is it time to switch . . .

Maxwell007

I'm on a EON MSM Fixed 1 Collective March 2016 Online

Gas Unit rate 2.310p per kWh
Gas Standing charge 21.903p per day
Electricity Unit rate 9.660p per kWh
Electricity Standing charge 16.422p per day

Vs

EDF Simply Fixed November 2017 I can save £394 a year !?
Does anyone have their rates and prices . . .
Deal from Energy help line Price Watch Club,

Any views on Economy Energy as I can save £399 a year so they say ?!

matelodave

You probably can't save £399 a year as the so-called "savings" are probably calculated on you be transferred onto your existing supplier@s standard variable tariff from March through to November in accordance with Ofgem rules..

You need to see how much it will cost you at the new tariff, compared to the old tariff using your own consumption figures.

If I use the calculation as suggested by Ofgem I can often save over £500 but in reality it's nearer £25 and sometimes there's no savings at all. So check very carefully on what you'll pay, not what you'll save

There's are loads of posts on this subject, including one on the LPG forum https://forums.moneysavingexpert.com/discussion/5561443

JJ_Egan

Saving that amount how as any new contract will be more expensive than you are now paying .

Rockula

For the London region, the figures I've been quoted for EDF's Simply Fixed November 2017 are as follows:

Gas Unit rate 2.357p per kWh
Gas Standing charge 15.75p per day
Electricity Unit rate 12.002p per kWh
Electricity Standing charge 15.75p per day

Tariff ends on 30 November 2017 and there is a £35 exit fee per fuel.

On the Energy Helpline results page, try clicking the 'See additional filters' button, check the box marked 'Re-calculate savings using last year's spend', then click the 'View tariff details ' button . This will give you a more accurate comparison between the rates on this tariff and the one you are currently on.

youravinalarrrf

Agree with the others those savings are a complete figment of Ofgem's imagination (they don't live in the real world :mad:) so do your own calculation.

If you switch now you would be losing the benefit of the cheaper energy costs on your existing tariff over the whole of this winter - exactly when you will be using the most energy particularly gas and stand to save the most.

So it's a gamble. The chances are that prices will rise between now and your tariff end date anyway - the real question is by how much.

System

youravinalarrrf wrote: »

Agree with the others those savings are a complete figment of Ofgem's imagination (they don't live in the real world :mad:) so do your own calculation.

.

In fairness to Ofgem, an assumption of some sort has to be made as to what a consumer will do at the end of a fixed term contract. I agree that a simple 'this is what you pay now for 12 months' compared to 'this is what you will pay on this tariff for the next 12 months' would be a better methodology..........

However, as nearly 70% of consumers are on a SVR, the present Ofgem savings methodology suits the Government's objectives. Comparison sites (MSE CEC and TheEnergyShop.com apart) are unlikely to argue against it as it allows them to use headlines like 'Miss A saved £394 last year by switching, AND £350 again this year.'

Former_E.ON_Company_Representative:_Malc

Maxwell007 wrote: »

I'm on a EON MSM Fixed 1 Collective March 2016 Online

Gas Unit rate 2.310p per kWh
Gas Standing charge 21.903p per day
Electricity Unit rate 9.660p per kWh
Electricity Standing charge 16.422p per day

Vs

EDF Simply Fixed November 2017 I can save £394 a year !?
Does anyone have their rates and prices . . .
Deal from Energy help line Price Watch Club,

Any views on Economy Energy as I can save £399 a year so they say ?!

Hello Maxwell007. You probably already know but, just in case, thought I'd give you a quick heads up.

Our MSM Fixed 1 Year Collective March 16 Tariff was available for sale from 7 March 16 to 7 April 16 so you're a bit away from the Price Protection window yet (open 49 calendar days before the end until 20 working days after). Changing supplier inside this window means you stay on cheaper prices and avoid exit fees whilst the switch goes through.

Switches outside of the window will pick up applicable exit fees and on this tariff these are £30 per fuel.

Hope this helps with your decision and sorry if I'm trying to teach you how to suck eggs.

Malc