, which is not worth me switching for.