Fixing Tariff Octopus

ripoffuk1

Hello Folks,

My fixed term with Octopus is up in August. Just looking at MSE's advice and it sounds like going for a fixed tariff is best option to avoid the increases that coming soon.

Anyway looking at the fixed tariffs for gas and electricity Octopus is offering it looks like they have already baked the 13% or increase into the Electricity fixed tariff they are offering already

Electricity (current 21.54 new 25.70 p/kwh) standing charge 55.13 current 56.28 new

Gas (current 5.52 new 6.76 p/kwh) standing charge 31.41 current 29.16 new

am I reading this wrong ?

thanks in advance for any info / advice

Woodstok2000

You're correct. Octopus (or any energy company) will not offer a fix that ignores a known increase.

ripoffuk1

Thanks for getting back to me. Was a little confused as Martin was saying the 13% rise is voluntary if you fix. Thats not really the case. Its a gamble i know. If i fix just now i pay the 13% extra for the next year. I suspect Octopus and the like are expecting energy to go down at some point over that period as they have introduced exit charges on both electricty and gas

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/82027826#Comment_82027826

Tariffs for a specific contract length (both fixed and variable) will always have an exit fee attached. Rolling variable tariffs don't - that's always been the case and I wouldn't read much into energy prices for the next year based on that.

Any impact of the price cap (both up and down) will only affect you if you haven't fixed, so from that perspective it is voluntary. You're never going to avoid the impact altogether though, especially if you're changing tariffs, because the energy companies price this stuff in way in advance.

ripoffuk1

I've been with Octopus for 5 years this is the first year in that time they have had exit fee's

ripoffuk1

Found their reasoning for re-introducing exist fee's

https://octopus.energy/help-and-faqs/articles/why-do-some-tariffs-have-exit-fees/

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/82027933#Comment_82027933

They had exit fees in (I think) 2022 as well, that was due to Ukraine. They tend to introduce them when there's significant instability expected. That could work either way though - if you look at the current situation in Iran a ceasefire could come any day and would result in significant reductions in prices. Equally an escalation could happen at any point with the opposite effect.

QrizB

OP you've posted in a little-viewed sub-forum. I've asked that your post be moved to somewhere more appropriate.

My fixed term with Octopus is up in August. Just looking at MSE's advice and it sounds like going for a fixed tariff is best option to avoid the increases that coming soon.

A fixed tariff will give you price security. It might not be the cheapest option but you will know how much your energy costs for the duration of the fix.

Anyway looking at the fixed tariffs for gas and electricity Octopus is offering it looks like they have already baked the 13% or increase into the Electricity fixed tariff they are offering already

That's not strictly true. Octopus's current fixed price offer isn't much different to what they've been offering throughout April and May. They've not increased recently.

You can find Octopus's previous fixes for your region by looking at the historic tariffs in their website:

https://octopus.energy/tariffs

In my region, the current June 2026 v2 fix is:

Electricity: Unit rate:25.50 p/kWh, Standing charge:44.35 p/day

Gas: Unit rate:7.09 p/kWh, Standing charge:28.42 p/day

While even March 2026 v2 was:

Electricity: Unit rate:26.68 p/kWh, Standing charge:44.35 p/day

Gas: Unit rate:7.54 p/kWh, Standing charge:33.19 p/day

I'd need to go back to the start of March - before the Iran war started - to find anything significantly cheaper.

Splodge1000

My fixed term with Octopus is up in a fortnight's time. I have in the past always used fixed tariffs but was wondering about giving Agile a try as opposed to the new fix which, as the OP has identified, has factored in the increase from 1 July.

I am retired and live alone in a 120 year old three bedroom property, thus I am frequently at home during the day.

I don't have an EV, a home battery or solar panels.

I don't have a dishwasher or tumble dryer.

I use my washing machine one to two times per week, always in the mornings. I do use a dehumidifier when drying clothes indoors. That runs until the laundry is dry. When ironing is required that is also carried out in the mornings.

My cooker is gas but my oven is electric. I tend to eat my larger meal at lunchtime so most of my cooking is done then.

I have gas central heating and hot water and I set my thermostat to 22-23 as I do like to be comfortable at home and shed clothes.

Because my usage is already low during the 4.00 - 7.00 pm peak period (I have confirmed through Octopus compare that this is when I use least) I am wondering if switching to Agile would save me all that much?

Any thoughts and advice would be welcome.

t0rt0ise

https://forums.moneysavingexpert.com/discussion/comment/82029098#Comment_82029098

You sound the same as me with just about everything and I save on Agile so you should be fine.

Splodge1000

https://forums.moneysavingexpert.com/discussion/comment/82029120#Comment_82029120

Thanks, t0rt0ise