Octopus go - Still available?

[Irata]

Looks like they hadn't developed their system to automatically cope with transitioning away from a smart tariff. They have been busy handling all the new customers handed over and covid disruptions before that.

Hence those who did nothing stayed. It needed manual intervention and lots of effort to resolve. It may well have cost them hundreds of thousands in staff time and systems development to fix.

It could well be, selling electricity at a loss was actually cheaper for them. The best of two bad situations for them, but perfectly logical.

It's a good thing they are financially sound.

 

[PITA]

Well good luck to you all... my Octopus Go runs until May 2022... no email for me.

So maybe I'll get clobbered in May

 

[Tigermad]

Looks like they hadn't developed their system to automatically cope with transitioning away from a smart tariff. They have been busy handling all the new customers handed over and covid disruptions before that.

Hence those who did nothing stayed. It needed manual intervention and lots of effort to resolve. It may well have cost them hundreds of thousands in staff time and systems development to fix.

It could well be, selling electricity at a loss was actually cheaper for them. The best of two bad situations for them, but perfectly logical.

It's a good thing they are financially sound.

How do you know they are financially sound?

 

[PITA]

How do you know they are financially sound?

Have a look at their Filed Accounts at Companies House

 

[Irata]

How do you know they are financially sound?

Plenty of open source data available.

Look at the money being invested for example, this isn't the sign of a company on rocky ground.

UK's Octopus Energy Group agrees deal for $600 mln additional investment

This isn't financial advice, but regarding the cost of this blip it's just a minor inconvenience for them.

 

[PITA]

Plenty of open source data available.

Look at the money being invested for example, this isn't the sign of a company on rocky ground.

UK's Octopus Energy Group agrees deal for $600 mln additional investment

This isn't financial advice, but regarding the cost of this blip it's just a minor inconvenience for them.

Well it shows on Companies House that a Charge was made in November 2021 with Shell Energy Europe Limited.

They bought a lot of shares, and now hold a Debenture against all land, assets & Intellectual Property...

Operating at a nett financial loss for the past two years, with only 4.5% profit margin.

But massive revenue

Cashflow will kill you very quickly at high revenue turnover... so $600m is probably for that... buys them some time and hopefully not too many customer bad debt, or industry penalty charges

 

[Peter 224]

What we do not know is how smart the company has been forward buying power. It is possible that they have long term supplier contracts at 2021 rates that mean they can continue to disrupt the market.

Companies do not need to make much, if any, profit as long as their cash flow is positive. As PITA said, lack of cash flow will kill you.

 

[rotor2k]

Well it shows on Companies House that a Charge was made in November 2021 with Shell Energy Europe Limited.

They bought a lot of shares, and now hold a Debenture against all land, assets & Intellectual Property...

Operating at a nett financial loss for the past two years, with only 4.5% profit margin.

But massive revenue

Cashflow will kill you very quickly at high revenue turnover... so $600m is probably for that... buys them some time and hopefully not too many customer bad debt, or industry penalty charges

Wait, Shell now owns a significant share of Octopus?

 

[PITA]

Wait, Shell now owns a significant share of Octopus?

Actually no... the Shell Energy Debenture appears to relate to a Trade Agreement, securing Assets if Octopus can't pay it's bill.

Octopus Energy - Wikipedia

en.wikipedia.org

 

[MrBadger]

We got our "your fixed term is ending soon and we are doubling your prices" email this morning. C'est la vie.

 

[Billbrown1982]

We got our "your fixed term is ending soon and we are doubling your prices" email this morning. C'est la vie.

Only doubling? Probably got off lightly really. Seems like a lot of others are tripling. We are just doomed....

 

[Philip P]

Only doubling? Probably got off lightly really. Seems like a lot of others are tripling. We are just doomed....

I got an email today, my Go tariff will renew early Feb for the same rates (25p, 13p, 5p) for 12 months.
Wonderful

 

[PITA]

It all seems very random...

 

[PITA]

I got an email today, my Go tariff will renew early Feb for the same rates (25p, 13p, 5p) for 12 months.
Wonderful

Did you 'do nothing' ... or did you contact them?

 

[Peter 224]

Facing a new electricity Tariff in 10 weeks I've been trying to work out what type of tariff makes sense.

From June to December we purchased 5500 kwh of electricity, and generated 1900 kwh, giving a total of 7400 kwh available. Charging the M3LR took 1440 kwh, so about 19% of the available power.

One way of looking at it is that in the summer charging the Tesla is "free" using PV generated power, as long as we charge during the late morning/early afternoon.

Does an EV tariff make sense, given that 80% of our consumption is not charging the Tesla?

Ideas anyone? All thoughts very welcome...

 

[DoricJim]

Facing a new electricity Tariff in 10 weeks I've been trying to work out what type of tariff makes sense.

From June to December we purchased 5500 kwh of electricity, and generated 1900 kwh, giving a total of 7400 kwh available. Charging the M3LR took 1440 kwh, so about 19% of the available power.

One way of looking at it is that in the summer charging the Tesla is "free" using PV generated power, as long as we charge during the late morning/early afternoon.

Does an EV tariff make sense, given that 80% of our consumption is not charging the Tesla?

Ideas anyone? All thoughts very welcome...

Only way to answer that is to set up a spreadsheet with the various one rate and off peak options and allocate number of predicted Kw used to each period. I’m on the SVR at the moment (my supplier went bust) with EDF and am toying in switching to their EV GO 35.

It is 35p peak and 5p off peak vs 21p on standard rate which is predicted to go up by 50%+ in April. My sims aren’t clear yet based on 7 weeks with out M3…

 

[Peter 224]

I'm with Scottish Power until the end of March at 16p/kwh, including standing charge.
Whatever I look at the result will be painful.
They are offering me £500 a month for gas and electricity, fixed for 2 years.
I'm paying £205 a month at the moment.
I'm tempted to go onto the SVR, which Scottish Power do not want to disclose.. or at least I cannot find it.

You are right, spreadsheet models are the answer.

 

[DoricJim]

I'm with Scottish Power until the end of March at 16p/kwh, including standing charge.
Whatever I look at the result will be painful.
They are offering me £500 a month for gas and electricity, fixed for 2 years.
I'm paying £205 a month at the moment.
I'm tempted to go onto the SVR, which Scottish Power do not want to disclose.. or at least I cannot find it.

You are right, spreadsheet models are the answer.

SVR are capped around 21p per kw plus standing charge around 25p. That applies across all companies.

 

[Philip P]

Did you 'do nothing' ... or did you contact them?

I received an email last week stating that my tariff term was shortly going to end and the new rates would be much much higher, I did nothing, then today received an email apologising for incorrectly saying the term was shortly to end and as an apology they would renew my agreement at the term end in early February and keep the rates the same as they are now. I then emailed them for clarification and got a reply soon after confirming.

 

[Peter 224]

So for now, stay on the SVR and wait for the Government to nationalise power supply?