Just had an offer from Octopus

[quicklybeendrivenmad]

Octopus energy
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Your current tariff
Flexible Octopus
Unit rates
Electricity: 27.35p per kWh
Gas: 7.28p per kWh
Standing charges
Electricity: 48.26p per day
Gas: 27.22p per day
Your new tariff options
Octopus 12M Fixed
£989.12
monthly estimate
Loyal Octopus 12M Fixed
Most popular
£945.53
monthly estimate
This tariff features 100% renewable electricity and fixes your unit rates and standing charge for 12 months. There are no exit fees, so if you change your mind, you're in control.
Your new quote
£11,869.50

God knows where these figures have come from, last months gas was £19 and Electric £180!! Who the hell would sign up to £989 per month at nearly £12k a year. Love how they say Loyal Octopus "Most popular" popular to who? Think they mean them.

Surely if you input my annual usage and compare the variable rate with the fixed rate it will come up the same?

I've used the variable rate given by eon next not the price cap. It might be slightly different

How am I meant to make decisions when the MSE calculator doesn't even make sense 🙄

Would you go with a fix that works out as 8% higher than the price cap? Its gas standing charge 27.22 and unit rate 15.19 and elec standing charge 48.15 and unit rate 60.35. it's a year fix. So will cost more until January but then may be cheaper than later price cap rises.

I rang eon next and they have agreed to stick with the V19 I was offered a few days ago. So cheaper than my messages yesterday.

I don't think that would be a bad idea given projections across the year. What are the exit fees with that?

No exit fees. But it is 8% higher than the price cap from October to January. It's just a massive guessing game with ££ at stake!

Yes, it means you'd be paying more now until January, but rates are expected to jump again in January and January and February are typically the coldest months, so you may be already more than even by the time they go up again in April when it will hit a peak if the Cornwall Insight is correct. I think it's a safe bet because if there's any interventions which see the cap being reduces you can discard the tariff without penalty. All just my opinion though.

There may be no exit fees for these deals, but if you end up paying more for 4 months of winter then you’ll be seriously out of pocket.

Do you have a link to this calculator? I couldn't find it. I've done my own on Excel but want to check it

But then if the cap goes up again January it might work out cheaper paying more oct-jan but then being fixed from further rises for 2023.

Hey @Snappyteabread I'm on holiday now but just google something like Money Saving Expert Energy Fix Calculator and it comes up

Try this https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/#tool

I’m on £130 now and eon are offering me £290.

However todays price cap is gas 15p, electric 52p. The fix works out as 16.2p and 64p respectively. If I fix for 12 months I’m overpaying a lot in august/ September then still overpaying for a total of 8 months. Whilst it’ll rise in April I’m only realistically looking at a deal with 4 months less than the cap, and after winter peak use?

Isn’t fixing a gamble that I’ll be overpaying? Even if I fix the protection is only for 4 months?

I'm really confused I'm with octopus and can't find an offer anywhere in my account. However I used their crystal ball tool and it recommended reducing my payments from £171pm to £141pm! I'm slightly in debit due to switching from igloo and not getting billed for a couple of months, should be in credit next month.

You get the fixed offers if you click on 'change my tariff'

@dementedpixie thank you! I have £311 fixed or £325 variable .

So staying variable specially as I've decided to keep the heating largely off til 3pm this winter and work in the room with a log burner (and I have electric blanket ). Last winter I had it on during the day as I generally hate being cold. I'll have the thermostat at about 16 to keep off the condensation a bit as the house is prone to it.

No sorry I'm being useless to tonight I have £325 fixed or £311 loyal octopus fixed.

Currently paying £171 as have debt but usage is estimated by octopus to be £141 averaged by 12 months .

So that's fix more than double so presumably not a good deal?

Quote is £3902 so I'm ms average !

Depends on the price per kwh and standing charge. I'm not fixing with Octopus either

@MumEeeee don't forget the January rise

Need to scroll back and see how
Mine compares

I have fixed with Octopus. Presuming they don't pull the fix, it will insulate against the next big predicted rises in January and again in April.

There is no exit fee so I can leave when I want to.

I think if you wait to fix it will be even higher.

The thing that baffles me is that a lot of this crisis has been caused by the Ukrainian war.

We have spent £££ supporting Ukraine which is the right thing to do.

Boris has said something along the lines of we need to stand firm in the support of Ukraine and high energy prices are a price we must suffer.

Seems they are happy to support another country but not happy to help their own citizens deal with the fall out from the war.

Do it! 😂

I'm not fixing as i just can't pay that amount! I'm just going to try and not use much gas. Electricity is an issue .

Yes enough is enough

@MumEeeee

You’re right. It will go up again in January but I also think there will be more government help by then.

Are you in credit? If so, how much?

You’ll get the £400 from the government, but do you qualify for any of the other help?

Take all of this into account when you work it out, but you sound like you’d be better off not fixing.