Energy Prices (Strictly NO referrals!)

[chrcoluk]

Octopus Agile evangelists will be along soon - looks like that averaged 6pkwh gas through October, and can instantly switch to govt rate if it all becomes too much.

Those of us on the early tracker/agile wont even need to switch as the cap is reduced to EPG rates on the tariffs. But yeah its a instant penalty free exit so even the new tracker might be worth it at the moment, especially for gas.

For last week or so electric is under 10p at best hours and averages about 18p over day. I have just had my lowest bill for about 2 years. (pre energy crisis I had elevated readings which meant my bills were higher then due to that).

Gas is 2.99p today and has been hovering around 3p for a while.

 

[jpaul]

Gas tumble just have to hope there are no accidents with the Norway interconnector ... what's the theory on sub/diver activity that had impacted nordstream.

as said, if weather gets cold we need 50% of the supply from Norway; 2days storage in Rough, and LPG ship that deliver 1% of daily need, don't last long.

 

[Curlyriff]

Those of us on the early tracker/agile wont even need to switch as the cap is reduced to EPG rates on the tariffs. But yeah its a instant penalty free exit so even the new tracker might be worth it at the moment, especially for gas.

For last week or so electric is under 10p at best hours and averages about 18p over day. I have just had my lowest bill for about 2 years. (pre energy crisis I had elevated readings which meant my bills were higher then due to that).

Gas is 2.99p today and has been hovering around 3p for a while.

You can't get a new tracker though, they have closed sign up.

Octopus Tracker

Britains' fairest energy tariff, with dynamic daily pricing and 100% renewable electricity.

octopus.energy

 

[chrcoluk]

You can't get a new tracker though, they have closed sign up.

Octopus Tracker

Britains' fairest energy tariff, with dynamic daily pricing and 100% renewable electricity.

octopus.energy

I think this is temporary as its been reworked for EPG rules on new tariffs which is unfortunate given the low cheap wholesale costs at the moment (I think the issue is they cant make it a fixed length contract like current agile is which basically would mean they also cannot give a guaranteed cap), Some mentioned they have been able to get on tracker though via customer services (put on older versions).

 

[Curlyriff]

I think this is temporary as its been reworked for EPG rules on new tariffs, is new tracker available yet? Some mentioned they have been able to get on the new tracker.

No I contacted them end last week and they said no and try next month.

 

[chrcoluk]

No I contacted them end last week and they said no and try next month.

All you can do is keep trying I guess, someone somehow got onto agile 2018 only a few weeks ago long after it got closed. Looks like was pulled 22 Oct with a unknown come back date.

 

[Mercenary Keyboard Warrior]

Octopus said on some blog somewhere that if you sign upto new deals after the start of Oct(ish) you were not covered in the cap pricing.
They were working on ways round that so that it protected consumers.

I assume this would happen if you went tracker then tried to move back so suspect the tracker isnt specifically the issue but that you would have no where to go later in effect.

 

[platinum87]

Are you really comparing gas and electric to Pepsi a soft drink ? I can choose not to buy Pepsi and happily carry on. Without Gas and electric life is pretty crappy don’t you think….

Very strange……. Lol..

You mentioned profits the comparison is sound.

So what is to be done and when it should have been done? You've not said.

 

[n111ck]

Is there any provision for customers though if the price does significantly drop where we are then overpaying compared to wholesale costs for suppliers?

Given we are all on discounted rates and getting £400 I dont think we can really complain..

 

[chrcoluk]

Is there any provision for customers though if the price does significantly drop where we are then overpaying compared to wholesale costs for suppliers?

I asked this on MSE as there apppears to be some industry insiders on there, now I am a middle man here so forgive me if I have this wrong.

But the response I got (I think) was that basically energy is purchased in similar ways (in advance) for the SVR and fixed tariffs, and the different rates is basically hedging in different ways. Whilst trackers tend to follow dailies.

 

[Curlyriff]

Given we are all on discounted rates and getting £400 I dont think we can really complain..

