New Octopus Switchers / Energy Crisis

[Limey]

Because all the projects currently built were built under those rules. Those who built them (and their investors) did so based on the rules. Changing the rules retrospectively will make it difficult for new projects to get investment as there is no certainty. The rules could be changes for new generation projects going forwards though

The investors were expecting a return, which is fair, but not 300% in 12 months.

It's clear the system itself is needlessly making the cost and inflation higher.

 

[ACarneiro]

A well designed contract would have included a maximum cap on returns, for instance.
But I’m not sure anyone was expecting these circumstances and it takes competent people to design contracts well…

 

[BillN]

Exactly the same situation as me. The latest forecasts for next year from Cornwall Insights have got me seriously looking at ditching it now.

Unless I’ve completely ballsed up my workings, or Octupus and/or our illustrious leaders have some rabbits to pull out of a hat, I reckon the Octopus Inteliigent prices could be in the order of 110-130p peak and 20p off peak by the time Go Faster expires in Feb.

For me, i reckon switching now could save ~£900 up to Sep ‘23 and ~ £1400 up to Feb ‘24.

All heavily based on guesstimates of course, and just ignoring the potential for any meaningful interventions that affect unit rates and would even apply to higher income households.

Sadly, I think this most recent forecast from Auxilione sort of backs up my very rough workings.

Potential price cap of 110p for April-June.

Very tempted to switch

 

[ACarneiro]

Sadly, I think this most recent forecast from Auxilione sort of backs up my very rough workings.
View attachment 845433
Potential price cap of 110p for April-June.

Very tempted to switch

It’s a guess. And a headline grabbing one at that.
But still…. Jesus wept!

 

[Warp9lecy]

Just got my ev 3 days ago. Should I sell and let the profit pay my energy bill. Lol

Feel stupid not switching to octopus in advance. 52p a KW is eye watering.

 

[BillN]

It’s a guess. And a headline grabbing one at that’s.
But still…. Jesus wept!

But it ties in with Cornwall Insights too, and both have been almost bang on up to now.

Martin Lewis has also commented that Cornwall Insights’s Jan forecast is likely in the right ball park because we are already 7 months into the applicable 10 month assessment period.

A big unknown, shamefully, is what government might do.

 

[robmcm]

Anyone without a smart meter switched to Go yet? I switched to the variable tariff yesterday and was told I could apply for Go from tomorrow and hopefully lock in rates until it’s installed… not sure how likely that is but worst case their SRV is the same I was on with Bulb anyway.

 

[robmcm]

Anyone know if you can use IO with the granny charger? 20 miles a night would probably be fine for me, although I’ll eventually get a proper charger so can do that now if not. Does anyone have a list of the supported options? I know the Tesla G3 one works which was what I was tempted by anyway.

 

[MattM76]

I reckon Octopus would let you lock in the rates.

I had a SMETS2 meter fitted September last year.

 

[BillN]

Anyone know if you can use IO with the granny charger? 20 miles a night would probably be fine for me, although I’ll eventually get a proper charger so can do that now if not. Does anyone have a list of the supported options? I know the Tesla G3 one works which was what I was tempted by anyway.

Yes you can

 

[Brian G]

Switched to IO today, all very easy so far. Test charge completed..

 

[robmcm]

Yes you can

Thanks, I did find some feedback in the other thread along the same lines. Just a question of if I can get the smart meter and car before the rates go up for IO (unlikely). Chap on the phone yesterday did say he didn’t think the rates would go up till October despite the announcement today

 

[BillN]

Thanks, I did find some feedback in the other thread along the same lines. Just a question of if I can get the smart meter and car before the rates go up for IO (unlikely). Chap on the phone yesterday did say he didn’t think the rates would go up till October despite the announcement today

I think rates you can fix on to will go up before then

 

[Darreno]

The good news is that at the moment you could probably sell your EV at a profit and so it's a bit harsh to say you've been scammed! Nevertheless I understand the sentiment. At the risk of being accused of scaremongering, the £1 per kWh is on the horizon for public charging early next year.

Domestic leccy will get near £1 kWh next year, let alone Supercharger!

 

[ACarneiro]

At a usage of about 15MWh per year, I’ll be royally screwed if that happens :/

 

[neuralsandwich]

I'm locked in at 36.34p/kWh until February. Not looking forward to renewing plans next year I wonder how soon I can get solar installed.

 

[Fursty Ferret]

Actually to Go as my smartmeter won't communicate, thats another story.

If your smart meter isn't communicating then you won't be getting the 7.5p overnight rate. Have you explicitly checked with Octopus what they're going to charge you for your use?

 

[ACarneiro]

I'm locked in at 36.34p/kWh until February. Not looking forward to renewing plans next year I wonder how soon I can get solar installed.

I suspect that after today’s announcement the Solar Industry’s turmoil will be even worse…

 

[MattM76]

I booked and paid a deposit for panels and a battery in July, and was told there was a 12 week wait. Some batteries have a 6-9 month wait too.

 

[Adopado]

If your smart meter isn't communicating then you won't be getting the 7.5p overnight rate. Have you explicitly checked with Octopus what they're going to charge you for your use?

On Octopus Go (current version) even without the 7.5p cheap rate the day rate at 40p will be less than the new capped Standard Rate starting in October.