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My GO fixed comes to an end on the 24th next month, so have renewed @7.5/42/47p sad times.
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The price of graphics cards will continue to tank and will stay low for at least 2 years - Here's why
- Thread starter lovelyhead
- Start date
How come you getting offered a night rate?If I go into my account and select the change my tariff option this is what I get:
Octopus 12 Month Fixed:
Loyal Octopus 12 Month Fixed:
I got a renewal email from Octopus offering me electric at 40p day / 7.5p at night which I kind of had to accept. 16p per Kwh up to 40p and that is what is considered a good deal for a 12 month fix these days!
Here is my Loyalty Octopus 12m Fixed, its single rate. Same named tariff but a different tariff wtf lol.
Oh yes note their completely whacked estimate as well lol.
It's because I have an electric car. You get 7.5p / KWh between 12:30am and 4:30am to charge the car. You can't sign up to the Octopus Go tariff without an EV.
A quote for energy I received today.
75p per KWH is a joke and that is set to rise again in the near future ?
I am dreading when my fixed contract of 20p per KWH runs out in a year, i thought that was very expensive to be honest.
I meant the tariff you had on the change tariff page the basic loyalty fixed.
I found the answer now though, I think its because you already on a dual rate tariff.
I'm on the Go tariff and never questioned if I have an electric car or not. Just sign up.
It's just marketed as good for those with an electric car but when I started GPU mining and looking at costs the 4 hours at at 5p per hour helped reduce the total average cost. For some reason my Go tariff just rolled over through the price increases so far so I'm hoping it does the same when the term ends in January.
Their terms and conditions state that you need either an EV or a plug in hybrid:
The Terms and Conditions of Agile Octopus, Cosy Octopus, Octopus Go, and Octopus Go Green, and Octopus Flux
The Agile Octopus, Cosy Octopus, Octopus Flux, Octopus Go, and Octopus Go Green tariffs are uniquely innovative products of our labs, and available now to customers through our beta programme.
octopus.energy
They introduced the EV / Hybrid requirement not that long ago so if you were already on GO then you are probably fine but I have heard they are asking for proof of a home charger for some new customers. It would be super easy for them to tell if you had an EV / Hybrid or not as you would probably be regularly using between 3.6KW or 7KW between 12:30 and 4:30 at least once a week. They state they can change you over to a different tariff if they think you don't have an EV / Hybrid.
I don't understand why people are fixing electricity for 12 months at rates that will be above the next variable rate cap.
My unit rate went from 19.77p to 28.22p in April. People here are contemplating fixing at rates well over double that?
Sounds to me like energy companies have realised that there is zero competition right now as no one is switching and they can offer outrageous fixed deals.
My unit rate went from 19.77p to 28.22p in April. People here are contemplating fixing at rates well over double that?
Sounds to me like energy companies have realised that there is zero competition right now as no one is switching and they can offer outrageous fixed deals.
I've not heard anyone saying they would be fixing at over 60p? Prices will probably exceed that in less than a year though.
You don't know what prices will be in a year's time. It is like predicting what the stock market will be in a years times. If you knew, you could become very rich. The best anyone can do is make a prediction on the prices at the next review based on information available today. The current cap is on outdated info.
You want to know what my best prediction of the oil price for example for a month's time is?
Brent & WTI Oil Futures Price & Updates - BBC News
Find the latest price & updates for Brent & WTI oil futures at BBC News
www.bbc.co.uk
It is today's price. As I'm just speculating what the price is beyond today.
Similarly, here are today's forward contracts for next year. If you think you know which direction these contracts are going to go, feel free to use that knowledge and become very rich. All anyone knows with any sort of certainty is that the cap which will use more of the higher rates below, will increase next review. Beyond that it could go up or down.
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whys the chart not for 2023 then, are you one year in the past?
I'm not sure if you are being funny. Don't know if you noticed this chart from Ofgem is up to date as of August 2022. There's a possibility you don't actually understand what a forward delivery contract being traded today means, rather than being sarcastic.
The current cap is based on a ~£132/MWh price. The next review it will jump to ~£200/MWh. What happens the following review depends entirely on how that graph above develops, and anyone telling you they know how it will go are free to become super rich.
ow how much profit offgem thinks the energy companies need to all stay afloat.
clearly they aren't looking out for consumers
Predictions can change but the KWh price of electricity is predicted to reach 51 p/kWh by the end of the year.
www.nimblefins.co.uk
Prices are then predicted to rise a further 19% in January which would bring the unit price of electricity to 60.69p.
