Should I stay or should I go?

milleniumaire

The title probably isn't that relevant, but I couldn't resist! Anyone of a certain age will remember The Clash!

I'm currently with Octopus:

• Electricity - Intelligent Octopus Go (we have an EV)
• Gas - Octopus 12m Fixed September 2025v1 (due to expire on 31st October 2026)

I'm aware that if I want to jump onto another fixed tariff I need to do it today before the increased price cap comes into force, with the likely result that all the fixed price tariffs will increase also.

If I jump on another Octopus fixed price tariff today, such as the Octopus 18M Fixed (with £75 early termination fee), I will lose out on the last month of my current Gas fixed tariff, which has very good rates.

I assume my options are:

1. Switch to new fixed gas tariff today
2. Wait until the 1st November and then switch to a fixed gas tariff.

Waiting will mean I will likely end up with a fixed tariff with higher charges, as it will include the revised price cap, being introduced tomorrow (1st October).

Will the higher tariff charges be less or more than if I switch today and loose the last month of my current fixed tariff!

I'm also wondering if I should switch to another supplier for my gas and stay with Octopus for electricity? This depends on if the gas supply is cheaper and what the impact is of breaking the "dual fuel" from the same supplier is.

My current fixed gas tariff is 5.12p/kWh and 31.59p/day (both excluding VAT).

The Octopus 18M fixed tariff is shown as 8.24p/kWh and 28.98p/day. I assume this also excludes VAT, but Octopus don't make this clear!!!

My annual usage is high:

electricity: 10,807 kWh

gas: 28,000 kWh

Cinderella77

Does Octopus offer the option to fix today but start the new tariff on the date your current one ends? I’m in same position and my provider offered me a fix at this weeks rates but to start on the day my current fix ends ( Nov ) I took it as I can keep my current rate till then, am locked in at current high prices for after, but still have the option to switch again before tariff end date in Nov if fixes fall.

Keep_pedalling

I am in exactly the same position, but I think those new fixed tariffs have already factored in the October price changes as they are higher than the flexible rate that comes in tomorrow (7.97ppkWh).

Think I will stick for the time being.

Ildhund

@milleniumaire wrote:

… the increased price cap comes into force, with the likely result that all the fixed price tariffs will increase also.

It's probably worth pointing out that the price cap is largely based on historical figures - what fuel was costing in the past three or four months. Fixed-price rates are calculated from forecasts of where fuel prices are likely to go during the term of the fix. So the arrival of a new quarter with new capped prices for those on variable tariffs has no bearing on the prices offered for fixed tariffs.

Loushaddick_2

I’m on Octopus variable rate and panicking about changing to a fixed rate today. I’m a high user, especially gas. Elec 6251 Gas 12256.

Fuse 24 is coming out cheaper than Octopus 18 but really reluctant to switch as Octopus are great. Love the power down/up and free hours initiatives. Does this make them the better option overall?

QrizB

I'm aware that if I want to jump onto another fixed tariff I need to do it today before the increased price cap comes into force,

Ildhund has already picked up on this point, but I think it's worth emphasising that fixed tariffs are independent of the price cap. They change all the time (multiple times a month, at present) and there's absolutely no reason to think they will automatically become more expensive tomorrow.

debitcardmayhem

https://forums.moneysavingexpert.com/discussion/comment/82153884#Comment_82153884

Just move the gas , and stick with Octopus for leccy if the price is right

Arunmor

Here are some random quotes over the last few months for 12-18 month fixed rates with Fuse. I switched elswhere at 30 July for 21.5p (20.5p from October) The thing to remember is the January rise in price cap is going to big so the companies have no need to chase business too hard at the moment.

You must be prepared to move at any time and pay your exit fee if required.

I would still fix for a year just now and cross my fingers that Iran issue will be over and prices will start coming down sometime early next year, of course I might have a different view tomorrow.

This winter is going to be rough on all energy prices. Diesel rationing? 50mph speed limits? Gas in short supply?

26-May		0.2259
27-May		0.2366
13-Jul		0.2292
14-Jul	13m	0.2356
16-Jul	Jul v9	0.2455
22-Jul	13m	0.2551
30-Sep		0.2542

Keep_pedalling

You should also consider switching your IOG to IOG Loyalty Fixed.

https://forums.moneysavingexpert.com/discussion/6685063/intelligent-octopus-go-loyal-fixed#latest

milleniumaire

https://forums.moneysavingexpert.com/discussion/comment/82154087#Comment_82154087

Interesting, I hadn't thought about fixing electricity!

According to Octopus, when the price cap changes tomorrow, my current tariff is estimated to be £1,941.61 based on 10,848kWh usage.

The 12M fixed will cost me £3,083.06

The 18M fixed will cost me £2,985.54

The Flexible Octopus tariff will cost me £2,999.64.

So, this appears to be a minimum of an additional £1,000 per year or a 50% increase just for my electricity bill. That's ridiculous or am I missing something?

QrizB

That's ridiculous or am I missing something?

You're missing that IOG Loyalty Fixed isn't any of those tariffs you've mentioned. Take a look at the linked thread.

You're probably also missing that the Octopus cost forecasts are (probably) not using your actual split of day/night electricity. For example Octopus forecast my IOG Loyal fix to cost £230 a month, based on a 45%/55% night/day split. In practice my split is closer to 90/10 so the real cost to me will be much lower.