Octopus Go Faster tariffs ……

[weedavemac]

I don’t believe the big boys are taking the hit directly, they are sending it to there other customers.
When the big boys take over the customers, they have to honour any debt or credit that the new customers had in their accounts already.
The big boys have taken over from their competitors and now are charging what they like.
Without any competition the big boys have us firmly over a barrel !.

They are not charging what they like. They are limited by the price cap. The unit maximum prices are very close, if not below, the wholesale cost. It is costing them money to supply our household fuel at these moment.

They do not have us over a barrel. The price cap has them over a barrel.

 

[Deleted member 3150]

No UK energy supplier, at the moment at least, is "at it". They are pretty much making a loss on every house they supply these days. That is why the likes of Octopus, and others, don't really want extra customers just now. And the big boys are taking a huge hit every time one of the smaller ones go bust and they are forced to take

What is behind soaring energy prices and what happens next? – Analysis - IEA

What is behind soaring energy prices and what happens next? - A commentary by Carlos Fernández Alvarez, Gergely Molnar

www.iea.org

 

[weedavemac]

What is behind soaring energy prices and what happens next? – Analysis - IEA

What is behind soaring energy prices and what happens next? - A commentary by Carlos Fernández Alvarez, Gergely Molnar

www.iea.org

Good summary

 

[Deleted member 7171]

I don’t believe the big boys are taking the hit directly, they are sending it to there other customers.
When the big boys take over the customers, they have to honour any debt or credit that the new customers had in their accounts already.
The big boys have taken over from their competitors and now are charging what they like.
Without any competition the big boys have us firmly over a barrel !.

Don't quite agree with your last comment, certainly not at the present time. They can only put transferred customers on to the capped tariff, which currently is lower than the wholesale price of production.

However, current losses will need to be corrected so the time to really watch their tariffs and the competitiveness of the big 6/7 is when the wholesale price eases.

How quickly will they bring competition back to the market? OFGEM will need to ensure they are competitive.

 

[Gomev]

They are not charging what they like. They are limited by the price cap. The unit maximum prices are very close, if not below, the wholesale cost. It is costing them money to supply our household fuel at these moment.

They do not have us over a barrel. The price cap has them over a barrel.

Don't quite agree with your last comment, certainly not at the present time. They can only put transferred customers on to the capped tariff, which currently is lower than the wholesale price of production.

However, current losses will need to be corrected so the time to really watch their tariffs and the competitiveness of the big 6/7 is when the wholesale price eases.

How quickly will they bring competition back to the market? OFGEM will need to ensure they are competitive.

Agreed, they are charging what they are allowed.
Fortunately for these 'big guys' they bought ahead in the market (hedged) up to a years worth while prices were lower. This is why they can take on the customers from those companies that were buying as they needed it and consequently went bust.
This will inevitably run out though and they will be making a loss in the future if nothing changes.

 

[Alb]

That's exactly how Octopus conduct their business.

 

[Whiskery]

It's the same with airlines. They fuel-hedge, lock in fuel at a price where they think it will rise over time. Usually they have top guys doing this but it does occasionally not work out and that can put an airline working within fine margins in a precarious position.

 

[Dave53]

I know Martin Lewis has told people "DO NOTHING".
But if your contract has ended with your current energy provider and they have massively increased the price of your new standard rate tariff's.
But if the Octopus Go tariff is cheaper than the tariff of your current provider, then why is right to still "DO NOTHING" ?.

You have to look at how much you charge your car, if it's a lot then you will most likely be saving if not then you would have to look at your options, but the 5p go tariff will be hard to beat.

 

[Lovemyev]

You have to look at how much you charge your car, if it's a lot then you will most likely be saving if not then you would have to look at your options, but the 5p go tariff will be hard to beat.

On my previous tariff, my off peak was 8p/kwh now it is 13p/kwh !.

 

[Ozzie1989]

On my previous tariff, my off peak was 8p/kwh now it is 13p/kwh !.

What's your peak rate?

Mines a flat 20.99p, so you're still saving a fair bit on your car charging!

 

[Lovemyev]

What's your peak rate?

Mines a flat 20.99p, so you're still saving a fair bit on your car charging!

Day rate 25p.
The "Off Peak" is 13p and is available from from 9.00pm - 8.00am Monday to Friday and all weekend.
Before the contract ended, it was the same times, but about 22p day rate and 8p off peak.

 

[Ozzie1989]

Day rate 25p.
The "Off Peak" is 13p and is available from from 9.00pm - 8.00am Monday to Friday and all weekend.
Before the contract ended, it was the same times, but about 22p day rate and 8p off peak.

That's still good for EV charging and if you use your high power appliances (e.g. dishwasher, dryer, etc.) during those off peak times then you're onto a winner.

I think you may be better off where you are as the Octopus day rate is roughly same as yours on Go but you only get the reduced rate for 4 hours. Average that over all the hours you get a discount and with some clever timing you'll find it's cheaper overall.

Just bear in mind the bubble will burst next year when the cap is inevitably going to increase and our bills may double. Mine has gone up approx. 40% since Avro went bust and I was put onto Octopus, and that's with a fairly generous offering from them.

 

[Lovemyev]

That's still good for EV charging and if you use your high power appliances (e.g. dishwasher, dryer, etc.) during those off peak times then you're onto a winner.

I think you may be better off where you are as the Octopus day rate is roughly same as yours on Go but you only get the reduced rate for 4 hours. Average that over all the hours you get a discount and with some clever timing you'll find it's cheaper overall.

Just bear in mind the bubble will burst next year when the cap is inevitably going to increase and our bills may double. Mine has gone up approx. 40% since Avro went bust and I was put onto Octopus, and that's with a fairly generous offering from them.

With the new long range ZS EV charging in the four hour window would take more than two nights to completely fully charge !.

 

[Deleted member 3150]

I think all of these manipulated tariff differences shows how artificial and contrived they are. Be prepared to realise energy use will increasingly be expensive and smug comparison to oil will become mute. An electric car cost more to buy, has a short shelf life as technology progresses, is too expensive to keep on the road after batteries reach end of life and they will be obsolete very quickly. You are not saving the planet, just beta testers for the next stage. I’ll leave the last sentence (epilogue to you).

 

[Ozzie1989]

With the new long range ZS EV charging in the four hour window would take more than two nights to completely fully charge !.

Exactly, for someone like me your tariff would work out cheaper as I'd need to charge for 6-8 hours per night a few nights a week, with no option to spread it over 2 nights.

Will see what Octopus say once the car arrives!