Octopus go - Still available?

[AndrewGR]

I seem to recall that Octopus claim that they supply 100% green energy. I presume they can only do this if they have solid long term contracts - perhaps with some sort of deal that guarantees short term non-green if there is a temporary shortage of green. So far as I am aware the current booming energy price is purely down to the sky high price of gas which generates about 40% of U.K. energy. If Octopus have arranged not to buy gas generated electricity is there any reason why their prices should go up?

 

[Irata]

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

Totally agree.

Long term I have no bias of their future. But for now, this issue ain't gonna rock them.

 

[otherslackjaw]

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

Whilst you work on the spreadsheet, I'll add my thoughts. If you assume that the electricity unit price cap will go up significantly (as many predict), then you should fix on an EV tariff now. This locks in a cheap off peak rate (for the car and white goods), and whilst the daytime rate looks (and is) alarming, it will be similar to the price after the cap goes up, plus you'll get the benefit of the off peak rate. This depends slightly on the specifics of the EV tariff and if there is an early exit fee (there isn't on Octopus Go).
See more on post #31 in this thread.

 

[NewbieT]

I seem to recall that Octopus claim that they supply 100% green energy. I presume they can only do this if they have solid long term contracts - perhaps with some sort of deal that guarantees short term non-green if there is a temporary shortage of green. So far as I am aware the current booming energy price is purely down to the sky high price of gas which generates about 40% of U.K. energy. If Octopus have arranged not to buy gas generated electricity is there any reason why their prices should go up?

They still buy their electricity on an open wholesale market. It doesn’t matter how it’s generated, if the cost goes up it goes up. You can only avoid it if you generate your own electricity (or buy it from yourself).

There is a plus side- 20 years ago people questioned the viability of renewable energy (fossil fuel was so cheap).

 

[DoricJim]

Whilst you work on the spreadsheet, I'll add my thoughts. If you assume that the electricity unit price cap will go up significantly (as many predict), then you should fix on an EV tariff now. This locks in a cheap off peak rate (for the car and white goods), and whilst the daytime rate looks (and is) alarming, it will be similar to the price after the cap goes up, plus you'll get the benefit of the off peak rate. This depends slightly on the specifics of the EV tariff and if there is an early exit fee (there isn't on Octopus Go).
See more on post #31 in this thread.

Yup, have added some lines factoring in 40, 50% increases etc. but fundamentally who knows…

 

[drumkills]

I’ve had the same email today!
What do you folks understand we should do?
Do nothing and they automatically renew our Go for 1 year with same rates?

That is what I’m assuming.

I can confirm I did nothing, and I can now see on my Octopus account dashboard that I'm still on my old Octopus rates (i.e. cheap..) and the tariff now ends in January 2023
(Tip: on your dashboard scroll down bottom of the page and switch to the "old dashboard" to see this information - can't see it on the "new dashboard")

 

[DoricJim]

Well I am now considering a switch to Octopus even at the higher rates as it works out a couple hundred cheaper vs standard without the upcoming hikes.

I have a SMETS2 meter and wondered how long I will be on their crazy 37p kWh rate before going onto the GO rates? Any insights appreciated.

PS if you want to go onto EDF GO tarrifs you have to move to their equivalent gas rate which is 9p per kWh and twice the SVR. Seems like a good way to lose electric customers.

 

[otherslackjaw]

PS if you want to go onto EDF GO tarrifs you have to move to their equivalent gas rate which is 9p per kWh and twice the SVR. Seems like a good way to lose electric customers.

Ouch!!

I have a SMETS2 meter and wondered how long I will be on their crazy 37p kWh rate before going onto the GO rates? Any insights appreciated.

For me it was about three weeks. I have a SMETS1 Secure branded meter. I chased them a bit, although I don't know if it made a difference.

 

[HenryT]

I can confirm I did nothing, and I can now see on my Octopus account dashboard that I'm still on my old Octopus rates (i.e. cheap..) and the tariff now ends in January 2023
(Tip: on your dashboard scroll down bottom of the page and switch to the "old dashboard" to see this information - can't see it on the "new dashboard")

I've done that and whilst ours quotes 'Octopus Go June 2018' which is the same as we have always had, it doesn't mention the 5p overnight rate. It just quotes 25p standing charge and 13.97p /kWh (the 'old' rate was 13.96p).

Does yours show the 5p rate as well?

 

[bc1979]

How do you figure out which meter you have? I have a smart meter but I don’t know what type?

 

[drumkills]

I've done that and whilst ours quotes 'Octopus Go June 2018' which is the same as we have always had, it doesn't mention the 5p overnight rate. It just quotes 25p standing charge and 13.97p /kWh (the 'old' rate was 13.96p).

Does yours show the 5p rate as well?

If I flick back to the “new dashboard” it does

 

[HenryT]

If I flick back to the “new dashboard” it does

@drumkills - Thanks.

Odd that, because ours doesn't (on the 'old dashboard').

Does still shows the panel with the time based rates on the new dashboard version, together with the white panel showing the other details and interestingly, no expiry date.

Think I'm just going to have to sit tight and see what happens on the Jan bill.

 

[drumkills]

@drumkills - Thanks.

Odd that, because ours doesn't (on the 'old dashboard').

View attachment 757612

Does still shows the panel with the time based rates on the new dashboard version, together with the white panel showing the other details and interestingly, no expiry date.

Think I'm just going to have to sit tight and see what happens on the Jan bill.

View attachment 757614

Yeah I’ve got the same as you: ‘This tariff ends on …’ in the old dashboard and the full GO rates including the 5p rate in the ‘new dashboard’

 

[crouchy]

I had an email from Octopus this morning, Landis+Gyr SMETS1 meters have now been migrated over to the DCC so Octopus will be able to make connections to them now

 

[UrbanSplash]

I’m in big big trouble in July when the rate ends. Not much can be done…. No way of avoiding a huge impact on my electricity bill. Pretty shocking the market.

 

[crouchy]

I’m in big big trouble in July when the rate ends. Not much can be done…. No way of avoiding a huge impact on my electricity bill. Pretty shocking the market.

I have just switched over, these are the rates as of today:

I believe you can lock into the newer rates before so you don't get hit even harder with the inevitable rise coming in April

 

[UrbanSplash]

I have just switched over, these are the rates as of today:

View attachment 757823
I believe you can lock into the newer rates before so you don't get hit even harder with the inevitable rise coming in April

Good to know…. How long is that rate guaranteed for ?

 

[qwickshot]

If you sign up today you are looking at 7.5p/30p. Those rates are from a few weeks ago.

 

[HenryT]

Yeah I’ve got the same as you: ‘This tariff ends on …’ in the old dashboard and the full GO rates including the 5p rate in the ‘new dashboard’

Ok - much appreciated

Fingers crossed that the Jan bill reflects current terms then.

 

[UrbanSplash]

Yeh. It’s this… Obviously a significant increase….Things are going to be very tough for people in the coming years.