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Gas and Electricity Prices

You won’t be offered one of a range, you will be put on the standard variable tariff.
When I checked a few days ago with Shell, my own supplier, the standard variable tarif was the cheapest, though that may change if or when the price cap is raised
 
Good Evening All,

Just been notified by Octopus that their Go tariff will go from 5p/kwH off peak/ 14.46pkWh on peak to 5p/kWh off peak/ 24.6855p/kWh on peak, an increase of 71%. It won't apply to me until 15th January 2022...................

Alters the maths for battery storage..........

Regards

Richard
 
Just been notified by Octopus that their Go tariff will go from 5p/kwH off peak/ 14.46pkWh on peak to 5p/kWh off peak/ 24.6855p/kWh on peak, an increase of 71%. It won't apply to me until 15th January 2022...................

Alters the maths for battery storage..........

They reminded me with renewal prices some 6 weeks before the end of my fixed deal, so I'm amazed they can give you around 16 or 17 weeks' notice, esp. as no-one, even Octopus, knows wholesale costs a week ahead. Actually, those on peak costs are not far removed from what I signed up to 8 days or so ago, and I'm not off-peak.

I'm also on gas, so if you know any battery technology which can store this, let me know, as I couldn't quite fit a gasometer into my garden. :)
 
Can I sanity check this with you lot...

I'm on a fix until mid-Dec - have asked Octopus for a new fix option. Here's the comparison:

0tqqTvR.png


If I stay on my current tariff until December it saves me £25/mo over the new tariff.

I'm trying to work out whether it's a better bet to sacrifice that £25/mo saving between now and Dec in order to hedge against prices rising even further by the end of the year when I'll need to move to a new tariff regardless. If I've calculated correctly it would only require the monthly price to increase a further £6/mo before I'll end up paying more than I'm saving over the next quarter.

I think it's worth it as I can't see prices getting any better between now and the end of the year... It also fixes costs for me for 2 years.

Am I doing the right thing going to the new tariff early?
 
Can I sanity check this with you lot...

I'm on a fix until mid-Dec - have asked Octopus for a new fix option. Here's the comparison:

0tqqTvR.png


If I stay on my current tariff until December it saves me £25/mo over the new tariff.

I'm trying to work out whether it's a better bet to sacrifice that £25/mo saving between now and Dec in order to hedge against prices rising even further by the end of the year when I'll need to move to a new tariff regardless. If I've calculated correctly it would only require the monthly price to increase a further £6/mo before I'll end up paying more than I'm saving over the next quarter.

I think it's worth it as I can't see prices getting any better between now and the end of the year... It also fixes costs for me for 2 years.

Am I doing the right thing going to the new tariff early?
Two years?
Do it!
Martin Lewis has an energy crisis special tv programme tomorrow night on itv that might give some insights.
 
Can I sanity check this with you lot...

I'm on a fix until mid-Dec - have asked Octopus for a new fix option. Here's the comparison:

0tqqTvR.png


If I stay on my current tariff until December it saves me £25/mo over the new tariff.

I'm trying to work out whether it's a better bet to sacrifice that £25/mo saving between now and Dec in order to hedge against prices rising even further by the end of the year when I'll need to move to a new tariff regardless. If I've calculated correctly it would only require the monthly price to increase a further £6/mo before I'll end up paying more than I'm saving over the next quarter.

I think it's worth it as I can't see prices getting any better between now and the end of the year... It also fixes costs for me for 2 years.

Am I doing the right thing going to the new tariff early?

It’s a gamble but I would (and did). I can’t speak for gas but those electricity figures seem high to me. Eon 2 year fix is 21.13p (last week). Duel fuel should be cheaper.
 
Cheers chaps, it does seem logical to me. Re. EON, switching means I'll have to either commit to or be harangued for a smart meter which I have no interest in at this stage. Sticking with Octopus still seems to come out cheapest looking at the comparison sites. Also their CS is very good (that alone is often worth its weight in gold when it comes to the debacle of some energy suppliers) and I've had several referral bonuses which is helpful - a handful more of those will offset the price increase anyway.

I'm just checking if there's any early exit fee on the new tariff as it's not explicitly mentioned.
 
Just confirmed no exit fees if I want to move so I've hit the button on that new tariff. Thanks for the sanity-check!
 
Igloo are now talking to administrators.
Thanks for the heads up, I'm one of their customers. I think I'll be spending this evening selecting a different supplier.
At least there are no exit fees with my current deal so I can take the leap painlessly.
 
Can I sanity check this with you lot...

I'm on a fix until mid-Dec - have asked Octopus for a new fix option. Here's the comparison:

0tqqTvR.png


If I stay on my current tariff until December it saves me £25/mo over the new tariff.

I'm trying to work out whether it's a better bet to sacrifice that £25/mo saving between now and Dec in order to hedge against prices rising even further by the end of the year when I'll need to move to a new tariff regardless. If I've calculated correctly it would only require the monthly price to increase a further £6/mo before I'll end up paying more than I'm saving over the next quarter.

I think it's worth it as I can't see prices getting any better between now and the end of the year... It also fixes costs for me for 2 years.

Am I doing the right thing going to the new tariff early?

I am banking on a global recession brought on by excessive debt, low interest rates and the Covid crisis. If I am correct energy prices will tank, if I am wrong then my gas and electricity bills will remind me every month of what an idiot I am!
 
I am banking on a global recession brought on by excessive debt, low interest rates and the Covid crisis. If I am correct energy prices will tank, if I am wrong then my gas and electricity bills will remind me every month of what an idiot I am!
The good thing about Octopus is that I can bail out without fees if something better comes along...
 
Can I sanity check this with you lot...

I'm on a fix until mid-Dec - have asked Octopus for a new fix option. Here's the comparison:

0tqqTvR.png


If I stay on my current tariff until December it saves me £25/mo over the new tariff.

I'm trying to work out whether it's a better bet to sacrifice that £25/mo saving between now and Dec in order to hedge against prices rising even further by the end of the year when I'll need to move to a new tariff regardless. If I've calculated correctly it would only require the monthly price to increase a further £6/mo before I'll end up paying more than I'm saving over the next quarter.

I think it's worth it as I can't see prices getting any better between now and the end of the year... It also fixes costs for me for 2 years.

Am I doing the right thing going to the new tariff early?

That's some price hike...I fixed for 24m with Octopus a few months back; per kWh is @ 3.32p gas, 20.09p elec standing charge 26.59p/23.5p respectively.
 
The good thing about Octopus is that I can bail out without fees if something better comes along.
That's some price hike...I fixed for 24m with Octopus a few months back; per kWh is @ 3.32p gas, 20.09p elec standing charge 26.59p/23.5p respectively.


Could be wrong here, but I notice '12M' on your current deal, Funk. Your renewal for Dec. would normally start at the expiry on your current one, so I can't see why you've jumped already.

My 12M fixed with Octopus ends 2nd Oct., but the 24 M I secured 10 days ago has been acknowledged to start on the 3rd Oct. Bit baffling (to me).

The actual energy prices haven't gone up by an unexpected amount, but the standing charges have escalated. Why? St. charges are nothing to do with energy. I can guess that by hiking these instead of the real increase needed for energy, people will think they're cheaper. I know this is cynical, but it's the st. charges which have shot up for Octopus. Okay, maybe 5p extra a day but the principle and suspicion remain.
 
I too am trying to work out if I should fix now. I was with Utility Point and have been moved to EDF standard variable. The few fixed deals left seem a lot more expensive, at the moment anyway.
 


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