Outfox Price Cap Tracker

deltic100

As we know the Ofgem Price Cap is increasing on 1st October by around 4% for dual fuel customers. About one month ago I moved to Outfox’s Price Cap Tracker where the tariff tracks movements in the Ofgem Price Cap. Last week I was notified by Outfox my new unit prices for gas and electric. When I’ve calculated the increases both unit rates are up more than 13%!! The standing charge rates are going up about 2%. But this is way above 4%. Has anyone had similar? This is not a tracker as I have always understood a tracker to be. I’ve raised a formal issue and waiting their response but wondered if others had experienced this.

Woodstok2000

The guarantee is to be at least 5% below the price cap. Are they breaking that promise with the new rates?

Largs

My electricity unit rate is increasing by 23%, granted I am not on a tracker. A 4% increase would be easier on my wallet.

deltic100

https://forums.moneysavingexpert.com/discussion/comment/82143732#Comment_82143732

Gas is 4.96% less than price cap so technically that’s is 5% so quite sneaky that. Electric is 0.27% below price cap so that’s not right at all. Even so as far as I am concerned the price cap tracker is misleading and not in the spirit of a tracker as most people would recognise. I will see what their reply is however I’ve posted to see if others have experienced the same with Outfox.

Ayr_Rage

@deltic100 , there is no "spirit" here, you seem to have bought a product, the details of which you did not understand.

As for the rates, the reduction in VAT on electricity may have something to do with the discrepancy.

QrizB

Gas is 4.96% less than price cap so technically that’s is 5% so quite sneaky that. Electric is 0.27% below price cap so that’s not right at all.

The promise is that the "unit rates" will be at least 5% below the price cap:

https://outfox.energy/trackerTariff

Have you compared your new unit rates to the equivalent Ofgem capped rates for your region? Or are you comparing to the national average? You'll find them tabulated here:

https://www.ofgem.gov.uk/your-energy-supply/your-energy-bill/energy-price-cap-unit-rates-and-standing-charges

deltic100

https://forums.moneysavingexpert.com/discussion/comment/82144087#Comment_82144087

https://forums.moneysavingexpert.com/discussion/comment/82144087#Comment_82144087

I understand what a tracker product is. I’ve bought enough of them in my time and it doesn’t mean increasing rates three times the amount of the cap increase. You may be right about the VAT but that does not account for a 13% increase.

deltic100

https://forums.moneysavingexpert.com/discussion/comment/82144092#Comment_82144092

https://forums.moneysavingexpert.com/discussion/comment/82144092#Comment_82144092

https://forums.moneysavingexpert.com/discussion/comment/82143732#Comment_82143732

https://forums.moneysavingexpert.com/discussion/comment/82144092#Comment_82144092

Yes I have compared the rates with the Ofgem ones for my region and payment method (direct debit).

Ayr_Rage

They can increase it as much as they wish, the only guarantee on the product you have is that the unit rates remain at least 5% below the OFGEM cap, you seem to be missing that point.

It is not one of the trackers you've had before and always understood in the past.

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/82144175#Comment_82144175

So what is your current electricity unit rate, what is it increasing to in October, and which region are you in?

deltic100

Outfox have sent out a revised price change notification as their previous email included 5% VAT for electricity. However my electric unit rate is still going up on this Tracker tariff over 8% and gas unit rate over 13%.

I will post again when there is a final resolution from Outfox (or the Energy Ombudsman if necessary).

The original point of me posting was to see if anyone else had experienced similar with Tracker tariffs i.e. drawn to a tariff by low rates to then see them raised significantly higher then an Ofgem price cap increase.