That could be wrong. But I am willing to bet that it will be right, hence why I fixed at 40p KWh.
Without Government assistance 60.69p a KWh will be ruinous for many many families. GPU's will be one of the last things on their minds.
Average Cost of Electricity per kWh in the UK (2024)
According to OFGEM the average cost of electricity is now 24.5p/kWh for October to December 2024 for a customer with typical usage paying by direct debit on a default tariff. Read how rates change by area, from London to Merseyside.
Prices are then predicted to rise a further 19% in January which would bring the unit price of electricity to 60.69p.
That could be wrong. But I am willing to bet that it will be right, hence why I fixed at 40p KWh.
Without Government assistance 60.69p a KWh will be ruinous for many many families. GPU's will be one of the last things on their minds.
Predictions can change but the KWh price of electricity is predicted to reach 51 p/kWh by the end of the year.
Average Cost of Electricity per kWh in the UK (2024)
According to OFGEM the average cost of electricity is now 24.5p/kWh for October to December 2024 for a customer with typical usage paying by direct debit on a default tariff. Read how rates change by area, from London to Merseyside.
Prices are then predicted to rise a further 19% in January which would bring the unit price of electricity to 60.69p.
That could be wrong. But I am willing to bet that it will be right, hence why I fixed at 40p KWh.
Without Government assistance 60.69p a KWh will be ruinous for many many families. GPU's will be one of the last things on their minds.
People make predictions about everything. Anyone telling me they can predict a commodities/financial market, better be someone who puts money where their mouth is.
As for 40p, it definitely going to at least that, that doesn't require a prediction as the price is already that high. That is fine to state, as your link does.
Beyond the next review people are just guessing as there is no information yet.
Yeah but they are not just plucking random numbers out of the air. Cornwall Insight seem to have a good record for their predictions being close to accurate.
What is likely to happen before the end of the year that will cause energy prices to fall? The war in Ukraine to end? Seems unlikely. European countries choosing to buy Russian gas again. Unlikely. Even if wholesale energy prices were to fall, you just know that it will take ages, if at all, for consumers to see any reductions on their bills.
It's easer to predict what is happening in the next review. It is literally happening now using information available now.
Just googling their prediction for the last cap.
Press & Media Mentions | Cornwall Insight
Information about us, the latest press releases that highlight key trends in the energy market, interviews & media mentions
www.cornwall-insight.com
They predicted £1660.
Price cap to increase by £693 from April
The energy price cap will increase from 1 April for approximately 22 million customers.
It was actually £1971.
Like I said, try and predict commodities or financial markets at your own peril.
I don't blame them for making predictions, but people taking them as anything more than slightly better than random, should be careful. Especially predictions far out.
It's easer to predict what is happening in the next review. It is literally happening now using information available now.
Just googling their prediction for the last cap.
Press & Media Mentions | Cornwall Insight
Information about us, the latest press releases that highlight key trends in the energy market, interviews & media mentions
They predicted £1660.
Price cap to increase by £693 from April
The energy price cap will increase from 1 April for approximately 22 million customers.www.ofgem.gov.uk
It was actually £1971.
Like I said, try and predict commodities or financial markets at your own peril.
That prediction was made in October 2021, before the Ukraine war started. What could you imagine happening before January next year that could cause wholesale energy prices to tumble and for those price decreases to be passed on to the consumer. The price consumers pay is only going one way between now and next year and it isn't down.
The prediction was 4 months out from the actual review. Not even a year.
That's a very misleading statement. Everyone knows the price is going up October, that is a certainty. However, if you think you know what the price will be relative to October 22, next year then you you are blind to what you don't know.
I suppose you know what oil prices will be next year as well?
edit:
Here is what a real prediction looks like.
I don't 'know' what the price will be next year, but the odds of it being more expensive than it will be in October seem to be high. Between now and January no one is predicting a price drop. There doesn't seem to be any global news or events that might cause the price to drop. Even if it were to drop, consumers would not see a price reduction between now and early next year. Is it possible prices will drop or stop increasing? Yes. Is it likely, I don't think so.