Are there any Octopus Energy deals?
So it’s been a busy month for Octopus Energy tariffs. Prices have been changing regularly over the last few months but in July we saw some tariffs changing 4 times over the course of 4 weeks.
If you have a fixed tariff your energy deal is safe but if you are looking around for a new Octopus Energy deal then you will find that tariffs are frequently changing and while you consider what to do things have moved on. If they were going down, this wouldn’t be a problem, but there’s just one way they are going, and that is up!
Which Octopus tariffs have changed?
Only the Flexible Octopus tariff has remained the same. The rest have all increased. The smart tariffs such as Octopus Agile and the Octopus Electric tracker tariffs increased to a 55p per kWh cap for electricity. This is quite a jump as they previously had a cap of 35p per kWh.
The Octopus Flexible tariff remains the same as it is reviewed every 6 months and the next is due in around 3 weeks’ time. We will then know how much this will increase. The new pricing comes into effect on the 1st October 2022. Some speculate that it will be as much as 78% with a further increase in January 2022.
Why are energy prices still rising?
Wholesale energy prices started to rise at the end of August 2021. There was a steady rise and the explanation was that coming out of lockdown after covid and the rise in demand forced the price of energy up. Then when Russia invaded Ukraine they skyrocketed even further.
It is hoped that prices will come down BUT personally I can’t see this happening for some time. Wholesale prices need to come down so much that it won’t happen overnight. Plus Russia is restricting gas supplies and EU countries are all bidding to get their hands on gas ready for winter.
@sarah_go_green Wholesale energy prices are still increasing. #costoflivingcrisis #energycrisis2022 #energybillsincrease #gasprices #electricityprices #energytariffs ♬ original sound – sarah_go_green
Should I stick on the Octopus Flexible Tariff?
This is a really personal choice. Traditional Octopus fixed deals will be higher than the Standard Variable price. So in many cases, it is the cheapest option, even though it is really high. The issue is that as prices as based on the past 6 months so if prices start to drop this tariff may be the last to see a price reduction.
I personally can’t see prices dropping soon but if you are on the Octopus Flexible you need to keep an eye on the energy prices. If you check back I keep my website updated so you’ll have an idea if it’s the right time to jump ship and grab an Octopus fixed deal at a cheaper rate.
Octopus Smart Tariffs and Energy hustling.
There are lots of Octopus smart tariffs where you can duck and dive to try and shift energy use to try and save money on your energy bill. Take a look at my main Octopus tariffs page.
If you don’t have a smart meter you can still switch to an Octopus smart tariff. I would suggest checking out the Octopus Tracker tariff. It is capped at 55p per kWh for electricity and 16p per kWh for gas. Now, this is the most you will pay but prices change daily in response to wholesale energy prices. So prices drop your rate per kWh drops instantly as well.
There’s no getting away from it the only way to save money on your energy bill at the moment is to use less or to use energy when it’s cheaper by grabbing an Octopus smart tariff.
Keep an eye on my website as I keep prices updated on a daily basis.