Unsure what to do, octopus nov 26

rockchick113

our fixed tariff comes to an end November, do I fix now .. octopus have a 18 month fix, but looking at all of the energy prices, they all though the roof prices.

MWT

https://forums.moneysavingexpert.com/discussion/6681091/unsure-what-to-do-octopus-nov-26

Yesterday the 18 month fix was a decent amount cheaper than the current variable rate for electricity and gas, that ship has sailed and today the 12 month fix is only slightly cheaper than the variable rate for E7 and slightly more expensive for single-rate. Gas is more expensive now as well.

Yesterday was the time to move, but you've missed that.

Work out how much extra you will pay between now and the date that is 49 days before your fix ends. At that point you can lock in a new fix to run from the end of your current fix.

Given that is mostly not in a time period where you are not heating it should not be as impactful as you might think, but your chance to make a saving over winter has probably gone now, but on the other-hand, there is still time for the fix to increase further so even at today's rate it could look cheaper compared to what it will be by the time you get to 49 days before your fix ends…

gpman

https://forums.moneysavingexpert.com/discussion/6681091/unsure-what-to-do-octopus-nov-26

I assume you are not subject to any early exit fees. Otherwise I would wait until your switching window opens in your position.

No one knows what energy prices will be in 2-3 months time, let alone 18 months time. I don't know what they will be tonight. Yesterday, one supplier moved from v8 to v11 on their 18m tariff offering during the day.

If you want the certainty of prices on offer today, then jump.

If you want to keep your low prices for another 2-3 months, then stay on your current fix

bristolleedsfan

Today, Octopus are only offering 12 Month standard fix.

MWT

https://forums.moneysavingexpert.com/discussion/comment/82116393#Comment_82116393

… and with higher prices and only covering one winter I guess it has to be reviewed against the likely increase in January right before the peak of the heating season…

rockchick113

well I messed you there. 🤔

grn99

https://forums.moneysavingexpert.com/discussion/6681091/unsure-what-to-do-octopus-nov-26

I was on that same fix until this morning. I decided to go with Eon on their 12 month v8 fix, given my energy consumption shouldn't really ramp up until December/January. It also moves my fix end date out of November which should help with future moves before October price caps and not being potentially "tied in". Based on my annual usage the October Cap is about 9% more expensive than the Eon fix.There is no exit fee on the Nov 2026 v3 fix from Octopus.

molerat

https://forums.moneysavingexpert.com/discussion/comment/82118878#Comment_82118878

I went with that Thursday evening - got the welcome e-mail from Eon whilst I was still in the MSE screen. Called them yesterday and changed to variable DD, on the phone for under 10 minutes total and watched all the DD details changing as the op was doing it. DD setup showing in my bank account this morning. The positive with their 12 month tariffs is that there is no fee for an internal switch so if prices do drop you can move across.

grn99

https://forums.moneysavingexpert.com/discussion/comment/82119140#Comment_82119140

That's good to hear. I did wonder if an internal switch was fee-free.

molerat

The welcome letter states

An exit fee of £50 per fuel will be applied if you change supplier before your tariff end date.

They are pretty clear on their own site about the charges as the 24 month fix states

£100 exit fee per fuel if you switch tariff or supplier.

And once the tariff is set up in your account it should show as

Exit fee: £50, no internal switching fees.

sheffieldeagle

Hi

Sorry I'm a little confused are exit fees applicable for the Next Fixed 12m Exclusive v8 for an internal switch. I'm looking for a temporary switch in the hope of prices coming down. Does the no fee apply to a switch from fix to variable or is it only fix to fix.

Cheers