šŸ™Cut your energy bills nearly in half with Octopus Tracker

Maccarone said:
Half price compared to the cap rate, what a saving
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Yup, tracker always beats price cap. The price cap is just the tracker rate, plus at least a 25-75% insurance policy which only covers 3 month anyway (the length of any one price cap period). It's not possible for the cap to beat the tracker, unless the prices rocket immediately after a price cap release, for like 3/4 quarters, it's not going to happen. There's more danger in being capped at a daft high rate, than it protecting people from a quick and significant price climb, it's all a massive con.

The only thing the tracker might not win over is Agile or Intelligent, but you really need to be clued up, and have an EV or to be able to seriously load shift to make the most of those, and even then it's still hard to beat the tracker. I basically match the tracker doing this, but I do it half arsed.

Price cap predicted to drop ~15% from April too, and another month of deflation for the energy sector for figures released today, so we will likely be back to "normal" soon enough.

What's mad is that "Cornwall Insights", are not very insightful, anyone with half a brain thought the price cap increase that we're in now was just a minor winter thing, and for spring and beyond things were going to get seriously cheap. I said this a good 10-20 pages back, it was blindingly obvious as long as the middle east don't stop shipping LNG. It can't not get cheap, due to how much wind we're bringing online which is extremely cheap.

Putin must be fuming, he massively underestimated how fluid the energy sector is, and how much resolve and co-operation Europe has.
 
Maccarone said:
I questioned any changes to the v1 November tracker, reply was if you are on it there will be no change...received that reply from Octopus this morning.
Hopefully good news....
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Been a lot of conflicting info on the fb groups, various staff have replied saying people will be moved, won't be moved, more info to come in Jan etc suppose we'll just have to wait and see

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The Octopus website says-

"Due to regulatory requirements, we'll likely need to update existing customersā€™ agreements too, but weā€™re not doing it right now. We'll review this in early 2024."


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When they review it in January, if they decide to put it up it would be nice if they gave us a least 3 months notice, then it would at least see us through to the warmer months.
 
Probably me being thick but given it is constantly below current cap for Gas and Electricity, how are Ofgem justifying putting cap up slightly in January? Is this more looking at future forecasts?
 
Alzi said:
Probably me being thick but given it is constantly below current cap for Gas and Electricity, how are Ofgem justifying putting cap up slightly in January? Is this more looking at future forecasts?
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Octopus runs tracker at a loss and reality only a tiny slice of customers are on it, they buy energy regularly based on that. Everyone else has to buy it usually up to a year in advance so they're factoring prices based costs incurred over each quarter as well as what is coming up.

Lots of energy suppliers played fast and loose and didn't buy in advance and offered cheap rates before, even fixes. As a result when the prices rocketed, they were charging people a lot less than what it cost to buy the energy, and most of those are no longer trading.

Other firms also got burned there as futures trading meets most demand but you still need to buy some, hence why it took so long for prices to get as bad as they did as much of the energy was bought, but as those contracts expired and new ones were needed, that started to sting. Even now they'll be paying high prices from a while ago on some long term contracts

Hence why octopus has the high max unit rates but what octopus are saying is if the tariff has no end date, then it's meant to be price capped but if prices did spike it would be well above price cap
 
newusername said:
Really, seems weird to not set the rates so they make a margin.
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if it was an open tariff with millions of customers they probably would, and that's probably part of the reason they're adding a few p in the new tariff, but it was always meant to be an experimental tariff hence they closed it off to new customers once it got posted on HUKD the first time.

Even now you have to ask to go on it after joining
 
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