@agentgeorge I think @chandykris did not get the email because they are on a variable tariff.

@chandykris have you considered moving to a fixed tariff. I tend to believe this is the most convenient option in our historical time-frame for most people (but of course you might have specific reasons not to do it!).

All the best,

E

@eliuccio Yes, definitely worth looking at fixed Octopus Go. From what I have read, the new changes should apply for all customers as the reduction is due to some levies coming off the energy bill. And typically, the variable Go rates are about 0.5p cheaper than fixed Go rates.

But, if the variable Go rates stay as-is, then it's worth switching to a 12 month fixed. As that would cover the winter period when we use the most electricity. Might even be worth adding another battery to our pack.

@agentgeorge I got this too the other day, and it's an unexpected boost for me.  I'm on a 12month IOG tariff that expires in late April, but had already signed up for the revised version with increased prices, meaning that the overnight rate was going to increase from 7p to 7.5p.

I hadn't expected that the 1st April savings would be applied to the cheap rates, only to the full ones, as Octopus have generally protected this rate from price increases when price cap changes take effect, so I'd logically assumed that they wouldn't reduce them when the cap comes down.  However the rates that have just been confirmed apply the full 3.5p deduction to both tariffs, meaning that I'll benefit from a 3.5p/kWh overnight rate from 1st April until the existing tariff expires.

Electricity tariff (Intelligent Octopus Go 12M Fixed):
Peak unit rate: 22.95 p / kWh
Off-peak unit rate: 3.49 p / kWh
Standing charge: 57.01 p / day

The bit I'd originally missed in the email was that the savings will also be applied to the new rate I'd already committed to moving to a couple of weeks ago, so the forthcoming unit price 'increase' from the tariff expiry and renewal will be from 3.5p to 4p from 22nd April, which will more than offset for the export rate reduction from 15p to 12p that has recently kicked in.  I say it's a price increase, but I'm still paying the 7p rate currently so both will be meaningful price reductions when they take effect.

A very pleasant surprise, given all the insanity about energy costs going on around us at present.  It's largely good fortune of timings, having managed to renew the next 12 month tariff at just the right time, but with no expectation that the off-peak tariff would be included in the price cap changes in full.

Posted by: @sheriff-fatman

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Electricity tariff (Intelligent Octopus Go 12M Fixed):
Peak unit rate: 22.95 p / kWh
Off-peak unit rate: 3.49 p / kWh
Standing charge: 57.01 p / day

That's stupidly cheap off peak, and will halve your motoring costs. Hard to imagine given what's happening and the current costs of electricity (I know Octopus will have already bought this electricity in the PPA markets in advance) 

I'm currently on the variable version of Cosy, still waiting to hear what the prices will be come 1st April. I was expecting to have received an email by now, but no word yet.

@old_scientist Same here, I am on the variable version of Octopus Go, and no word yet. I even dropped them a line yesterday, but haven't heard back. I thought some policy costs are coming off, so at least the standing charges should change. For the last couple of times, I received an email when off-peak and peak rates have stayed the same but standing charges have changed a bit.

I got a reply back with a screenshot of the rates that seems to suggest that it will be same as the Octopus Go fixed rates for my region . So 6.99p off-peak and 34.53p peak rates. Given that we are unlikely to use the grid during the peak times, there will be some savings. Overall about 10% drop in bills if these new rates stay the same after July.

@chandykris thanks. I was trying to establish if Octopus are required to notify in advance of changing rates, but it appears from what I can find on Ofgem's site that notification only applies if the change related to a rise in prices.

Anyone else on Octopus Cosy variable heard anything re 1st April price changes?

@old_scientist Not as yet, Toodles.

Posted by: @old_scientist

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@chandykris thanks. I was trying to establish if Octopus are required to notify in advance of changing rates, but it appears from what I can find on Ofgem's site that notification only applies if the change related to a rise in prices.

Anyone else on Octopus Cosy variable heard anything re 1st April price changes?

If they apply the same logic to the way they've done the fixed tariff changes, then the impact should be a straight 3.5p/kWh reduction across each individual tariff point with no change of standing charge.

@sheriff-fatman The screenshot Octopus sent me seems to suggest that the Octopus Go rate is 10.5p off-peak and then discounted to 7p. I guess they are saying that without the policy cost reductions the rate would have gone up to 10.5p.

Posted by: @chandykris

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@sheriff-fatman The screenshot Octopus sent me seems to suggest that the Octopus Go rate is 10.5p off-peak and then discounted to 7p. I guess they are saying that without the policy cost reductions the rate would have gone up to 10.5p.

That sounds right to me, and consistent with my Intelligent Octopus Go fixed rates moving from 7p to 7.5p prior to the adjustment for 1st April which brings both down by 3.5p.

@old_scientist It looks like Octopus Go fixed rates have gone up again for our region. It was showing as 10.5p off-peak until yesterday before applying the discount from 1st April and now it says 13p. After the discount it should come down to 9.5p instead of 7p. The rates seem to be fluctuating every day.

Thanks to the nudge from @eliuccio, I switched to 12 month fixed and hopefully that's locked at 7p. Still no word though on what the variable Octopus Go rates are going to be.