OFGEM Price Cap

[Ken]

[/quote]

I believe that the supply companies wanted themselves to have access to government loans in order to keep their rates low so the cap did not need to rise too much, but the government has decided to let the prices rip and to implement a different HELP scheme. I think this puts suppliers in a very difficult position, especially over long term fixed rates.
[/quote]

Not so sure about that. The gov wanted to keep the cap low for obvious reasons and this is the best they could come up with.
The suppliers need the loans just to survive! Remembering that non of these increases take place until April meanwhile they are losing money at a huge rate no doubt.

[nowty]

The suppliers need the loans just to survive! Remembering that non of these increases take place until April meanwhile they are losing money at a huge rate no doubt.

Exactly, so the supplier companies are just as likely to fail over the next year with us customers having to pay for it. £68 per household is the bill for the failure of companies so far (Supplier Of Last Resort costs) and I don't know if that includes "Bulb" which has bigger liabilities than all the ones that have failed so far put together.

£68 x 28.2m households = getting on close to £2 billion

[Bugtownboy]

Call me cynical, but the price rise is probably the cheapest way HMG can rapidly reduce CO2 emissions - actually they’re making money from the increased VAT/whatever tax the power companies pay.

But, they wouldn’t do that, would they

[spread-tee]

Hallo cynical, it's well known that if people freeze to death their carbon footprint drops dramatically, it also reduces the workload at the foodbank.
Welcome to Tory Britain

Desp

[Adokforme]

I don't know about price cap our fixed term comes to an end this week and received the new Go Faster rates this morning. Enjoy!
We had gas terminated but included prices as they still exist on our page for some reason. Thankfully they do not apply to us.

Tariff cost breakdown
ElectricityDaily standing charge
24.10p /day
Unit rate (day)
39.23p /kWh
Unit rate (night)
21.39p /kWh
Early exit fee £0
GasDaily standing charge
26.10p /day
Unit rate
9.01p /kWh

[nowty]

I don't know about price cap our fixed term comes to an end this week and received the new Go Faster rates this morning. Enjoy!
We had gas terminated but included prices as they still exist on our page for some reason. Thankfully they do not apply to us.

Tariff cost breakdown
ElectricityDaily standing charge
24.10p /day
Unit rate (day)
39.23p /kWh
Unit rate (night)
21.39p /kWh
Early exit fee £0
GasDaily standing charge
26.10p /day
Unit rate
9.01p /kWh

I suspect they are not the actual Go Faster rates but an E7 rate. There was some comment on the Octopus Smart Tariff facebook group that people on Go were getting wrong renewal info. Phil Steele from Octopus posted that the GO renewal issue was fixed, but Go faster was not.

Also if you take no action at all, you might be bumped onto Flexible Octopus which is the standard capped rate, or the one your showing.

EDIT - Copied Philip Steel's facebook post from 13th Feb

Hi everyone, I know there's been a lot of discussion about Go auto-renewals defaulting to the old tariff if you ignore the reminder and speculation as to when when we'd close that.

I'm afraid as of from now on anyone receiving the 45-day renewal email and ignoring it will roll onto the Flexible Octopus tariff.
The renewal email will tell you the current Go tariff and if you want to continue with Go you'll need to click through. If you ignore the renewal you'll roll over onto our Flexible Octopus tariff.

Also as the 20.30 start and the 3h versions of Go Faster were ceased a while ago renewal emails will now refer to the standard Go instead but contact us if you’d like a different Go Faster instead.

To repeat: If you ignore a 45-day Go renewal email received from today onwards then you'll roll over onto the current Flexible Octopus tariff - so please don't ignore the renewal reminders if you want to stay with Go/Faster.

As always you can reach me directly here in Facebook, or our forum or via agile@octopus.energy if you need any help or need your renewal checking.

[Adokforme]

I don't know about price cap our fixed term comes to an end this week and received the new Go Faster rates this morning. Enjoy!
We had gas terminated but included prices as they still exist on our page for some reason. Thankfully they do not apply to us.

Tariff cost breakdown
ElectricityDaily standing charge
24.10p /day
Unit rate (day)
39.23p /kWh
Unit rate (night)
21.39p /kWh
Early exit fee £0
GasDaily standing charge
26.10p /day
Unit rate
9.01p /kWh

I suspect they are not the actual Go Faster rates but an E7 rate. There was some comment on the Octopus Smart Tariff facebook group that people on Go were getting wrong renewal info. Phil Steele from Octopus posted that the GO renewal issue was fixed, but Go faster was not.

Also if you take no action at all, you might be bumped onto Flexible Octopus which is the standard capped rate, or the one your showing.

EDIT - Copied Philip Steel's facebook post from 13th Feb

Hi everyone, I know there's been a lot of discussion about Go auto-renewals defaulting to the old tariff if you ignore the reminder and speculation as to when when we'd close that.

I'm afraid as of from now on anyone receiving the 45-day renewal email and ignoring it will roll onto the Flexible Octopus tariff.
The renewal email will tell you the current Go tariff and if you want to continue with Go you'll need to click through. If you ignore the renewal you'll roll over onto our Flexible Octopus tariff.

Also as the 20.30 start and the 3h versions of Go Faster were ceased a while ago renewal emails will now refer to the standard Go instead but contact us if you’d like a different Go Faster instead.

To repeat: If you ignore a 45-day Go renewal email received from today onwards then you'll roll over onto the current Flexible Octopus tariff - so please don't ignore the renewal reminders if you want to stay with Go/Faster.

As always you can reach me directly here in Facebook, or our forum or via agile@octopus.energy if you need any help or need your renewal checking.

Thanks for posting Nowty. Having read through Phil's advice I'm not entirely sure what now needs to be done. Certainly I responded questioning the figures and asking if they were correct by return email on the same day.
From another source I also discovered that the Go Faster rate for our area shown on the website is considerably less, 7.5p/kWh overnight and 30.8p daytime so I followed up with a second email to this effect. Not surprisingly I've yet to receive a response.
Hopefully the two emails qualify as not ignoring the 45-day Go renewal. Would you consider this correct, or do I need to follow up via the address Phil supplied?
Didn't want to overload them with any more emails than they must already be getting!

[Stinsy]

Octopus email customer service has always been terrible. You have to call them.

[Moxi]

Contact Phil on the address he supplied as well then you’ve responded thrice and they can’t ignore one of the emails to a top exec

Moxi

[Adokforme]

Thanks Guys, appreciate your experienced input. I'll perhaps wait to see if anything transpires over the weekend, unlikely I know, and follow up on Monday.