Energy Fixed until 2017, should until 2018 or opt out.

Maico666

Hi!

I know this has been discussed to extensive extent in here but each case is different, and it would be good to know what some of the more knoledgeable people out there think.

I am fixed with EDF blue price promise until March 2017, according to the table below it would just cost me an extra £7 per year to fix until 2018.

.energyhelpline.com/fri/fri/domesticenergy/domestic/gethelp?reference=EDFCappedTariffs&p=1[/url]) Please add the worldwideweb at the beginning


Blue+Price Freeeeze March 2017 31st Mar 2017 £1,202
Blue+Price Freeeeze May 2018 31st May 2018 £1,209

This effectively means that I have been paying too much for the last year as there has been no increase in energy prices, furthermore the forecast is the same as last year with fixed prices costing the same for 4 year term.

So...... One million $$$$ question if I carry on with fixed prices it makes sense to upgrade to 2018 as the cost is almost negligable, but based on the increase from the 2017 tariff to the 2018 tariff I would be better off fixing for short term. The market is very competitive at the moment and there are some good short terms deals out there.

Hopefully with some of your thoughts I will be able to make a decision as I am struggling with which way to go at the minute....

Thanks in advance.... Ohhh if anybody has any recommendations of what deal to go for please feel free to share.....

JJ_Egan

All depends upon your tariff versus today's tariff how much extra are you paying for the tariff lock .

matelodave

Without any idea of your consumption then no one could advise as no one knows if your present tariff is competitive, you could be paying well over the odds already.

How much would a one year fix cost you - it would be worth checking. Say it was £1000 then you'd be paying £200 more next year with your present deal.

If it is around a £1000 and it goes up by 10% then you'd pay £1100 in year 2 which is still £100 less than you are paying now.

Another 10% increase would make it £1210 so by fixing for three years you could end up paying over £300 more but you need to see what a one year fix would cost you.
In the end it's a gamble by both you and the energy co - they seldom lose.

Maico666

Forgive my ignorance but I can't see what energy consumption has to to do with anything. If you are paying a rate per unit, then the savings extra cost will per per unit..... you will then need to pro-rata this for your consumption..... Anyway if it helps I currently pay 130 per calendar month.

Maico666

GAs 14,892 kWh

Electricity 1,983 kWh

molerat

As you are already paying around 25% too much for your energy another £7 pa is not going to make much difference ......... and why are you paying £1560 pa for £1260 worth of consumption.

matelodave

Where I live (Eastern region) I can get several fixed 1 year tariffs with different suppliers for just over £850 (£71 a month) and at least 20 which are less than £1000 using your consumption figures so you are already paying about £370 a year more than you need to.

So even if you've got £100 early termination fee you'd save £270 by swapping to a one year deal now. You'd also save £60 a month = £720 p/a on your current direct debit which is about £30 higher than it should be on your current deal.

Bark01

The market will continue falling for at least the next 6 months. but then will start to increase.

If I had a strategy and as bothered enough I would stick with EDF (as no cancellation fee) and just sign up to every new short term fix they release until there is sign s of an increase and then go for a long term fix.

Honestly though, I don't think its worth the effort.

JJ_Egan

As i said compare current tariff to today's tariff and see if its worth paying the extra to lock in a price .
Note this years prices have been reasonably static so the extra paid would have been a losing bet this year .

Maico666

Thank you all for your feedback.

Why am I paying too much?? my wife fixed it until 2017 with EDF blue price, I was under the impression that she had fixed it until 2015 which was a much lower tariff. I have obviously been overpaying for the past year so now I am now facing the debate of continuing with the same strategy (and fix until 2018) or cut the losses and go for something cheaper short term. Seems to me that I will go for the short term as I have already been overpaying for the last year.

Having had a think about I am going to change to Fresh Fixed Price Dec 2015 v1. I will sleep on it first........

Thanks again for everyones input....