Energy Prices (Strictly NO referrals!)

I'm looking at this octopus tracker, but I'm finding it pretty impenetrable as to whether I'll be any better off if I switch to it. I get that prices change on the tracker, but how do I tell whether I'll be better off if I go from:

Gas:
Unit Rate 10.43p/kWh
Standing Charge 26.84p/day
Estimated Annual Usage 11446 kWh

Electric:
Unit Rate 33.70p/kWh
Standing Charge 51p/day
Estimated Annual Usage 4476.2 kWh


to tracker?

I can see the tracker standing charges are the same, and the rates I'm guessing at the moment are cheaper, but Octopus gets right to the final step with a direct debit of £248.84 a month. I'm currently paying £160 a month, and am massively in credit. I can't see any option to adjust that DD value before I check out either.
 
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Karl said:
I'm looking at this octopus tracker, but I'm finding it pretty impenetrable as to whether I'll be any better off if I switch to it. I get that prices change on the tracker, but how do I tell whether I'll be better off if I go from:

Gas:
Unit Rate 10.43p/kWh
Standing Charge 26.84p/day

Electric:
Unit Rate 33.70p/kWh
Standing Charge 51p/day

to tracker?

I can see the tracker standing charges are the same, and the rates I'm guessing at the moment are cheaper, but Octopus gets right to the final step with a direct debit of £248.84 a month. I'm currently paying £160 a month, and am massively in credit. I can't see any option to adjust that DD value before I check out either.
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You will have input your estimated annual usage into the quotation right? Then it projects a direct debit based on that signing up onto the flexible tariff, not the tracker one you will then switch to once up and running. It may bias the direct debit initially massively in their favour I don't know. For me, it seemed about bang on what I pay currently roughly. It will all equal out in time anyway and I wouldn't worry about the headline DD upon sign up. The main thing is switch by signing up to the flexible tariff, then asap get put on the tracker tariff one. If prices go up, they will be discussed no doubt here and other places online as to whether it might be worth switching back to flexible for free.

I tried signing up and my property has a marker on it as already registered and debts owed! :O This will be from previous home owners. Trying to sort me out.
 
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Karl said:
I'm looking at this octopus tracker, but I'm finding it pretty impenetrable as to whether I'll be any better off if I switch to it. I get that prices change on the tracker, but how do I tell whether I'll be better off if I go from:

Gas:
Unit Rate 10.43p/kWh
Standing Charge 26.84p/day
Estimated Annual Usage 11446 kWh

Electric:
Unit Rate 33.70p/kWh
Standing Charge 51p/day
Estimated Annual Usage 4476.2 kWh


to tracker?

I can see the tracker standing charges are the same, and the rates I'm guessing at the moment are cheaper, but Octopus gets right to the final step with a direct debit of £248.84 a month. I'm currently paying £160 a month, and am massively in credit. I can't see any option to adjust that DD value before I check out either.
Click to expand...

The tracker rates are totally screwed on your quote probably, check this page in your region (don't use the referral link on it, find your own through someone you know!) http://mysmartenergy.uk/Tracker/Southern-England

It's still the best source for the rates I have found so far.

For the last month the prices for elec and gas kWh have been a good bit lower than cap prices.

If you can afford it, I'd recommend switching to variable DD with Octopus once you're able to, this just means you pay what you owe monthly, especially good with smart meter combo means you never build up a big credit or debit.
 
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maybe the sun and DM don't remind indignant people but

www.taxpolicy.org.uk

Is it right that Shell and BP made $70bn profit in 2022 but pay little tax in the UK? Yes. And also, no.

Only 5% of Shell’s profit is made in the UK, so we should be unsurprised that only a small amount of its huge profits are taxed in the UK. But when energy companies make “windfall profits”…
www.taxpolicy.org.uk www.taxpolicy.org.uk
£65bn of pre-tax profit – more than twice that for the previous year – and £22bn of tax. That’s a 34% effective rate – which we’d normally say is around what we’d expect (much higher than a normal company, because oil/gas extraction tends to be subject to special taxes).

Nothing surprising.

No figures yet on the amount of the £22bn of tax which is paid in the UK, but it’s likely very small. Why? Because only 5% of Shell’s business is in the UK. The rest is abroad, and we don’t tax that.
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HungryHippos said:
The tracker rates are totally screwed on your quote probably, check this page in your region (don't use the referral link on it, find your own through someone you know!) http://mysmartenergy.uk/Tracker/Southern-England
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Think you're right, I think the rates aren't right. It says at the bottom of the referral page that if you're already an Octopus customer, you need to email them at hello@ to make sure it's right for you. I think they'd probably leave the DD and shift over. I've emailed, so will let you know what happens.
 
