Current EDF Fix coming to an end

hoof

My current EDF fix *Blue+ Price April 2014) is coming to an end soon and I am starting to explore options as I can register in advance with EDF to switch to another tariff when my current deal end on 30/4/14.
Historically I have tended to go for longest available fix at time and it has tended to be a wise move.
Currently costing me £1,565 pa and EDF tariffs (which seem fairly competitive, particularly as no cancellation fees) are:
Variable £1,915 currently but will definitely rise before 2017
Blue Price Fix June 2015 £1,821 - but will current 2017 deal still be available....or
Blue Price Freeze Mar 2017 £2,012

I am tempted to register now to switch to Mar 2017 fix when current deal ends as it seems doubtful that any new cheaper tariffs will come out before my current fix ends.
Would appreciate advice/views on best course of action.

molerat

I personally do not think the long fixes are worth it, I am of the opinion you are paying too high a premium to insure yourself against future price rises. I am on the same tariff and am looking at the GreenStar 2 year fix, the downside is that it has exit penalties but I can't see prices going any other way than up so is not really a deal breaker. Bring back the good old days of long fixes with high penalties but at a sensible price.

hoof

Green Star 2 year fix looks like interesting option - would be £1,780 for me.(£31.50 cancellation per fuel). Very tempting - wonder if it is possible to sign up to it now but with switch not happening (and 2 year fix starting) until my exisitng deal ends on 30/4/14.....

macman

I'm in the same situation, and probably going to fix for another winter season with Price Fix June 2015. A 2017 fix comes at a 10%+ premium, so you're taking a gamble.

hoof

Going off 2017 fix now as premium does look high. Green Star 24 month fix is cheaper than EDF June 15 and lasts longer so seems best option at moment......

spot1034

Gas prices are coming down due to the mild winter, so it might be wise to hold off on making any decision. I am also on this tariff and will be leaving it until April as I think there might be some attractive fixes available by then which take account of the reduction in wholesale costs.
http://uk.reuters.com/article/2014/01/30/markets-britain-gas-power-idUKL5N0L41X220140130

hoof

Would be good if more attractive fixes became available.......just wonder how likely it is for energy companies to "pass falling gas prices on" rather than lining their own pockets.....

macman

No good reason to scramble to get another fix by April. By then winter will be over and usage low, so should better fixes arrive in say May/June, a couple of months on Standard would not be a big hit compared to the long term gain.
Or you can of course switch out of the 2017 fix early without penalty, if a better option comes along.

wakeupalarm

Remember any drop in gas prices will be delayed for as long as the energy cartel likes with the old excuse when prices fall which we haven't heard bleated out for a while now, "We buy energy up to 2 years in advance".

hoof

Quick update following discussions with Green Star Energy that may be of interest/use.
With regards to start date, they can delay their take over by up to a month of the proposed date. They confirmed that the rates you sign up to will be honoured and carried through to your contract (ie the rates that you sign up for will be the rates charged regardless of any increases between sign up and taking over supply.
So could sign up on 1 April for supply to be taken over from 1 May with rates in force at 1 April being honoured.

spot1034

wakeupalarm wrote: »

Remember any drop in gas prices will be delayed for as long as the energy cartel likes with the old excuse when prices fall which we haven't heard bleated out for a while now, "We buy energy up to 2 years in advance".

Well they do buy in advance, whereas much of the criticism around this issue is based on day to day wholesale prices. If you want to pay the going rate at any time, you might sometimes get a cheaper deal but you might also find yourself paying two or three times as much as the unit rate on your tariff if there is a shortage for any reason (such as very cold weather or a major power station going offline) which does happen from time to time. Energy companies do sometimes have to buy at this level and just have to absorb this and take the hit - i.e. they make a considerable loss which has to be balanced against profit at other times. How come people like Miliband and Flint have no appreciation of this? Answer - because it doesn't serve their political agenda of jumping on every passing populist bandwagon.

Anyway, my point is that these are changes to the market price not just for delivery today or tomorrow but looking ahead many months. If the trend continues, this will be good news for consumers, assuming Labour don't get in and freeze prices at the higher level. Yesterday morning, Bob Parker, a financial analyst, said on CNBC that he thinks gas prices in Europe might well fall back a bit in the forthcoming year