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Octopus Energy: My reasons to be happy

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forrado
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Octopus Energy: My reasons to be happy

#303004

Postby forrado » April 24th, 2020, 5:49 pm

Back in April 2019 I switched my domestic electricity and gas supply from Southern Electric to Octopus Energy. Having considered the options I signed up for a 12-month fixed rate tariff for both electric and gas. The chief reason for the switch was cheaper gas prices. Previously I’d been all electric, but following a downsizing move of addresses I’ve since become a heavier gas user (i.e. room heating, hot water and gas cooker) than I am of electric.

My initial 12-month fixed rate electric and gas tariff has now come to an end, and I’ve decided to remain with Octopus Energy and renew for a further 12 months. When comparing the 12-month fixed rate tariffs below for 2019 and 2020 the standout difference is the 17% cost reduction (from 3.43p to 2.856p) of gas in kWh terms – which is music to my ears as a consumer of more gas than electric. Based on my electricity and gas usage over the previous 12-month fixed contract this represents an overall reduction of 4.8% on the annual cost.

Electric: My 1 Year Fixed Rate Tariff
2019: Unit Rate @ 14.78p per kWh … compared to … 2020: Unit Rate @ 14.658p per kWh
2019: Standing Charge @ 18.81p per day … compared to … 2020: Standing Charge @ 21.1915p per day

Gas: My 1 Year Fixed Rate Tariff
*2019: Unit Rate @ 3.43p per kWh … compared to … 2020: Unit Rate @ 2.856p per kWh
2019: Standing Charge @ 16.8p per day … compared to … 2020: Standing Charge @ 17.85p per day

doug2500
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Re: Octopus Energy: My reasons to be happy

#303010

Postby doug2500 » April 24th, 2020, 6:30 pm

I switched a few months ago and think they're brilliant.

A breath of fresh air after years with big utility companies, everything is so easy.

staffordian
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Re: Octopus Energy: My reasons to be happy

#303035

Postby staffordian » April 24th, 2020, 8:36 pm

Isn't Octopus the supplier which offers smart meter users an hourly tariff?

Pretty sure I read the other day, when it was very sunny as well as quite breezy that Octopus were paying customers to use electricity during the day as supply exceeded demand. I'd heard of them offering rates of next to nothing per kWh in the dead of night, but never paying consumers to use it during the day.

On a par with oil producers paying for oil to be taken off their hands.

Shame it doesn't work like that for gas though..

neversay
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Re: Octopus Energy: My reasons to be happy

#303045

Postby neversay » April 24th, 2020, 9:47 pm

Another vote for Octopus. I swap providers every year but I have renewed with them again.

Top tip: watch their latest tariffs and if they are lower, email them and they will happily switch you over. There's no lock-in.

And don't forget they have a sign-up bonus of £50 for you and £50 for a referrer.

N.

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Re: Octopus Energy: My reasons to be happy

#303058

Postby Stompa » April 24th, 2020, 11:04 pm

forrado wrote:Gas: My 1 Year Fixed Rate Tariff
*2019: Unit Rate @ 3.43p per kWh … compared to … 2020: Unit Rate @ 2.856p per kWh
2019: Standing Charge @ 16.8p per day … compared to … 2020: Standing Charge @ 17.85p per day

You should move elsewhere, they only charge 2.321p in my region! Mind you there are 20 other tariffs (from other providers) that are cheaper still. Either way, thanks for reminding me that I really ought to switch.

kiloran
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Re: Octopus Energy: My reasons to be happy

#303107

Postby kiloran » April 25th, 2020, 10:01 am

Stompa wrote: Either way, thanks for reminding me that I really ought to switch.

I just moved to Igloo. Faultless so far, competitive price and no requirement for smart meters.

--kiloran

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Re: Octopus Energy: My reasons to be happy

#303117

Postby dspp » April 25th, 2020, 10:29 am

kiloran wrote:
Stompa wrote: Either way, thanks for reminding me that I really ought to switch.

I just moved to Igloo. Faultless so far, competitive price and no requirement for smart meters.

--kiloran


Try also Good Energy (https://www.goodenergy.co.uk/). Less flash marketing. More reality. Better renewables.

regards, dspp

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Re: Octopus Energy: My reasons to be happy

#303127

Postby jackdaww » April 25th, 2020, 10:52 am

symbio were the best deal for me this year - i always switch .

ps. electricity only .

:)

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Re: Octopus Energy: My reasons to be happy

#303146

Postby Stompa » April 25th, 2020, 11:36 am

kiloran wrote:
Stompa wrote: Either way, thanks for reminding me that I really ought to switch.

