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.

Yes, you’re right.

Yes but I wouldn't build up too much in case they go bust and the money is better off in your pocket than theirs

Balls to that. Get a smart meter.

Octopus just tried to increase my direct debit by 50% per month. I refused and asked them to send me a bill instead. It was less than my existing direct debit!

They are all scammers, Digusting while they all have ‘record profits’.

@stressingOout why are you letting them earn interest on your money?

But I don't know why people think prices in £s quoted are done deals.

If someone told you a tank of petrol for your car was £50, you wouldn't think that your monthly petrol cost is £50, you'd know that how long it lasted and hence how much it was going to cost you depends on how big the tank of petrol is and how far you drive and electricity and gas is exactly the same.

Houses are different sizes and people spend different amounts of time in them and have different numbers of people having showers, heat the house differently, different amounts and types of cooking etc etc, so it stands to reason that these variables affect the cost.

You might not be far wrong there.

I know crazy right!

Really really stupid question but I’m new to this stuff. How do I stop my account building up credit? I want that money!

Are there any exit fees ?...we got offered (and accepted) something similar (probably the same tariff) from eon next with no exit fees .... If this is the case you can come out of the fix without paying a penalty (i.e if price cap drops and the variable tariff is cheaper)

You can reduce your direct debit
Or ask them to refund you, sometimes there's a button on the website that gives you the option

PeloAddict thanks

This is like some kind of crazy dream now.

Thank @DreamingofGinoclock we've just fixed at £262 no exit fees for 12m. Some of the numbers on here are mind-blowing and having done the money advice calculator I think we'd be mad not to take it. I've just started mat leave so atleast I will know (hopefully) our outgoings despite how hard it is to swallow, to get me through the next year before returning to work. Horrendous though.

This sort of post just isn’t helpful. It’s just making up rubbish without any understanding of how the energy market works. I understand that people are angry, but it’s not the fault of the government (broadly) and it’s not the fault of the energy suppliers (at all - most have actually tried to protect customers by hedging future volumes).

When the price cap came in, energy suppliers profits plummeted. Customers are rightly protected. Energy suppliers make tiny profits on energy supply, that’s why so many went bust.

Also to the poster who said that their new supplier hadn’t honoured their bust suppliers tariff - that’s just not possible. The new supplier didn’t know they were going to have that customer, they couldn’t ‘fix’ (hedge) them accordingly, they had to buy energy at that days prices for them - expensive, but definitely the fault of the old supplier.

I think people need to be VERY wary of fixing at high rates right now. It feels like the energy companies are taking advantage of people’s fear over the increases and getting them to fix at ridiculous rates.

The best way to work out what you’re likely to spend is to look at last January’s usage (usage, not DD) and basically double it. That’s what you’re likely to be using.

BUT remember that what you use isn’t always the same as what you pay, and you do NOT have to pay what your provider suggests if you’re not using anything like that in an average winter.

You also need to look at how much credit you have. If you’re £600 in credit for example, because you’ve been paying a high DD all summer, you’ve got £100 to play with each month over the next 6 months. Plus the £400 from the government.

Also remember that all of this is IF the government doesn’t step in, which according to my ‘crystal ball thingy’ they will.

@EtnaVesuvius

If the govt step in then most people on a fixed deal will be able to exit without charge and get back on the price cap rate.

If the fixed rate is lower then the rates predicted from October then I don't think there's much risk to fixing now.

@NeverDropYourMooncup

"What if energy companies or unscrupulous traders (the type that thrive on chaos - disaster capitalism) knew the prices weren't even remotely feasible practically and politically, but took it to the wire because if they can get some terrified people to fix at insane amounts, they'll end up keeping the ridiculous payments even if the prices fall?"

+++

Yes it's called "buy the rumour and sell the fact" - or ahead of winter and during the current hype / fear about energy prices keep buying gas and electricity for delivery this winter and then come October sell it at the high price before the price falls due to reduced demand and higher supplies.

Also remember that all of this is IF the government doesn’t step in, which according to my ‘crystal ball thingy’ they will

I think they will too. I also wonder, as a pp said, whether the crazy fixes quoted here are the energy companies making hay while the sun shines. Even if there are no exit fees on these deals, they are still making a packet out of people who have fixed at high rates in advance of the October price rises.

@GreenFingersWouldBeHandy with Octopus you can easily change the direct debit amount yourself on the website. Click on the “change my payments” option in the “your account information” box, which is there at the top of the page as you log in.

I required EDF to return a credit balance to me of roughly this amount They were patronising as fuck, telling me it was best to retain a credit balance to avoid any nasty surprises. I told them it wasn’t their money to retain and mumbled something about OFGEM. And hey £400 in my bank account from EDF the next day

Weird. EDF refund me automatically whenever I'm over £100 credit when they create my bill. 🤷‍♀️

What happens if global energy prices don’t drop and we are in this situation long term?

Please say that you know you haven't fixed an amount of £££ per month

Price cap is only on the standard variable rate. They can charge whatever they want on the fixed rates