EDF price fixing 31/3 2012 or 30/9/2014 ?

jackywacky

I want to cap my fuel prices and have consulted a number of switching websites and they all reckon I’m better off switching to EDF for both gas/electric so this is what I intend to do.
I currently spend approx £1620 a year on fuel with my current suppliers
EDF have two price capping choices
Fixed rate until 31/3/2014
Fixed rate until 30/9/2012

If I take the 31/9/2012 option the websites claim I’ll save approx £300 in the first year

If I take the 30/0/2014 option the websites claim I’ll save approx £150 in the first year

I’m going to assume these claims are reasonable or otherwise I’m never going to make any progress.


My gamble is take the £300 saving in the first year, accept that prices would have risen after a year and take a chance that I can fix at the new higher price with EDF or someone else.

What would you do?

PS
I’ve got to act quick ‘cos the fixed options won’t be available after Monday

macman

You have to make your own mind up if the longer fix is worth the extra money-effectively you are buying a more expensive insurance policy. No one knows which way prices will go-if we did, we'd all do the same thing.
Either way, you've only got until midnight on Sunday to decide-FS v2 is probably being pulled from then.

jackywacky

Hi thanks for the reply.
I realise that whatever I do is down to me.
I'm not looking for people to advice me, just curious what others would do.
Cheers

macman

It depends on your approach to risk. The gambler will stay on variable or take a short fix. Those who seek more security will take a longer fix, and pay more.
I've gone for the FSv2.

jalexa

jackywacky wrote: »

just curious what others would do.

Given the same choice I did not find it difficult to choose FP 2014. I didn't exhaustively compute the numbers (until it was too late as you risk) but was influenced by having the rates rates fixed over two further winters compared with FP 2012.

As well as extracting myself from the sheer bl**dy headache of a repeat excercise for as long as possible.

I have posted in other threads that though I found Edf customer service "dysfunctional" and the online MyAccount "buggy" and at time 10 days behind actual progress, my transfer completed 100% successfully without having made *any* contact with Edf.

SamanthaD85

I have just fixed mine to the 2012, im new to all this as we have just bought our first home.

I noticed that the gas prices for the fixed 2012 was the same as what we are paying now on the standard, so i thought it would be best to fix for the 2012 as if we have a cold winter liker 2010, at least we have idea on how much we will pay again. The electric was slightly higher but we dont use alot of electric so weighed up that 2012 fix was for us.

Im new with EDF as we had our prepayment meters changed and then decided to fix and ive not had any problems changing etc and have spoken to them on the phone with no problems too.

TIMMY85

I was on a fix until October next year and paying the same as the EDF 2014 so 'moved house' (no cancellation charge) and am now changing to EDF until 2014

jackywacky

Oops just noticed I've got the dates wrong in the title of this thread it should read 30/9/2012 or 31/3/2014.

Thanks for the replies.
Although we all have different circumstances and get different results from comparison sites it's really interesting knowing what's going through peoples minds.

jalexa wrote: »

...........I didn't exhaustively compute the numbers .

Nor me but I have done some calculations based on EDF raising prices by 15% very soon and then by 10% this time next year. Why those figures? I dunno I may be well of the mark, they may spiral!
Anyway, even if the opportunity of fixing in a years time isn't an option in my particular case the 2014 price is only marginally better, so rather than tie myself for such a long time I may be tempted by 2012.
I'll wait until tomorrow afternoon to see if I get any other replies and then make a choice.
Thanks again.

macman

Remember that the (reputed) deadline is midnight on Sunday. If there's a last minute rush, EDF's Amstrad ZX81 may not be able to cope...

jalexa

jackywacky wrote: »

Anyway, even if the opportunity of fixing in a years time isn't an option in my particular case the 2014 price is only marginally better...

Err...that statement doesn't make sense.

cooking-mama

Ive gone for fixed 2014...initialy because i was looking for long term security at a reasonable price....believe me,ive spent a lot of time thinking about this(too much realy),I did fleetingly wonder today if ive made the wrong decision,maybe i should go for the shorter term fix,but im not even going to consider it now,im taking the longer fix so that i dont need to go through all this palaver in a year or so again.