I just moved to Igloo. Faultless so far, competitive price and no requirement for smart meters.

They only seem to offer a variable tariff though, and I usually opt for fixed (though perhaps that's not so important right now).

dspp wrote:Try also Good Energy (https://www.goodenergy.co.uk/). Less flash marketing. More reality. Better renewables.

But VERY expensive, at least it is for me. Around 60% more than the cheapest deal.

According to CEC, Yorkshire Energy seem to offer me the best deal. The feedback thread over on MSE appears to suggest that they're reasonably OK.

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Re: Octopus Energy: My reasons to be happy

#303151

Postby dspp » April 25th, 2020, 11:41 am

Stompa wrote:
kiloran wrote:
Stompa wrote: Either way, thanks for reminding me that I really ought to switch.

I just moved to Igloo. Faultless so far, competitive price and no requirement for smart meters.

They only seem to offer a variable tariff though, and I usually opt for fixed (though perhaps that's not so important right now).

dspp wrote:Try also Good Energy (https://www.goodenergy.co.uk/). Less flash marketing. More reality. Better renewables.

But VERY expensive, at least it is for me. Around 60% more than the cheapest deal.

According to CEC, Yorkshire Energy seem to offer me the best deal. The feedback thread over on MSE appears to suggest that they're reasonably OK.


There is a reason the cheapest deals are continually changing, and seldom include Good Energy. They do however include a lot of trainwrecks that went bust over the last few years, the sort of company that got caught out by price changes.

With Good Energy they are building a long term business which includes investing real amounts in renewables, and realistic pricing. They do not want churny customers, and you wouldn't be doing them a favour if you are a churner and go to them.

The business model of folk like Octopus is different than that of folk like Good Energy.

As customers we get a chance to influence the sort of world our children will live in.

regards, dspp

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Re: Octopus Energy: My reasons to be happy

#303161

Postby kiloran » April 25th, 2020, 12:00 pm

Stompa wrote:
kiloran wrote:
Stompa wrote: Either way, thanks for reminding me that I really ought to switch.

I just moved to Igloo. Faultless so far, competitive price and no requirement for smart meters.

They only seem to offer a variable tariff though, and I usually opt for fixed (though perhaps that's not so important right now).

I've always opted for fixed price deals over the past 20 years or more, but I've had a rethink about this.

One reason to go fixed-price is to ensure there are no nasty surprises to the household budget. That's not an issue for me, so if the price goes up, so be it.

If prices are generally moving upwards, I suspect the energy companies know more about the market than I do, and are in the business to make money, so make the fixed price higher to reflect the future market. If prices cease to move upwards, they are quids-in. I think fixed-price deals are a bit like an extended service warranty which I always avoid since, on average, the company wins.

If prices go down, I'd be locked in with a fixed price. With a variable tariff, I'm free to move whenever I want. If I find Igloo's service is poor, I'll just move elsewhere.

The fixed-price quotes I got were all significantly higher than the variable price deal with Igloo.

I'm sure there are flaws in my reasoning, but I'll go with it and see what happens.

--kiloran

Stompa
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Re: Octopus Energy: My reasons to be happy

#303183

Postby Stompa » April 25th, 2020, 12:58 pm

dspp wrote:There is a reason the cheapest deals are continually changing, and seldom include Good Energy. They do however include a lot of trainwrecks that went bust over the last few years, the sort of company that got caught out by price changes.

With Good Energy they are building a long term business which includes investing real amounts in renewables, and realistic pricing. They do not want churny customers, and you wouldn't be doing them a favour if you are a churner and go to them.

The business model of folk like Octopus is different than that of folk like Good Energy.

As customers we get a chance to influence the sort of world our children will live in.

Thanks, that's interesting, and has led me to look a bit further into the murky world of greenwashing and REGO certificates. There's a good article here:

https://www.which.co.uk/news/2019/09/ho ... gy-tariff/

dspp
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Re: Octopus Energy: My reasons to be happy

#303224

Postby dspp » April 25th, 2020, 4:54 pm

Stompa wrote:
dspp wrote:There is a reason the cheapest deals are continually changing, and seldom include Good Energy. They do however include a lot of trainwrecks that went bust over the last few years, the sort of company that got caught out by price changes.

With Good Energy they are building a long term business which includes investing real amounts in renewables, and realistic pricing. They do not want churny customers, and you wouldn't be doing them a favour if you are a churner and go to them.

The business model of folk like Octopus is different than that of folk like Good Energy.

As customers we get a chance to influence the sort of world our children will live in.

