Flexible Octopus Tariff, Price Capped?

Thefotoman

MSE's Energy Comparison chart is suggesting that the Flexible Octopus Tariff is Price Capped. Yet, on the Octopus website it states the following:

Flexible Octopus prices fluctuate with the cost of supply and usually update every 3 months

Octopus are only offering two tariffs; Flexible Octopus and Octopus 12M Fixed

So who's right?

born_again

Both.

Tariff is capped by the 3 monthly Ofgem review.

Octopus offer far more than 2 products.

https://octopus.energy/smart/

QrizB

So who's right?

As born_again says above, both are correct.

Flexible Octopus is subject to the Ofgem cap and the Ofgem cap is updated every three months based on the costs of supplying energy.

Octopus are only offering two tariffs

Octopus definitely have more than two tariffs, although not all are currently available due to price uncertainty. Offhand I can name:

• Flexible and fixed, their conventional tariffs, both available in single-rate or Economy 7 versions.
• Agile and Tracker, which follow wholesale prices.
• Go and Intelligent Go, for EVs.
• Flux and Intelligent Flux, for solar and battery owners.
• Cosy, for heat pumps.
• Snug, for storage heaters.

And I'm sure I've missed some.

Scot_39

https://forums.moneysavingexpert.com/discussion/6670422/flexible-octopus-tariff-price-capped

many of their tariffs require a reporting smart meter - as billing and rates set based on 1/2 hrly reading boundaries.

Even if you have a smart meter, they protect their smart tariffs (still way behind 2019 let alone last major 2025 revised target at c70% meters and according to recent MSE article, c10% of thoose who do have them do not have reliable comms) as they need a reliable communication or all can temporary revert or permanently revert to the basic tariffs in absense of that data.

And you cannot switch direct into some like Snug in past when was open - you joined as an e7 variable cap customer - until Octopus themselves can successfully test your connection and meter response to their commands after joining them.

Even Iran despite so far below Ukraine magnitude rises - has changed offerings to new customers.

Which is just some of reasons why perhaps your only seeing the 2 basic sets of tariff.

Some like Snug for nsh - need smets2 versions, smets1 not catered for (currently?), but Octopus have sfated in past could read my old smets1 model direct even before dcc for other tariffs like e7.

And like Snug, I suspect maybe others - are not currently available to new entrants - during the current Iran crisis.

just checked Cosy, another tariff Id considered in past, and they are only offering that as a 12m fix right now.

https://octopus.energy/smart/cosy-octopus/#faqs

"FYI: Energy prices are particularly volatile right now, so we're only offering fixed rates at the moment."

Thefotoman

Thanks for this. As to the tariffs, I am only being offered two; fully understand there are many others, but probably not suited to me.

So it is safe to presume that the Flexible Octopus Tariff is only fixed for each period of three months and, if I wanted the Fixed Term for 12 months, I would need to go with the Octopus 12M Fixed?

Many thanks for taking the time to reply.

MattMattMattUK

Yes, I'd you want a 12 month fix you need to sign up for a fix, flexible is not fixed.

Telegraph_Sam

Is it possible to make a reasoned guess at the effect of the changes to the price cap (?) at the end of July - as I have understood it? I would imagine that Flexible Octopus would be the most likely target, but it could have a bearing on the level that any new tariffs are introduced at. Upwards or downwards. Like many others I am faced with opting for a (12 month) fix, or staying flexible.

QrizB

Is it possible to make a reasoned guess at the effect of the changes to the price cap (?) at the end of July - as I have understood it?

The new Ofgem cap has been announced. Variable tariffs are likely to move in concert with it.

I would imagine that Flexible Octopus would be the most likely target

Yes, I'd expect Flexible to follow the cap upwards.

but it could have a bearing on the level that any new tariffs are introduced at

The Ofgem cap does not influence fixed-rate tariffs. The cap is based on historical wholesale prices from previous months; fixed tariffs are set depending on supplier-agreed prices for future supply.

Qyburn

https://forums.moneysavingexpert.com/discussion/6670422/flexible-octopus-tariff-price-capped

if you go here and pop in your postcode you'll see what's on offer. Filtering for domestic lists 16.

https://octopus.energy/tariffs/

humanracer

Most of those 16 tariffs aren't applicable to me - many are for EV, solar panels or heat pumps. For an existing customer with a combi boiler and dual fuel they are only offering a flexible or fixed tariff.

I don't want to go to a new provider so I guess I will go on the 12M fixed. Agile, even if it was available right now, seems too volatile for me.