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.

Bloody hell, £13k. That's crazy.

The Scottish Power app has stopped showing our daily usage suddenly too. It's making keeping track harder than it needs to be. We're looking at 700 a month once our fixed tarrif ends. It's cheaper to put my daughter in nursery the extra day, than to run the heating when she's home. Me and DH can manage being cold.

We were offered 39.18kWh for electricity and 11.23kWh for gas and decided to go for it.

Heat or eat has become neither heat nor eat for some people

I think it's either that they're quoting such a high price because they don't want you to fix but maybe feel they 'have' to offer a fixed tariff option or they want to offer a fixed tariff but are making damned sure they won't be at the wrong end of any change in energy prices. It seems a bit like when a builder quotes an astronomical sum rather than just say they don't want to do the job. If you pay them that much for the job, happy days.

I agree. They don’t want you to fix so this is to put you off.

Another thing - my mum is on Octopus, and I understand all their energy comes from renewable sources. Now I understood that the current horrendous prices that are coming with the removal of the price cap is because the wholesale price of gas has gone through the roof due to global supply/demand issues, so I'd like Octopus to explain why their prices have increased so much if it all comes from renewables (unless it's simply a knock on supply/demand effect with so many people switching to suppliers from renewable sources?)

Hmm, I did a 2 year fix in June 2021 with Octopus , they haven't told me that my fix no longer applies.

Explanation here:

twitter.com/octopusenergy/status/1501972812910800905?s=21&t=H-XbSpNe4Ym0OrEjyE8RBQ

The gas isn't renewable. They offset that I think.

If you look at the small print on fixed tariffs all of the companies have a get out clause that allows them to cancel your contract with them - including pricing. This normally means changes to their standard variable tariff but legally it can apply to fixed tariffs too.

They just need to give you minimum notice - my supplier has notice set at 30 days before the contract changes.

Keeping my fingers cross that my fixed tariff is allowed to exist until it's natural expiry but as my husband who used to work in the industry keeps reminding me - they don't have to honour it if they can't afford it.

Check your T&Cs, keep taking meter readings and keep checking your account just in case your tariff changes. If they breach their own terms and conditions you can take further action via complaints/ombudsman.

And in text form:

Green electricity now costs less to generate than fossil fuel power. So shouldn't that mean green power costs less to buy on the market?
Because of the (very flawed) way the market is currently set up, sadly not, though as the grid gets greener, this should change.
The price power sells for is dictated by the going rate for all different types of energy. At the moment, the UK's outdated wholesale market has a single price for electricity every half hour (which energy suppliers need to pay) and its usually mainly determined by the cost of gas. All energy sources in the UK, from wind to solar to fossil fuels, are being sold based on the high price of gas imports – the higher price of 'brown' electrons artificially putting up the price of 'green' ones as well.
🏠 In short, It’s like selling a house; the price is set by what neighbouring homes are sold for, not the actual cost of building the house.

Renewables will make electricity a bit cheaper this year – in fact, turbines are generating so much cheaper than the current wholesale price that they're due to pay suppliers back for the extra they've earned ( £39 millionn_ up til now, but it could be lots more in the year ahead.)

Thank you for this information. I've just emailed them, so I'll see what they say when they reply. I thought that it was too good to be true!

Those standing charges come to ~£225 per month on their own.

Holy fucking shitballs

I thought my quote (2.5k for the year) was unachievable.

@Charliecatpaws did you move suppliers yourself or did your supplier go bust? My supplier went bust and when I was moved to BG the original tariff details said it was guaranteed until 2023. BG changed that to n/a after a couple of months. Robbing bastards.

Eon offered us £639 to fix monthly. We’re currently paying £156 fixed but variable will be £226 next month. We won’t be fixing.

Have you checked the unit rate? It's worth comparing using the MSE calculator and predicted unit price
Otherwise the variable is going to go up a LOT and you might be better fixing especially if no exit fee

£4,503.13
Based on the latest industry estimate of your energy use. Regular readings make this more accurate.
Tariff cost breakdown
⚡ Electricity
Daily standing charge Question mark icon 37.65p /day
Unit rate Question mark icon 72.87p /kWh
Early exit fee £0
🔥 Gas
Daily standing charge Question mark icon 27.22p /day
Unit rate Question mark icon 19.56p /kWh
Early exit fee £0

For a one bedroom property, currently using less than £100 combined electricity and gas.

No, £23. I think you multiplied by 10 somewhere

Nuts.

we currently pay £100 per month. I’ve been quoted £500 per month from octopus, we’re not fixing. There’s more and more pressure for the government to sort this out. Im thinking that there will be some sort of deal to keep prices at the current level.

Here's my current offer.

I currently pay £220 a month to cover my current expected annual price of £2,620 and am £550 in credit.

Even if prices double over winter there's no way that brings my monthly price to £607!

Mind you, darn sight better than some "deals" on here!

Those forecasts are terrifying. But thanks for posting as useful to know.

Fuck. My NHS pension which I was told was 'really really good' doesn't come to that much a month! I'm fucked.