EDF Blue - Fix again?

jenny_DD

I am just coming to the end of an EDF Blue tariff that was fixed until September 2013.

I have a few options, I can go onto:

1. Standard - 106.58 per month
2. Fixed until November 2016 - £117.42 per month
3. Fixed until September 2014 - £105.15 per month
4. Look at another provider...

I'm not sure if I should look at fixing until 2016, I know gas & electric prices are rising, but should I be paying more now?

All advice welcome

victor2

You presumably have your annual usage in kWh. Put that into a comparison site and see what it suggests.
Going with fixed or variable tariffs is down to personal choice. I've used fixed tariffs for a number of years so that I am safe from rate increases until the end of the tariff. They always start out higher than the best variable tariffs, but have been well ahead of the game before completion.
If you can get a reasonable fixed tariff (particularly like EDF Blue with no exit penalty), then you've got nothing to lose...

jenny_DD

I have tried comparing on a number of comparison sites.

When I enter my yearly spend from gas & electricity, they search, I receive a number of quotes which say they will save me £100 annually, however the yearly cost is more that I have been paying!

Not sure if I can really trust these comparison sites.

victor2

jenny_DD wrote: »

I have tried comparing on a number of comparison sites.

When I enter my yearly spend from gas & electricity, they search, I receive a number of quotes which say they will save me £100 annually, however the yearly cost is more that I have been paying!

Not sure if I can really trust these comparison sites.

Don't put your yearly spend in, use your annual usage in kWh. You won't get accurate estimates against your annual spend - there's far too many variables go into that amount that the comparison sites can't reliably figure out.

macman

jenny_DD wrote: »

I have tried comparing on a number of comparison sites.

When I enter my yearly spend from gas & electricity, they search, I receive a number of quotes which say they will save me £100 annually, however the yearly cost is more that I have been paying!

Not sure if I can really trust these comparison sites.

That's because of a) the reason given above, and b) because the comp sites calculate a year ahead. You won't pay less with a switch from your current tariff, you'll pay more if you are currently on a long term fix. The sites recognise that your current tariff is ending and work out your annual spend based on a default to Standard tariff on the due date.
The point is to get the data on the cheapest available tariff now. Comparing that to your current tariff is pointless, because it's bound to be more.

matelodave

As said, you need to compare the costs against Kw/h used. Virtually all new tariffs will be more than you are paying at the moment because prices have gone up over the last year or so. However, unless you know what you actually use rather than what you pay then you can't do a proper comparison and neither can the comparison websites.

If you don't know exactly what you are using, then make a realistic estimate and use that estimate for several comparison sites to see what comes up - then use the actual tariffs shown and do your own sums trying out different kw usage figures. You should then get a better idea of what you should be paying.

macman

Your annual kWh usage is easily found. It's printed on your annual statement, or obtained by a quick call to your supplier.
£££ monthly spend tells you nothing about your actual consumption.

Dinahmyte

I've got the same options as you, Jenny; would be interested to know what you have decided to do. I think I'll stay with edf but don't know whether to go for Price Freeze to November 2016 or the Price Promise to supply fixed price energy on their cheapest tariff to September 2014 and notify me if a competitor is more than £1 a week cheaper . On both gas and electricity the standing charge is the same for both tariffs but the kWh charges are higher. What if prices go down? Fixed price could be higher than average. On the other hand edf don't charge early exit fees.

lstar337

Does fixing really save you that much?

Surely the energy co's have worked it so that it all evens out, and they are still the ones benefiting from it?

victor2

lstar337 wrote: »

Does fixing really save you that much?

Surely the energy co's have worked it so that it all evens out, and they are still the ones benefiting from it?

It's a gamble on the increased (compared to variable) starting rate ending up less than the best variable rate when the tariff ends. Your usage would of course have to be factored in so that over the duration of the tariff you have paid less than you would have on variable prices.
When you add in the comfort (that's how I see it anyway) of knowing that your gas/electricity prices will not be increased by the supplier during the life of the tariff, that can make a significant difference.
I've stuck with fixed rates for quite a few years now. I'm happy that I've been comfortably ahead by the end of each one, judging by the price hike when I choose a new tariff anyway!

DragonQ

Considering all of the energy companies keep saying "the only way is up", it seems a no-brainer to fix right now. It's just the length of time that is the choice.

Fortunately, the only time I wanted to go with a fixed tariff, it was also the cheapest tariff available, so I got the best of both worlds. Still enjoying cheap electricity.