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I'd Google Martin Lewis if I were you.
You are in a bit of a shit situation. Octopus won't go to Supplier of Last Resort if they fold, they will go to Administration like Bulb.
You won't get a fixed cap deal now. My understanding is get the shortest fixed deal you can and wait.
But... Google Martin Lewis.
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Your best bet now is to roll onto a variable tariff, it’s the cheapest in the market (average household cost at £1290?). Octopus won’t like it, and will try to do everything they can to dissuade you from taking it (along with every supplier at the moment), but they have to have it available. If you do nothing, when your fixed term comes to an end that’s what you’ll end up on (“rolled variable”) then wait till Feb/March and see what’s out there.
Next price cap announcement by ofgem will (currently) be Mid Feb for April start so that’s when we’ll see more tariffs in market.
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Mr_Sworld
C4r1s
@kkg337
My fixed rate tariff with octopus (please no referral spam) is somewhat unfortuitously up in Jan.
Their current fixed rate is going to cost me literally double over the next 12 months what the last 12 months cost. Their flexible rate estimate based on my current usage is still unpalatable but about splits the difference between the two.
Recognising that the fixed tariff is a hedge against costs presumably being expected increasing further in the future - what’s my best option? I can switched to a fixed tariff at any time, but am I better off surfing the flexible tariff for now and fixing again when prices drop, or am I just setting myself up for max pain further down the line?