Is anyone with Octopus energy

Blf

Well-known member
2 years ago I went on a fixed deal with Shell Energy for 5 years. It was a great rate as well. Have a look what they are doing.
 

BlindBoyGrunt

Well-known member
Octopus came top in the Which? magazine recommendations.
I’m with Look After My Bills and they can’t find a better deal than I am currently on so not so sure as to the likelihood of decent deals being around
I too am with Look After My Bills and they placed me with People's Energy. Very cheap but they went out of business two days ago. I have been placed automatically with British Gas. I will wait till I see the deal they are offering me and if I don't like it I will ask LAMB for a change.
 

Soutra

Well-known member
Are companies like Octopus or Ovo firms that are likely to be going under?
Octopus is probably going to survive ok. They have operations and alliances in plenty of other countries.

Ovo merged with the domestic business of SSE, so they have some resilience too.

If anyone has a big credit balance with any energy company, ask for it be settled. If the company goes bust you'll get it back eventually but quicker if you claim it now.
 

r00fie1

Well-known member
Octopus(y)
Great to deal with.
No bulschip!
Very competetive.
Never won "spin the wheel".
I can see on electric usage graph when I had a shower - due to the spike(y)(y)
 

edinboro

Active member
I'm with Octopus and on the most environmentally friendly package. Have over £300 I'm credit but that's to be ready for winter usage. 3 of us in the house all day so heating and WFH home expenses will be huge.
 

ThatFragranceGuy

Well-known member
Having a big company behind them doesn't necessarily give them resilience, that's why there are constant mergers, acquisitions etc within the energy industry. I used to work for nPower in the smart programme and they were pi55ing money away constantly and eventually got bought by Eon, but if they hadn't they would have probably folded. They were a really big company as well, but the margins made on energy customers is extremely small and the price caps, despite being lauded as amazing initially, restrict how much profit they can make off those that don't switch. The real issue is the wholesale costs have gone up, so those on fixed rate deals are costing providers an absolute fortune atm, I think I read a 330% increase. Pretty much every supplier is loss making atm on supply so something is going to have to change at some point.

I usually use MSE cheap energy club and switch whenever there is a cheaper deal, currently on fixed until Feb 2022 assuming provider lasts that long.

Suppose this highlights the danger of relying on gas from Russia over renewables and generating our own electricity.
 

ThePrisoner

Well-known member
It's all a con though isn't it? The illusion of choice, as if methane molecules or electrons from one 'supplier' somehow differ from any others. It was a cartel and still is a cartel designed to cream off your money into capitalists pockets.
Investment in infrastructure was touted as a benefit of privatisation. The result? The UK's gas storage contingency capacity now consists of two Calor gas bottles on a caravan site in Skegness, only the Chinese know how to build nuclear reactors and half our electricity comes from France.
 

BigJack

Member
Ovo have just put my electricity up from 14.5p unit to 26.2p per unit so be careful with them.

British Gas Evolve (19.9p) and Bulb (20.2p) are the cheapest at the moment out of the well known companies.

Both have standing charges about the same at about 26p.
 

mr_spoons

New member
Stuck in the middle of a dispute with Bulb at the moment, had a smart meter put in last year, all was ok but they decided in August that something was wrong with it and recalculated all my bills which doubled my electricity usage putting me from £100 in credit to £500 in debit. They even changed my final old meter reading up by 200 units even though it was read through to them by the installer so something is a bit dodgy.
Waiting to go to the ombudsman with them as I've heard nothing back.
 

Thing

Active member
I was with Utility Point :(
Now waiting to find which supplier Ofgem have "assigned" to me. Suspect I'm in for a hefty financial shock!! 💷💷💷💷
 

Soutra

Well-known member
Having a big company behind them doesn't necessarily give them resilience, that's why there are constant mergers, acquisitions etc within the energy industry.
The mergers happen because each company thinks that once they have set up a customer service department, it's good whether the company has a thousand customers or a million customers, and if they have a million customers then they can negotiate better forward prices for gas and electricity. So it's just a numbers game, get as many customers as quickly as possible. Realistically the only way to get more many customers for an essential commodity is to undercut the opposition.

All well and good when wholesale prices are fairly stable, but it comes hopelessly unglued when the wholesale price that the company pays to buy gas for its customers is higher than the price they can charge its customers.

So size is important because bigger companies have bigger cash reserves, more redundancy to cut costs, and more leverage to limit wholesale price rises.

We'll be back down to 6 big energy companies by November.
 

DCI_Gene_Hunt

Well-known member
Although my current contract doesnt end until November I just got a quote online from Octopus - the quote is £85 a month more than what I am paying now.
 

afcb_acklam

Well-known member
I've been with "outfox the market" who have been cheap as chips, and very good to deal with. No idea if they are fooked, but would recommend them.
 

BigJack

Member
Although my current contract doesnt end until November I just got a quote online from Octopus - the quote is £85 a month more than what I am paying now.
Try Bulb they are a lot cheaper than Octopus at the moment, don't know how long they can hold these prices though, they told my mother they will not go up again in the next six months. But who knows they way things are going.
 

DCI_Gene_Hunt

Well-known member
Try Bulb they are a lot cheaper than Octopus at the moment, don't know how long they can hold these prices though, they told my mother they will not go up again in the next six months. But who knows they way things are going.
Are Bulb big enough to survive?
 
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