MSE News: EDF Energy cuts gas bills by 5%

penrhyn

Chillimonster wrote: »

Hmmm.... What happens to those of us that signed up on fixed price deals. Are we stuck with them or...............

It doesn't make that clear.

The key word is ' fixed '. If prices go up you win if they go down you lose.

macman

penrhyn wrote: »

The key word is ' fixed '. If prices go up you win if they go down you lose.

As I said earlier, that will depend on what price you fixed at. Those of us on the earlier cheap EDF fixes may still find that we are ahead with a 5% cut in gas only.

horngkai

they go up more often than they go down. It will still be cheaper to fix

callum9999

HalloweenJack wrote: »

this decrease also shows the usual line spouted about buying far ahead is also total and utter !!!!!!!!.

Well no it doesn't, because that's just a generic statement and it will vary wildly from energy company to energy company and from year to year.

If they can get a really good deal for buying 3 years ahead then they'll do it. When that 3 years is up, maybe the deals aren't so good so they'll buy a month in advance - hedging their bets for prices to drop.

The wholesale energy market is far more complex than people generally imagine. Though I do agree they are far quicker and harsher with price increases when their costs go up than they are with price decreases when they go down (but who can name a successful business that isn't?).

fiesta04

Every time I go for a fixed rate only one thing happens......Yes you guessed it, it always goes down!!!

I will let you all know next time I fix on anything, so you can all stay well clear.

dadoronron

When EDF announces a price rise, the day before they are put up I top up my pre-payment meters as much as I can and so delay the changes going on to my meter. If the prices come down they get topped up on the day.

MillicentBystander

macman wrote: »

As I said earlier, that will depend on what price you fixed at. Those of us on the earlier cheap EDF fixes may still find that we are ahead with a 5% cut in gas only.

Agreed. I'm on the Pre-August Fixed Version 2 and that is way more than 5% cheaper than EDFs current cheapest tariff. Let's not also forget that EDF recently 'did a British Gas' and cut the number of their tariffs, resulting in their cheapest tariffs disappearing so this 'reduction' is yet more smoke and mirrors. OFGEM still being led a merry dance.

BargainMad_3

I did a meter reading on the 31st December as I was on EDF online saver 7.

A bill was produced instantly with nearly £200 due via Direct Debit 14 days later.

Then my monthly amount almost doubled as well !

Ruined my new year I can tell you.

5% off the variable gas unit price really isn't a big deal and yet they are getting positive publicity for it !

Richie-from-the-Boro

The more interesting facts that came out of this article that MSE Helen refers to has not been mentioned here.

When customers have gripes about their energy company, after 8 weeks if they are unresolved they can be referred to the Ombudsman. 90% of unsolved complaints were not taken to the energy ombudsman for resolution. The ombudsman can get involved if the complaint has been outstanding for eight weeks, or if the supplier sends a letter saying the two parties are in deadlock.

Some 95% of complaints looked at by the ombudsman are upheld and 70% of them receive financial redress.

So if you follow strictly the advice and the protocol and register your unresolved complaint with the Ombudsman after 8 weeks, the odds are 95% of you will have it sorted in your favour and 75% will in addition receive compensation.

- if 100% of the people complain
- and 95% of those who complain are found for not against
- and 75% of those found for are paid compensation

- the energy companies will soon attend to customer service and put some resources into making sure the complaint does not arise in the first place.

Its gone on this long, and will continue to go on because customers do not effectively complain, and the energy companies are not hit where it hurts by being fined.

Do something other than bleat, start the ball rolling on the 9th week

Pincher

The reduction publicity cow is milked twice in the energy industry.

Electricity wholesale prices should also be down, as the energy market is correlated. I therefore expect another 5% reduction announcement for electricity. And then both are reduced by 5% on 7th February. Do they think we are that dumb, that we will think 5% plus 5% is 10%?

On the way up, both are annouced together.