Frequently asked questions about Octopus Tracker


Updated: 29th November 2022

The Government’s Energy Price Guarantee (EPG) offers a 17.9p / kWh discount against your electricity unit rates, and a 4.4p / kWh discount against your gas unit rates.

Given the money for this discount comes from every UK home, it’s important we’re fair with how the EPG is applied.

The EPG discount will apply whenever Tracker unit rates go above the base EPG level (34p / kWh for electricity and 10.3p / kWh for gas; on average, but this does vary regionally).

For example, a unit rate of 80p / kWh is reduced to 62p / kWh. A gas unit rate of 20p / kWh is reduced to 15.6p / kWh.

The EPG is also applied after the maximum unit rate cap. This offers an additional saving for Tracker customers against high wholesale unit rates.

For example, an electricity unit rate of 120p / kWh is capped at 100p / kWh, then reduced to 82p / kWh. A gas unit rate of 35p / kWh is capped at 30p / kWh, then reduced to 25.6p / kWh.

However, the EPG won’t discount unit rates below the base level.

For example, an electricity rate of 38p / kWh would only be reduced to 34p / kWh (on average). A gas unit rate of 11p / kWh would only be reduced to 10.3p / kWh (on average).

All values are incl. VAT.

How do I sign up?

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Please email us via hello@octopus.energy so we can make sure the tariff is the right option for you.

Will I be exposed to unreasonable risks of volatile prices?

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We have introduced a maximum cap on Tracker prices at 100p / kWh for electricity and 30p / kWh for gas

With the Octopus Tracker, your prices are guaranteed to reflect wholesale market drops just as quickly as market increases. In the long run, trackers are usually cheaper than hedged and insured prices (hedging and insuring are not free – and consumers always pay the price in the long run).

Why has no other supplier done this?

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It’s technically complex, requires a sophisticated user interface, and most importantly, it ties the hands of a supplier. Many suppliers may not want to take such a step yet.

Do you support Economy 7?

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Unfortunately, the Octopus Tracker does not currently support Economy 7 meters.

How does the Octopus Tracker compare to other tariffs?

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Tracker provides a direct pass through of wholesale costs for both electricity and gas, while for our fixed tariffs, we buy a customer’s energy for the 12 months ahead and price the tariff so that there’s a small margin for us to cover the costs of doing business. Tracker is designed to do away with all that: with direct pass through of the wholesale prices customers are then able to adapt when they use their energy, in particular avoiding peak times, to make significant savings.

If wholesale prices go up, am I stuck on the Octopus Tracker paying a higher price?

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No, if you ever want to come off the Octopus Tracker, just email hello@octopus.energy and we will move you to one of our other tariffs right away, alternatively you can switch directly in your online account. Additionally, we have introduced a maximum cap on Tracker prices at 100p / kWh of electricity and 30p / kWh for gas

Does this affect my Direct Debit?

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When you sign up to the Octopus Tracker we estimate what your annual cost will be, divide it by 12, and set your direct debit to that figure. We review regularly so that if your consumption or energy prices are different from the estimate we’ll adjust your payments to avoid excess credit or debit.

How is the price of the Octopus Tracker calculated?

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Prices for Tracker are made up of a unit rate (the price you pay for every unit of energy you use) and a standing charge, which is a fixed daily charge.

The unit rate is updated at midnight each day based on the latest wholesale price. Changes to standing charges are infrequent, and we’ll give reasonable notice of any changes coming into effect.

Within Tracker you can view daily updated forecasts of how we expect wholesale prices will change in the future. While we endeavour to make these as accurate as possible, like all forecasts they involve numerous uncertainties, and as such may differ materially from actual prices.

Electricity unit rates and standing charge vary depending on where you live.

Gas unit rates vary depending on where you live.

Gas standing charges are the same across all regions: 25.56 p/day.

East England

  • Electricity standing charge: 35.52 p/day.
  • Electricity unit charge: (W * 1.2017) + 7.126 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.132 p per kWh

East Midlands

  • Electricity standing charge: 42.02 p/day.
  • Electricity unit charge: (W * 1.1892) + 7.098 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.114 p per kWh

London

  • Electricity standing charge: 30.01 p/day.
  • Electricity unit charge: (W * 1.1910) + 6.787 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.301 p per kWh

Merseyside & Northern Wales

  • Electricity standing charge: 44.72 p/day.
  • Electricity unit charge: (W * 1.2171) + 8.056 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.227 p per kWh

West Midlands

  • Electricity standing charge: 45.24 p/day.
  • Electricity unit charge: (W * 1.1828) + 7.236 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.199 p per kWh

North England

  • Electricity standing charge: 45.99 p/day.
  • Electricity unit charge: (W * 1.1856) + 7.195 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.148 p per kWh

North West England

  • Electricity standing charge: 39.63 p/day.
  • Electricity unit charge: (W * 1.2013) + 7.133 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.218 p per kWh

South England

  • Electricity standing charge: 40.73 p/day.
  • Electricity unit charge: (W * 1.1845) + 7.336 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.316 p per kWh

South East England

  • Electricity standing charge: 39.08 p/day.
  • Electricity unit charge: (W * 1.1900) + 7.502 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.307 p per kWh

South Wales

  • Electricity standing charge: 45.26 p/day.
  • Electricity unit charge: (W * 1.1841) + 7.726 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.208 p per kWh

South West England

  • Electricity standing charge: 48.57 p/day.
  • Electricity unit charge: (W * 1.1834) + 8.218 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.309 p per kWh

Yorkshire

  • Electricity standing charge: 45.62 p/day.
  • Electricity unit charge: (W * 1.2016) + 6.752 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.162 p per kWh

South Scotland

  • Electricity standing charge: 46.69 p/day.
  • Electricity unit charge: (W * 1.1975) + 7.039 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.164 p per kWh

North Scotland

  • Electricity standing charge: 47.08 p/day.
  • Electricity unit charge: (W * 1.1994) + 7.863 p per kWh
  • Gas unit charge: (W * 0.03615) + 1.164 p per kWh

Note: “W” refers to the wholesale cost (per kWh for electricity, per therm for gas) on a given day, and is the only price component to change daily. For changes to any other element of the formula, we’ll give you reasonable notice. Use the formula above to calculate prices excluding VAT .

Where the formula that calculates your tariff contains a wholesale energy feed, we take wholesale electricity prices using 30 min EPEX SPOT GB Day-Ahead auction and wholesale gas prices from Marex Spectron every day. In the event these indices are not available we reserve the right to use an alternative publicly available source of market data.

How we calculate daily usage

We make projections with the official estimated consumption figures for each meter (known as EAC for electricity and AQ for gas), or in their absence, the estimates customers give us.

If you have a smart meter installed, we'll use the readings received automatically.

If you don't have a smart meter, we use the readings you provide to calculate your usage each day, using industry data available from a third party (Elexon for electricity, and xoserve for gas).

What happens if I want to leave?

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You just choose a different tariff on your account page,  email us or phone us up, or switch to another supplier. Switching to another Octopus Energy tariff is effective next day, switching to another supplier takes their usual time. There are no exit fees.

Do you really expect people to look at all this data every day?

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No – but the fact that you (or anyone else) can choose to look at it at any time means you can be certain that what we’re saying is verifiable. We do think it’s helpful to get a feel for a “normal” price – a bit like with petrol – so we expect many people will have a quick glance at the price quite frequently.

Hey I'm Constantine, welcome to Octopus Energy!

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