Scottish Power to EDF 2014 Fix? - but with cancellation fee

Snow_Squirrel

What would you do? EDF Energy are one of the last to put their prices up, so by comparison they have better deals - for now. Not for long. My cancellation period with Scottish Power runs to 31 Oct 2011. It's £50 total. I pay £75 a month with Scottish Power before the price rise, I don't know what it will be after the hike. EDF Fix 2014 is £48 a year cheaper, and MoneySupermarket gives £30 to help you switch. There's a profit there by switching, but can't help think with the £50 fee for leaving I'm missing something. By November 1, the EDF deal and its like will probably be gone. Have you been in a similar situation and made a decision or if not, what would you do? With thanks for your time.

Snow_Squirrel

Snow_Squirrel wrote: »

What would you do? EDF Energy are one of the last to put their prices up, so by comparison they have better deals - for now. Not for long. My cancellation period with Scottish Power runs to 31 Oct 2011. It's £50 total. I pay £75 a month with Scottish Power before the price rise, I don't know what it will be after the hike. EDF Fix 2014 is £48 a year cheaper, and MoneySupermarket gives £30 to help you switch. There's a profit there by switching, but can't help think with the £50 fee for leaving I'm missing something. By November 1, the EDF deal and its like will probably be gone. Have you been in a similar situation and made a decision or if not, what would you do? With thanks for your time.

Bump. No one got any comments for me? Thanks

jalexa

Snow_Squirrel wrote: »

Bump. No one got any comments for me? Thanks

Perhaps no response because only you can decide. On the pure "numbers" IMO it's a "no-brainer" to switch to Edf FP 2014. Provides the comfort and certainty of a fix over 3 additional winter heating seasons. But who knows what will happen to energy prices. You either need to take a punt on energy price movement or be satisfied with the peace of mind.

Tactically there may be another option. I think I saw very recent reference to a new (cheapest?) Scottish Power "fix". I'm not sure if Scottish Power waives fees on a "same supplier" early transfer, but why not ask and allow your decision to be influenced by the answer and/or by the overall cost of the Scottish Power offer.

Snow_Squirrel

Thanks. I had a look at the Scottish Power Fix to 2012 offer. I am on the Online Energy Saver 10. After the price hike on Aug 1, this is how they compare with VAT. The first column is online energy saver 10 as of Aug 2011 and the second column is the 2012 fix. The third column is the improvement in the bill. I would like to have a 4th column with EDF 2014 fix but their pricing is too different and am not sure how to compare (if anyone does…). Based on this, I'm not sure the Fix2012 is worth it. The offer isn't that much cheaper than my online10:

Electricity / single rate
First 225kWh used each quarter____23.325___22.609___3.070%
All/Day remaining kWh___________11.215___10.872___3.062%

Gas
First 670kWh used each quarter_____8.002____7.756___3.074%
All remaining kWh________________3.675____3.563___3.048%

I guess it means if you had a £1000 annual bill you would save £37 quid a year, unless energy prices went down. It would be great if anyone knows how to factor in the EDF style billing of a daily standing charge and a lower rate unit usage.

jalexa

Snow_Squirrel wrote: »

As I said only you can decide, however I can offer one further piece of advice. Rather than looking at the unit prices you would be better looking at Consumer Focus accredited comparion website headline totals for your actual annual consumption.

AMC1979

Perhaps pay the £50 and switch to EDF, it sounds like it may be the best option.

backfoot

If SP have increased prices and you give the required notice to them prior to the increase and EDF react within 15 working days,then no termination fee is payable.

Have SP told you your tariff is increasing?

Bufger

I switched from a British Gas standard tarrif to the EDF 2014 through moneysupermarket yesterday. Saving of £65 per year plus the £30 cashback. Its fixed until March 2014 but you can exit the contract WITHOUT FEE from march 2013 should prices drop dramatically - this was the deal winner for me as it gives security of a longer term fix incase prices rise but a getout incase they fall.

I think the exit fee is pretty much cancelled by the cashback in the short term so its just down to how much peace of mind you want. I opted for it so i know how much im paying for a couple of years without any BG style suprises! (i have enough suprises with my phone line and mobile costs).

StevieJ

Bufger wrote: »

I switched from a British Gas standard tarrif to the EDF 2014 through moneysupermarket yesterday. Saving of £65 per year plus the £30 cashback. Its fixed until March 2014 but you can exit the contract WITHOUT FEE from march 2013 should prices drop dramatically - this was the deal winner for me as it gives security of a longer term fix incase prices rise but a getout incase they fall.

.

In addition it is only a £30 cancellation fee after next March, this tariff appears to be a no brainer (on cost at least ).