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Unfortunate timing. I was due to come off my fixed rate Octopus Go at the end of September. The new rates proposed by Octopus are effectively triple the rates I was paying on the old tariff.

Just wondering if anyone else has hit the same cliff edge and worked out how to make the best of a bad situation?
 

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Not yet (I have till June before I'm affected) but am planning ahead.

Obviously look at price comparison sites - making sure to use actual consumption for last 12 months rather than their 'estimate'.
Look here (or Google) for other EV-friendly tariffs
(Re)consider batteries : the off-peak prices seem to be staying the same for the time being; it's only the other 20/19 hrs that are shooting up.
 

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GOLF GTE PHEV
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Mine is due for renewal in January so hoping prices have dropped back a bit by then.
Still much less than for the petrol or diesel I was using.
 

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Wouldn't it be great if we had a reliable way of predicting what may happen in a few weeks, or month's time?

I'm pondering about the wisdom of always looking for the cheapest price for energy, TBH. It seems to me that it's this "race to the bottom" that has caused 29 energy suppliers to go bust here since the start of privatisation, and 7 to go bust so far this year, with probably more to come. I can't help wondering if there is some merit in accepting a slightly higher tariff in return for a lower risk of getting caught out by a supplier failing.

Last time we got caught out, we overpaid by around £800 to the new supplier, that took around 6 months to get most of it back, and I just wrote off the best part of ~£200 that wasn't forthcoming after nearly a year of doing battle over it, as the stress was getting to me. I doubt our situation was unique, either. Perhaps it's worth paying, say, £50 to £100 a year more just to have better supplier security?

It may be fun tracking half hourly changes in pricing, and seeing the big savings that can be had for a few hours, but does that offset the stress caused when it all goes horribly wrong?
 

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Wouldn't it be great if we had a reliable way of predicting what may happen in a few weeks, or month's time?

I'm pondering about the wisdom of always looking for the cheapest price for energy, TBH. It seems to me that it's this "race to the bottom" that has caused 29 energy suppliers to go bust here since the start of privatisation, and 7 to go bust so far this year, with probably more to come. I can't help wondering if there is some merit in accepting a slightly higher tariff in return for a lower risk of getting caught out by a supplier failing.

Last time we got caught out, we overpaid by around £800 to the new supplier, that took around 6 months to get most of it back, and I just wrote off the best part of ~£200 that wasn't forthcoming after nearly a year of doing battle over it, as the stress was getting to me. I doubt our situation was unique, either. Perhaps it's worth paying, say, £50 to £100 a year more just to have better supplier security?

It may be fun tracking half hourly changes in pricing, and seeing the big savings that can be had for a few hours, but does that offset the stress caused when it all goes horribly wrong?
Sadly it's never that simple.
There is just no guarantee that paying more will mean your supplier won't go under.

Hopefully Octopus will survive and I'd be sorry to see them fail, given the great prices & service I've had. (I gather your experience wasn't so positive?)
 

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Unfortunate timing. I was due to come off my fixed rate Octopus Go at the end of September. The new rates proposed by Octopus are effectively triple the rates I was paying on the old tariff.

Just wondering if anyone else has hit the same cliff edge and worked out how to make the best of a bad situation?
So wholesale energy costs have increased a lot.
Do you want your supplier to go bust or do you accept that it's going to cost more ,( give or take contract expiry and timing).
Is this a case of King Canute with all of us powerless to hold back the tide of increasing energy costs?
I guess what we can influence over the long term is the way we consume energy, eg by building better homes, improving the one we have, switching to electric etc.
 

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Unfortunate timing. I was due to come off my fixed rate Octopus Go at the end of September. The new rates proposed by Octopus are effectively triple the rates I was paying on the old tariff.
Not sure how you get to "triple" ?

Old Go rates (till July) were I believe 25ppd SC, 5ppu for 4 hours & 13.5ppu for the other 20h (East Midlands rates but nowhere was more than a couple of pence dearer)

AIUI, SC & offpeak rate remain same but peak rates have gone up but not to as much as 39ppu. And of course the trick is to use as high a proportion as possible during the offpeak hours
 

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I'll write this more clearly than in the post above and I've just been quoted (electricity only):
Daily standing charge 24.1p per day
Unit rate (day) 29.05p/kWh
Unit rate (night) 15.84p/kWh
Fixed for 24 months
 

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I'll write this more clearly than in the post above and I've just been quoted (electricity only):
Daily standing charge 24.1p per day
Unit rate (day) 29.05p/kWh
Unit rate (night) 15.84p/kWh
Fixed for 24 months
I've lost track. That's not the Go tariff.
 

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At the moment I'm confused too!
I'm on Octopus Go until mid November.
Those are the rates that they quoted for me after then.
On their website they're quoting 24.25p/kWh normal and 5p/kWh cheap rate (00:30 to 04:30)
They've also allowed me to change my tariff to the above rates with effect from midnight.
 

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One problem I've found today is that a lot of the published rates are way out. Not sure why, but I was a bit surprised to find that British Gas seemed to offer the best deal for us, if our supplier was to go bust (seems possible, perhaps even probable) according to their published tariff, and I really do not believe that's the case at all. I don't think that tariffs are being updated, especially by some of the sites that get data from many suppliers and make it available for comparison. I am pretty sure that some suppliers have just stopped updating prices, as they are no longer accepting new customers.
 

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Well I am buggered I think……read our leccy and gas meters today as requested and blow me down the gas meter is reading exactly the same as last months reading! Bit disconcerting as we have started using the boiler for hot water and heating two weeks ago (we literally use almost no gas during the summer)…….I fear our meter is busted……here we go, I expect they will want to charge us a guesstimate now.
 

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I'll write this more clearly than in the post above and I've just been quoted (electricity only):
Daily standing charge 24.1p per day
Unit rate (day) 29.05p/kWh
Unit rate (night) 15.84p/kWh
Fixed for 24 months
That looks like they've quoted you the prices for their Economy 7 plan as a 'renewal'. Go is only for a 12 month fix, and still has the 5p night rate.
You might need to shoot [email protected] an email and ask them for a hand.
 

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It looks like flat rate electricity prices are heading for 25-28p/kWh and gas to around 8p/kWh based on rates I’m seeing across the board for my area just now. Seems likely we are going to see a winter of real hardship for the less well off. How families on UC or pensioners stick on the state pension will cope is beyond me.

With electricity at those sorts of rates I’m looking at an annual bill of approx. £5k now. Even if I successfully manage to transfer to Neon Reef (my cheapest option when I tried to switch recently) my fuel costs increase by 50%, and presumably they are at significant risk of folding too before very long unless they have successfully hedged against the wholesale rates currently being seen in the energy markets.
 

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Neon Reef are definitely on what I would call the "at risk" register, it seems. Several sources are suggesting they may be the next small supplier to fail, so it may be worth sitting tight.

Having a fixed rate tariff, for a defined term, seems not to be any sort of reliable hedge against being hit with higher prices, even if your supplier remains in business, according to someone else on this forum, which seems odd to me. I thought the whole point of a fixed term deal was to remove the risk of the price going up, as long as the supplier stayed in business.
 
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