Why are Octopus increasing their standing charge by almost 10%?

SuzeQStan

my new rates as of today on 🐙 intelligent go in North West.

But I did see comment saying that some folk on fixed IOG are paying 3.4p per kWh night rate. Would be very interesting to hear from someone getting that on here.

Edit grammar

MattMattMattUK

https://forums.moneysavingexpert.com/discussion/comment/81946645#Comment_81946645

Plenty of people have

https://forums.moneysavingexpert.com/discussion/6659552/when-do-you-think-energy-companies-will-announce-the-1st-april-prices-for-people-on-fixes/p5

MWT

https://forums.moneysavingexpert.com/discussion/comment/81946645#Comment_81946645

Here you go:

These are my rates from today until the end of my current fix later this month, after that I'll be on a 12 month fix at these rates:

.

Scot_39

https://forums.moneysavingexpert.com/discussion/comment/81945687#Comment_81945687

I agree - but it seems perverse that it only seems at the simplistic level presented by Ofgem in past - to apply to electricity standing charges.

There was iirc in the zero SC consultation no "fixed" network charge component in the gas cap standing charges.

Unless those appear in operating costs instead - and if so - why would that be different.

So I dont see why gas doesn't have a fixed cost component as electricity does. Unless it's more about how things like renewables charges - like curtailment and new build influence electric - whereas don't directly impact gas (other than same network costs, fewer consumers over time)

As of figure /table 2.1 as of Q3/July 2024 cap

https://consult.ofgem.gov.uk/energy-supply/standing-charges-domestic-retail-options/supporting_documents/standing_charges_domestic_retail_options.pdf/

£121 of £219 electric SC was network costs

£0 of £115 gas SC was network costs

Its not very consistent approach.

Given at least in one stage of RIIO3 - about 40% of predicted extra network costs (around £104 at time - since revised upwards a bit I believe) - by 2030/1 - before next 5 yearly RIIO4 review - were on gas networks.

Padz2003

If you are on an fixed tariff with Octopus check your standing charges. They have increased mine mid fixed tariff contract. So far they have neglected to explain what they are up to.

QrizB

https://forums.moneysavingexpert.com/discussion/comment/81953474#Comment_81953474

@Padz2003 what's the name of your Octopus tariff and when does it end?

Lorian

And what do you think they have moved from and to?

born_again

https://forums.moneysavingexpert.com/discussion/comment/81953474#Comment_81953474

April 1st?

MWT

Usually comparing ex-VAT to inc-VAT, so is the difference 5% perhaps?