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Interesting blog...

The world is currently going through unprecedented times, with the majority of the population confined to their own homes, practicing social distancing to help curb the spread of COVID-19. This has had a significant impact on our day to day lives, with most working from home, and as a result there has been an increase in daytime energy usage. In a study by Octopus Energy, almost a third of households have noticeably changed their usage patterns, with a daytime electricity usage increase of up to 32%, resulting in an average electricity bill rise of £1.34 - £2.85 per week.

While there has been an increase in domestic energy usage, the national energy demand has decreased due to the number of industries and factories temporarily closing their doors to comply with the government’s regulations. The UK’s total energy requirement is down by about 20%, with the electricity demand on the first day of lockdown (24th March 2020) showing a decrease of about 8% from the monthly average.

As the electricity demand lowers, a larger percentage of the UK’s energy mix will consist of renewable energy, with fossil fuel generation being called upon when needed. While the stringent measures are in place, this is only expected to increase as generation from solar energy will rise, thanks to longer daylight hours and higher levels of solar irradiance.

Full article is here...
 

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We switched to Agile in early Feb, and I'm SO GLAD we did!! the cost of our household electricity has plummeted compared with our previous (economy 7) supplier. Our monthly bill is now a lot lower than previous supplier, even though we've added an electric car at the same time! I can't understand how Octopus (with Agile) can be SO MUCH cheaper than other providers and tariffs, while still making a profit (which I assume they are doing). Does it mean that the other guys were royally ripping us off??
 

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Possibly.
But many of the new, cheap suppliers have gone pop over the years, so Octopus may follow them.
Sadly yes...would be a real shame, they are not perfect (who is?) but they are doing some really interesting and innovative things. Agile is great fun, best entertainment going at the moment is timing electricity use to save a few fractions of a penny here and there 😉
 

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Sadly yes...would be a real shame, they are not perfect (who is?) but they are doing some really interesting and innovative things. Agile is great fun, best entertainment going at the moment is timing electricity use to save a few fractions of a penny here and there 😉
Indeed - it must be fun timing your dinner every day to fit in with the market! :)
 

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We switched to Agile in early Feb, and I'm SO GLAD we did!! the cost of our household electricity has plummeted compared with our previous (economy 7) supplier. Our monthly bill is now a lot lower than previous supplier, even though we've added an electric car at the same time! I can't understand how Octopus (with Agile) can be SO MUCH cheaper than other providers and tariffs, while still making a profit (which I assume they are doing). Does it mean that the other guys were royally ripping us off??
There is an explanation on the Octopus website, that fixed tariffs have quite hefty insurance costs against unexpected price rises. Agile and tracker have no need for insurance so the cost is lower.
 

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Ah, that's interesting! Makes me more comfortable that they'll be able to sustain these prices long-term (and that other competitors will eventually emerge to solidify the market).
 

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I set the timers and asked my wife to plug in as soon as she got home today to charge before 4pm. Its cheaper in the afternoon than it is at night at the moment.
Cheap prices and less miles in the car is bringing our electricity bill down a little.

Still haven't convinced her to avoid 4-7 when cooking.
 

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Agile is great fun, best entertainment going at the moment is timing electricity use to save a few fractions of a penny here and there 😉
Absolutely! :) Plus watching my solar at the same time.. It's 18.00 and I'm still 101 watts in credit! I tend to eat quite late so that's a plus..

I'm going to have to buy an EV just to mop up my surplus energy.. Joking aside, I do use an oil-filled radiator in my north facing lounge to take of the chill.

I'm off downstairs now and wondering whether to splash out on boiling the kettle for a cup of tea or opening a bottle of wine..
 

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I'm off downstairs now and wondering whether to splash out on boiling the kettle for a cup of tea or opening a bottle of wine..
Do both... tea followed by wine ;)

Still generating 250W at mo but looks like it will cloud over any second now.
 

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Do both... tea followed by wine ;)

Still generating 250W at mo but looks like it will cloud over any second now.
No no - wine before tea, need to boil the kettle after 7pm 😃
 

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Ah, that's interesting! Makes me more comfortable that they'll be able to sustain these prices long-term (and that other competitors will eventually emerge to solidify the market).
In fact, Octopus gives the formula for calculating the Agile rates on its website:
min(2.10 x W + P, 33.33)
where W is the wholesale electricity price and P is a peak-time surcharge of 12p between 4pm and 7pm, with a price cap of 33.33 p.

This is reassuring, because it suggests that they are almost always charging 210% of the wholesale price, a margin that I am guessing is calculated to keep them comfortably in the black.
 

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Octopus also publish the calculation for tracker, currently for electricity p = (W * 1.20) + 7.13 I think that must be + VAT as at current wholesale of 2.97p I get a unit price of 11.23p.

Tracker Gas is also very cheap at the moment, 0.61p wholesale ( which they say is 46% below average variable tariff ) giving a unit rate of 1.86p
 

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Worth considering that if too many people fail to pay their bills the rest of us will pay - either if the supplier puts up its charges to cover their loss or if the ones on small margins go under and we are forced to move to the ones with high margins.
 
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