Thanks, that's interesting, and has led me to look a bit further into the murky world of greenwashing and REGO certificates. There's a good article here:

https://www.which.co.uk/news/2019/09/ho ... gy-tariff/


Thank you. That is precisely why I am with Good Energy.

regards, dspp

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Re: Octopus Energy: My reasons to be happy

#303249

Postby Maroochydore » April 25th, 2020, 6:26 pm

neversay wrote:Top tip: watch their latest tariffs and if they are lower, email them and they will happily switch you over. There's no lock-in.

You don't actually have to watch for their latest tariffs. If there is a cheaper one available they will tell you and how much you will save by switching. It's in a little box on the right-hand side of their statements headed "Could you pay less?"

I accepted their offer on gas. No savings available on electricity. My fixed rate should end in July but they've extended the new cheaper price deal until April 2021 and also, without asking, extended my present electric deal to the same date. If electricity prices fall they will no doubt tell me and I can switch again. Win/win.

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Re: Octopus Energy: My reasons to be happy

#303479

Postby sunnyjoe » April 26th, 2020, 10:39 pm

staffordian wrote:Isn't Octopus the supplier which offers smart meter users an hourly tariff?

Pretty sure I read the other day, when it was very sunny as well as quite breezy that Octopus were paying customers to use electricity during the day as supply exceeded demand. I'd heard of them offering rates of next to nothing per kWh in the dead of night, but never paying consumers to use it during the day.

On a par with oil producers paying for oil to be taken off their hands.

Shame it doesn't work like that for gas though..


That would be Octopus Agile tariff. Last week they had three days when they paid me to use electricity during the day (not at the dead of night)

Price stats and graphs for my region (and all the others) here
https://www.energy-stats.uk/octopus-agi ... n-england/
20/4/20 14:00 -4.19p/kWh, prices mostly negative from 11:30 to 16:00
21/4/20 12:30 -3.31p/kWh, prices negative from 09:00 to 16:00
22/4/20 13:30 -0.02p/kwh, prices slightly negative from 13:30 to 15:30

It's working very well for me during the lockdown because
1) I can schedule power hungry devices to operate during the daytime cheap period which tends to be <5p/kWh 14:00-16:00
2) I can minimise use during the expensive period 16:00-19:00

If/when life returns to normal, I have an Ohme EV charger which (when my EV car is finally delivered and I can drive it somewhere) picks the cheapest Octopus Agile half hour periods to achieve the charge level I require by the departure time I select.

I am looking forward to more sunny windy days.

neversay
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Re: Octopus Energy: My reasons to be happy

#303807

Postby neversay » April 28th, 2020, 11:14 am

Maroochydore wrote:
neversay wrote:Top tip: watch their latest tariffs and if they are lower, email them and they will happily switch you over. There's no lock-in.

You don't actually have to watch for their latest tariffs. If there is a cheaper one available they will tell you and how much you will save by switching. It's in a little box on the right-hand side of their statements headed "Could you pay less?"

I accepted their offer on gas. No savings available on electricity. My fixed rate should end in July but they've extended the new cheaper price deal until April 2021 and also, without asking, extended my present electric deal to the same date. If electricity prices fall they will no doubt tell me and I can switch again. Win/win.


Good tip @Maroochydore - thank you!

All we need now is insurance providers and telephone/broadband suppliers to follow a similar model. I'd rather pay suppliers a small premium over the current lowest 'deal' if it meant being able to avoid doing comparisons and bartering on the phone with suppliers every year. Well done to Octopus.

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Re: Octopus Energy: My reasons to be happy

#303830

Postby simoan » April 28th, 2020, 11:47 am

kiloran wrote:I've always opted for fixed price deals over the past 20 years or more, but I've had a rethink about this.

One reason to go fixed-price is to ensure there are no nasty surprises to the household budget. That's not an issue for me, so if the price goes up, so be it.

If prices are generally moving upwards, I suspect the energy companies know more about the market than I do, and are in the business to make money, so make the fixed price higher to reflect the future market. If prices cease to move upwards, they are quids-in. I think fixed-price deals are a bit like an extended service warranty which I always avoid since, on average, the company wins.

If prices go down, I'd be locked in with a fixed price. With a variable tariff, I'm free to move whenever I want. If I find Igloo's service is poor, I'll just move elsewhere.

The fixed-price quotes I got were all significantly higher than the variable price deal with Igloo.

I'm sure there are flaws in my reasoning, but I'll go with it and see what happens.