That is not what was asked and course we can. If they are purchasing at 50% less than what we are still paying even at the "discounted" rate then why should be paying over odds if we are on standard variable rate? That rate should reflect their purchase costs. Of course purchasing at reduced now might not change what they have brought for 3 months but at some point it should at least.

 

[jpaul]

I think this is temporary as its been reworked for EPG rules on new tariffs which is unfortunate given the low cheap wholesale costs at the moment (I think the issue is they cant make it a fixed length contract like current agile is which basically would mean they also cannot give a guaranteed cap), Some mentioned they have been able to get on tracker though via customer services (put on older versions).

dilemma is , if the taxpayer is subsidising an agile customer to capped epg rate, but also allowing them to have cheaper energy when wholesale rates are lower, total subsidy required is greater, versus a fixed epg rate customer
having your cake and eating it.

 

[Harlequin]

Gas i again negative per therm on daily market today

 

[chrcoluk]

dilemma is , if the taxpayer is subsidising an agile customer to capped epg rate, but also allowing them to have cheaper energy when wholesale rates are lower, total subsidy required is greater, versus a fixed epg rate customer
having your cake and eating it.

It saves the tax payer money, I would be subsidised more if I moved to SVR as the buy ahead energy is more expensive currently.

The subsidy is very low for some of us, my tariff cap on agile is 35p, my EPG rate is 33.02p, about 4 hours a day I am been subsidised 2p per unit, the rest of the day no subsidy.

My gas cap is 11p, the EPG rate is 10.x not sure exact amount for my area. So again currently no subsidy at all on gas for weeks, and if the worst happens the government will be paying less than a penny per unit.

**Government pays nothing when the tracker retail rate falls below EPG rates**

 

[n111ck]

That is not what was asked and course we can. If they are purchasing at 50% less than what we are still paying even at the "discounted" rate then why should be paying over odds if we are on standard variable rate? That rate should reflect their purchase costs. Of course purchasing at reduced now might not change what they have brought for 3 months but at some point it should at least.

Well if you are on the SVR then that will go up or down based on whatever mechanism that normally happens by (once the energy price guarantee is scrapped).

 

[Curlyriff]

Well if you are on the SVR then that will go up or down based on whatever mechanism that normally happens by (once the energy price guarantee is scrapped).

Okay so until then are we suggesting that we are on the maximum during SVR because of the lock in with the gov support and they wont change the rate during that period? If so and as said prices drop by 50% are they just going to make bumper profits and we still pay back a huge amount later as customers or will we get a rebate for instance after that 6 month period etc?

 

[Mercenary Keyboard Warrior]

Okay so until then are we suggesting that we are on the maximum during SVR because of the lock in with the gov support and they wont change the rate during that period? If so and as said prices drop by 50% are they just going to make bumper profits and we still pay back a huge amount later as customers or will we get a rebate for instance after that 6 month period etc?

They purchase well in advance, your not likely to see the prices drop for 6 months imo, and potentially actually rise in April when gov handouts cease

 

[Curlyriff]

They purchase well in advance, your not likely to see the prices drop for 6 months imo, and potentially actually rise in April when gov handouts cease

Well Bulb hasn't thanks to gov and now Octopus have brought them then what happens there? They should be able to dilute those savings for instance across their total customer base then

 

[Mercenary Keyboard Warrior]

Well Bulb hasn't thanks to gov and now Octopus have brought them then what happens there? They should be able to dilute those savings for instance across their total customer base then

No idea, I would imagine its part of the negotiations.
Either keep separate for now till April or something else. Cant see the price dropping however.
FWIW our company prices are still way above the caps and coming down but not fast enough yet to expect to drop come April.
Jan is the next expected change so we should see that discussed start of Dec I believe

 

[Curlyriff]

No idea, I would imagine its part of the negotiations.
Either keep separate for now till April or something else. Cant see the price dropping however.
FWIW our company prices are still way above the caps and coming down but not fast enough yet to expect to drop come April.
Jan is the next expected change so we should see that discussed start of Dec I believe

That all fair, it was more thought and such. However at least if it goes this way not as much owed/bills inflated in the longer term hopefully.