Frequently asked questions about Octopus Tracker

How do I sign up to the Octopus Tracker?

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We are currently operating a waiting list for invitations. If you'd like to try out Tracker for yourself, please join the list.

Do I have to be an existing Octopus customer?

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You don't have to be a current Octopus customer to switch to our Octopus Tracker. Both existing customers and those interested in becoming customers can join the waiting list, and we’ll be in touch.

Will I be exposed to unreasonable risks of volatile prices?

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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 55p / kWh of electricity and 16p / 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 let you know at least 30 days in advance 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.

Both unit rate and standing charge vary based on where you are in Britain.

East England

  • Electricity standing charge: 35.86p per day
  • Electricity unit charge: (W * 1.2017) + 7.126 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.132 p per kWh

East Midlands

  • Electricity standing charge: 42.36p per day
  • Electricity unit charge: (W * 1.1892) + 7.098 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.114 p per kWh

London

  • Electricity standing charge: 30.36p per day
  • Electricity unit charge: (W * 1.1910) + 6.787 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.301 p per kWh

Merseyside & Northern Wales

  • Electricity standing charge: 45.06p per day
  • Electricity unit charge: (W * 1.2171) + 8.056 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.227 p per kWh

West Midlands

  • Electricity standing charge: 45.58p per day
  • Electricity unit charge: (W * 1.1828) + 7.236 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.199 p per kWh

North England

  • Electricity standing charge: 46.33p per day
  • Electricity unit charge: (W * 1.1856) + 7.195 p per kWh
  • Gas standing charge: 25.920p per day
  • Gas unit charge: (W * 0.03615) + 1.148 p per kWh

North West England

  • Electricity standing charge: 39.98p per day
  • Electricity unit charge: (W * 1.2013) + 7.133 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.218 p per kWh

South England

  • Electricity standing charge: 41.07p per day
  • Electricity unit charge: (W * 1.1845) + 7.336 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.316 p per kWh

South East England

  • Electricity standing charge: 39.42p per day
  • Electricity unit charge: (W * 1.1900) + 7.502 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.307 p per kWh

South Wales

  • Electricity standing charge: 45.6p per day
  • Electricity unit charge: (W * 1.1841) + 7.726 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.208 p per kWh

South West England

  • Electricity standing charge: 48.91p per day
  • Electricity unit charge: (W * 1.1834) + 8.218 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.309 p per kWh

Yorkshire

  • Electricity standing charge: 45.96p per day
  • Electricity unit charge: (W * 1.2016) + 6.752 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.162 p per kWh

South Scotland

  • Electricity standing charge: 47.03p per day
  • Electricity unit charge: (W * 1.1975) + 7.039 p per kWh
  • Gas standing charge: 25.92p per day
  • Gas unit charge: (W * 0.03615) + 1.164 p per kWh

North Scotland

  • Electricity standing charge: 47.42p per day
  • Electricity unit charge: (W * 1.1994) + 7.863 p per kWh
  • Gas standing charge: 25.92p per day
  • 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 let you know at least 30 days in advance. 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

Our smart meter rollout will start in the next few months and until then we'll use the meter readings you give us, and apportion usage to each day using the official Profile Coefficients for electricity, and Annual Load Profiles for gas.

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. The more meter readings you give us, the more accurate we can be.

How are your estimated projections calculated?

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We look at historical trends from Nordpool for electricity and Marex Spectron for gas, apply to the latest forward prices, and then apply a customer’s expected consumption level. Because the consumption varies by day, we use the Ofgem standard "pattern" and apply this to the forecast prices.

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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