#OctopusEnergy have sent out their Winter update to customers.
Main points:
Ofgem has announced the energy price cap will rise around 10% for a typical home from October 1 to December 31.
Once again, Octopus prices are lower. You will continue to receive the cheapest standard standing charges of any large supplier.
Our 15 month fixed tariff is cheaper than the October prices.
Octopus remain the only large supplier to have never charged the full Ofgem price cap.
Additionally, this welcome news on #StandingCharges:
PS. What is happening with standing charges?
Along with the announcement of the new price cap rates for October, Ofgem made some positive noises about changing the way standing charges are calculated.
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They are currently consulting on moving £20–£100 of operating costs from the standing charge to unit rates. We strongly support this because it gives customers more control over their energy bills — assuming sufficient support for vulnerable customers with unavoidably high energy use — and they have set a target of April 2025 to make any changes.
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Additionally, some years ago they also decided to shift most grid costs onto standing charges. However since then, these costs have increased well beyond expectations. Ofgem has (thankfully) announced it will review this decision, but we don’t yet have any target for when this review will be completed.
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Ray Robertson