Am I missing something here? Octopus energy.

[Bagelsandbrie]

We are with octopus and our fixed rate ends soon. They’ve sent us an email with options. Obviously like everyone else I am dreading the hike in energy prices and want to do the best thing in terms of variable / fixed rate.

But they’ve sent me this … pic attached. Why would anyone choose to fix at those prices? I understand the variable rate may go up but is it really likely to go higher than the horrendous fixed rate options?

I’m best just to stick with variable, aren’t I?

Looks like it!

That’s what I thought but I’m terrified I’m going to get a bill that’s even higher than the fixed options…. Literally going to have to sell a kidney at this rate (which no one would want as I have kidney issues)!

Is that the current price? So April it will rise and potentially October too.

I opted for a flexible tariff.

We're the same, new DD is going upto £157 and the cheapest fix from Octopus is £232. They did offer us £191 a couple of weeks ago and it was for 12 months so I guess gamble there is that come October when the prices rise again the we would have been better off, although we'd be paying more throughout summer.... in hindsight maybe I should have took the offer!

Very similar figures to what I’ve been quoted with EDF… £128 current going up to £170 variable and £337 fixed!!! We’re going to have to risk variable I think. As far as I know they’re having to quote with the April hike already factored in so only really the October hike to consider (obviously regular fluctuations too) and I read somewhere that costs should fall in 2023?? Or maybe that was pre/war predictions? It all feels a bit bleak!

Martin Lewis talked about this and said now is not the time to fix your price, you’ll end up overpaying:
www.moneysavingexpert.com/news/2021/12/martin-lewis--even-the-cheapest-deals-are-more-than-double-than-/

I got the same email! I’m sticking with variable like you.

Also want to highlight the early exit fees I’ve been quoted… £100 per fuel! Trapping you into an expensive fix!

Ok so quite a few of us doing the same thing.

I’ve been following Martin Lewis.

It’s all such a bloody nightmare!

@Roses1221

Very similar figures to what I’ve been quoted with EDF… £128 current going up to £170 variable and £337 fixed!!! We’re going to have to risk variable I think. As far as I know they’re having to quote with the April hike already factored in so only really the October hike to consider (obviously regular fluctuations too) and I read somewhere that costs should fall in 2023?? Or maybe that was pre/war predictions? It all feels a bit bleak!

I hope that’s the case. Sounds hopeful if they’re already factoring in the increase.

Octopus here too and sticking with flexible rate.
(Annoyed at having to spend a wasted hour reading, researching and thinking about it all as well)

Most fixed rate tariffs are currently higher than the price cap so at the min your beat to just let your contract roll over to the variable one. Martin Lewis explains this very well. X

One thing to watch - I'm also an octopus customer - is that theybappear to be basing their pricing on the current price cap. Not the price cap from 1st April.

I've had a direct debit recalculation in the last week which has upped my dd - but is worked on the CURRENT prices. I assume they are going to come back to me in 2 weeks time saying oops price rise- need to up the DD again. Mine went up by 50% last week, and will go up by 50% again in April if my calculations are correct. Rumour has it 40% again in October. So your £170 could become £255 in April and then £355 by October... which still makes the £300 look high but might just work out if the October rise is higher....

You need to look at exactly what they are offering and the dates it is offered against your usage and the April price cap figures....

@Roses1221 I'd be careful I'm not sure they HAVE to quote standard variable rates on April prices... clearly the 1 year fixed tates that into account but I'd check the detail on the next few weeks...

We've gone for 'pay as you go' rather than dd when they said our monthly dd would be £331!! Our bill for February based on actual smart meter was £232.

@LittleOwl153
Ive just checked my email and Octopus have stated the new DD calulation is taking into account April price rise - are you sure yours is going up again?

I hate the way they show the DD amount & not the rates!

Is Martin Lewis STILL saying not to fix?

I decided to fix mine a few weeks ago because with 2 potential price cap rises, I can't see it being cheaper to stay on the variable rates. I just can't.

Mine is more expensive than the rate I've just come off (obviously), but I know I can afford it at this fix. I'd rather have the reassurance.

Similar with eon. Im staying variable.

Im in same position as are some work mates. Weve all stayed on variable.
My meter readings aren't due til 2nd of April but gonna send them 31st march before the price rise!

@Ilikewinter They havent said anything on mine. But I calculated our usage figures from their annual estimate using the new April cap prices and I believe their DD to be £75 short... So I am expecting it!

Hopefully they have sorted this now - and are including the price rise.

I’ve done the same as u @MindfulMarch

I renewed my fixed rate with Octopus for 24m back in December. I'm still not entirely convinced I did the right thing, as my dd have had to be increased too 🤷

Yes Martin Lewis says don't fix for now - the price cap will protect us. Review again in October.

I'm with octopus and have just come off my fix yesterday. I have the prices for the new april tariff which I'll attach below.

Funnily I rang Octopus today to make some enquiries and it turns out they've already put me on April's prices even though it's still march. And my DD will now be 200 pm upfront from 98.60

Hate to alarm you OP, but the prices in that email aren't the april rates.

Octopus Flexible rates