CaptainRAVE said:
It amazes me that people still defend these energy companies that are making billions and keeping most of it offshore. No wonder they get away with it. They’re verging on being criminal cartels at this point.
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I'm not calling it wrong or right, but the media tends to sensationalise stuff in a bubble without full context, much like with the energy cap £2500 per year figure, people got confused because they throw out a big number and don't put any true meaning behind it.

I think the bigger picture of how this all works is beyond most of us to truly grasp, so it's difficult to say how wrong or right things are.

Similar to how wholesale prices are lower but fixed rates are higher, they want people to get mad about it, but the reality is it's based on how the energy is bought and allocated ahead of time.
 
Karl said:
Think you're right, I think the rates aren't right. It says at the bottom of the referral page that if you're already an Octopus customer, you need to email them at hello@ to make sure it's right for you. I think they'd probably leave the DD and shift over. I've emailed, so will let you know what happens.
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Yeah it's just the public figures are available so you can see for yourself what you'd have been paying for the last month or so.

In my case gas on tracker has been around 7-8p/kWh for the last 30 days, where I have been paying 10.4p/kWh on standard variable.

In essence tracker is 25% less than the capped pricing lately for gas, so it will save me a bit. But tracker so prices can move and that is the main gotcha to look out for.
 
RE Shells profits, what is it exactly that people are outraged about?
- that they should make profits 'selling' energy whilst normal people experience high energy costs?
- that they haven't been taxed enough?
- that their fortune is indirectly a result of a war?

It feels a bit headline-y and superficial
 
Why is there no public or opposition pressure on the UK gov's decision NOT to enforce windfall taxes on these energy companies. Seems bonkers we are sitting here watching them announce record profits and nobody is asking any questions. Yes, give them the green subsidies, yes allow them to make a profit, but pulling our pants down and slapping our arses like they are is simply unacceptable.
 
Tom_ed1987 said:
RE Shells profits, what is it exactly that people are outraged about?
- that they should make profits 'selling' energy whilst normal people experience high energy costs?
- that they haven't been taxed enough?
- that their fortune is indirectly a result of a war?

It feels a bit headline-y and superficial
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So why the guy above has got a projected cost of £4600 Shell and others are raking in obscene profits.
Not just making very good money that they’ve always done off the back of an industry that has made a hug contribution towards the state of the climate issues, but making record breaking l, after record breaking.

Look it’s easy to sit here and just go I’m alright because I am, I probably have some of the lowest energy cost of anyone on this forum, but it’s just wrong that so many are struggling so badly, and a few are profiting so greatly.
 
Tom_ed1987 said:
RE Shells profits, what is it exactly that people are outraged about?
- that they should make profits 'selling' energy whilst normal people experience high energy costs?
- that they haven't been taxed enough?
- that their fortune is indirectly a result of a war?

It feels a bit headline-y and superficial
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Do you know how much money £32 billion is?

That is enough to give every household in Europe about £160 OR every household in the US and Europe £100.

..and that is just one fuel company.

Why is that much money simply going to line the pockets of energy companies whilst people all around the world struggle to pay their fuel bills?

"Shell is a UK-headquartered company and has been paying more to its shareholders that it spends on renewable investments." - Again, the rich get richer off the back of a modern societal necessity.
 
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Jono8 said:
Do you know how much money £32 billion is?

That is enough to give every household in Europe about £160 OR every household in the US and Europe £100.

..and that is just one fuel company.

Why is that much money simply going to line the pockets of energy companies whilst people all around the world struggle to pay their fuel bills?

"Shell is a UK-headquartered company and has been paying more to its shareholders that it spends on renewable investments." - Again, the rich get richer off the back of a modern societal necessity.
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What's your point ?! : Shell isn't making £32bn from UK energy customers !
This was pointed out to you about 4 hours ago

Shock - a multinational oil and gas company makes profits outside of the UK and sometimes doing other things not related to oil and gas ! Just so happens their reception desk is in London.
 
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Jono8 said:
"Shell is a UK-headquartered company and has been paying more to its shareholders that it spends on renewable investments." - Again, the rich get richer off the back of a modern societal necessity.
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Because only the rich are shareholders? No. Many many people are through their pensions etc. The windfall taxes should do their job here, blame the government not the companies imo.
 
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SDK^ said:
What's your point ?! : Shell isn't making £32bn from UK energy customers !
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Hence why included the whole of Europe and the USA as an example....?

If it was just the UK, that is over £1000 per household...
 
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200sols said:
Because only the rich are shareholders? No. Many many people are through their pensions etc. The windfall taxes should do their job here, blame the government not the companies imo.
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Absolutely the companies aren’t just going to hand other huge amounts of money out the kindness of their heart, they want to make big bank. That’s completely understood.
 
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