--kiloran

I moved from Octopus this week, saving over £130 in the process. I can't comment on their service as I can't remember the last time I had an issue with any energy supplier, but one black mark against them is that they knew very well I was paying more per month than my energy use required, and not once did they volunteer to reduce the monthly payments. And here we are, I've left and they owe me £160, and that's only because I phoned them 6 months ago, in which case they'd have owed me well over £200.

Personally, I've never seen the point of accepting a variable rate when you can get a fixed price deal on a better tariff and with zero cost to switch out to a better deal when it appears. I use the MoneySaving Expert Cheap Energy club and set it to let me know if I can save £25 or more. BTW the tariffs Octopus offered me to stay were not great but this probably depends on where you live.

All the best, Si

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Re: Octopus Energy: My reasons to be happy

#304091

Postby neversay » April 29th, 2020, 11:59 am

simoan wrote:I moved from Octopus this week, saving over £130 in the process. I can't comment on their service as I can't remember the last time I had an issue with any energy supplier, but one black mark against them is that they knew very well I was paying more per month than my energy use required, and not once did they volunteer to reduce the monthly payments. And here we are, I've left and they owe me £160, and that's only because I phoned them 6 months ago, in which case they'd have owed me well over £200.

Personally, I've never seen the point of accepting a variable rate when you can get a fixed price deal on a better tariff and with zero cost to switch out to a better deal when it appears. I use the MoneySaving Expert Cheap Energy club and set it to let me know if I can save £25 or more. BTW the tariffs Octopus offered me to stay were not great but this probably depends on where you live.

All the best, Si


Si, were you on the lowest Octopus tariff beforehand? Did you try emailing them for a refund?

On the back of your email, I did my usual MSE Energy Club check and it shows, for my area Yorkshire Energy, beating Octopus on a fixed tariff by £62/year. I checked that against my own energy comparison spreadsheet and the figure from MSE is reliable (it's always worth checking). However, Yorkshire Energy has a £60 early exit fee and is a relatively small unknown provider (I got caught once before in the collapse of Future Energy). I could easily have saved an apparent £60 with Yorkshire Energy 3 months ago, but since then have saved more than that by hopping between Octopus fixed-rate tariffs to 'rachet' the price downwards while prices fall. There's a small premium but the flexibility and customer service make it worthwhile in my area and for our use profile.

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Re: Octopus Energy: My reasons to be happy

#304117

Postby richfool » April 29th, 2020, 1:18 pm

I initiated a switch from Bristol Energy to Yorkshire Energy, after doing a comparison using the MSE cheap Energy Club. The new (variable) rate is less than I was paying Bristol Energy on a fixed rate and a bit less than the rate Forrado obtained from Octopus, as quoted in his OP. I also liked the fact that the daily standing charges were noticeably lower.

I opted for a variable rate as I wanted to allow for the recent, and possibly continuing, downward pressure on energy rates to work through the system.

I got a bit irritated with Bristol Energy because at every reading they kept upping my Direct Debit, saying they required me to build up a credit balance to offset the anticipated increased winter usage, but they then carried on doing that through the winter, without consideration of the fact that we would be using less during the summer. I believe in "swings AND roundabouts". They also kept ignoring my requests that the DD be rounded to a round figure.

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Re: Octopus Energy: My reasons to be happy

#304150

Postby simoan » April 29th, 2020, 2:35 pm

neversay wrote:Si, were you on the lowest Octopus tariff beforehand? Did you try emailing them for a refund?

On the back of your email, I did my usual MSE Energy Club check and it shows, for my area Yorkshire Energy, beating Octopus on a fixed tariff by £62/year. I checked that against my own energy comparison spreadsheet and the figure from MSE is reliable (it's always worth checking). However, Yorkshire Energy has a £60 early exit fee and is a relatively small unknown provider (I got caught once before in the collapse of Future Energy). I could easily have saved an apparent £60 with Yorkshire Energy 3 months ago, but since then have saved more than that by hopping between Octopus fixed-rate tariffs to 'rachet' the price downwards while prices fall. There's a small premium but the flexibility and customer service make it worthwhile in my area and for our use profile.

Yes, I had a 12 month fix that was finishing in May so I checked the three different tariffs Octopus offered of which two were better than my existing deal but nowhere near the best available 12 month fix with no exit fee. I have my own spreadsheet too, and don't rely on the calculations by MSE Cheap Energy club when making a decision to switch, or not. I should save £50-60 on both gas and electric by switching from Octopus based on their current tariffs and have the option to switch again at zero cost if cheaper deals appear in the next few months. Like you, I discounted Yorkshire Energy having visited Companies House and looking at their last filed basic accounts. They are very small!!

All the best, Si


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