Reply With QuoteMake sure you compare it to the new rates that come in on the 1st July. The price cap will be reducing by around 17%.
We've just been offered a fixed price energy tariff for gas and electric by our supplier. It is naturally more expensive than the flexible rate we are currently in but only by a predicted £5 a month.
I like stability but I also like a few extra quid in my pocket but the difference is tiny and peace of mind is worth more than what amounts to a coffee.
Anyone else had the opportunity, what did you do. What would you do?
Make sure you compare it to the new rates that come in on the 1st July. The price cap will be reducing by around 17%.
Wouldn’t bother. Prices are predicated to come down so companies are trying to lock people in. That’s my view anyway.
That’s my take also. Going to leave mine for a month or twoOriginally Posted by Stuno1
I wouldn’t do it now, too much going on and prices expected to fall hopefully. It’s a great idea in more stable times, but not at present.
The last prediction I read suggested prices would fall in July, remain steady or possibly increase slightly early next year, but ultimately decline again after. I suspect it levels out to being relatively stable compared to recent times, certainly no huge increases back-to-back, so I would want a clear financial incentive to make me want to commit.
Octopus just advised "From July 1, your energy prices will reduce around 17% on average, because wholesale costs between February and May dropped from their winter peak." ... and further 7% decrease expected w.e.f. October.
I'm not signing up to suggested fixed tariff or a DD. I pay mine in advance by estimating cost and prepaying to my a/c. Will re-assess in October to see if worth switching to another supplier.
"Well they would say that ... wouldn't they!"
The way I see it, if prices rocket up again over winter, then the Government will have to step in.
Just had Octopus email about the fixed deals but I'm going to stay on the Flexible tariff for now.
Looks like a drop of £50 per month from July, then a bit more in October. But without the Government help, that's exactly the same as the winter just gone so hardly laughing all the way to the bank.
I’m on their tracker it’s been roughly 1/2 the price of their standard tarrif
The fact energy companies are offering anything other than the price cap means that doing so is in their best interests, the whole energy sector can’t be trusted at the moment, lets hope that changes.
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Last edited by T1ckT0ck; 21st June 2023 at 22:52.
I’m slightly confused as I thought electricity prices and gas prices were linked, yet the email I’ve just had off octopus only shows gas as dropping in price.
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Both dropped according to my Octopus email:
Electricity:
Current prices until 30th June 2023
Standing charge (per day) 36.539p
Unit rate (per kWh) 34.685p
New prices from 1st July 2023
Standing charge (per day) 36.539p
Unit rate (per kWh) 31.191p
I'll save a whopping £172 per year.
Standing charge stayed the same, naturally.
I wonder if I didn’t get anything about the electric as I’m on IO?
Also with Octopus. I thought their email explained it all really well to be honest.
In the email itself, they were clear about possibiliy to fix, but did say prices are forecast to come down a little in October - so it was only for those who really could not risk increases.
My rates are a bit different to yours for some reason:
Current prices
until 30th June 2023
Standing charge (per day) 47.954p
Unit rate (per kWh) 33.518p
New prices
from 1st July 2023
Standing charge (per day) 47.954p
Unit rate (per kWh) 30.295p
Last edited by Boss13; 22nd June 2023 at 09:54.
This is what I got off Octopus. No mention of electricity costs at all for some reason, just gas.
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Had my new electric price off them now. No change in the cheap off peak tariff but the peak tariff is down from 40 to 30 p kWh.
Well happy with that.
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That’s great.
Which tariff are you on?
Intelligent Octopus
Im on octopus agile which is open for all EV users and those with solar and my rate on average is around 20p kwh .Today it went down as low as 0.01p kwh from 1-2pm. This months electric bill is £69 that includes my export back. Cat grumble
Is the dog happy though ;)
🤣
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