EDF - renew now to keep the same prices

ecnirp98

Hi
I have just got an email from EDF "EDF - renew now to keep the same prices". I am currently on Tariff 'Simply Online Apr21v3' for Gas & Electric, this expires 30/04/21, EDF have just emailed me saying :
Good news - keep the same prices when you renew early onto Easy Online Extend Short-Term. Your current tariff ends on 30 April 2021. However, if you choose Easy Online Extend Short-Term, you can continue to benefit from managing your account online and avoid any price rises until 30 November 2021.
Limited time offer - ends 30 November 2020. You will not be charged any exit fee on your current tariff if you choose Easy Online Extend Short-Term.

I just compared current prices on MSE Energy Club and the best monthly prices are similar to what I pay now at £95 a month, the only thing I do not like about EDF has an early exit fee of £30 per fuel, so £60, so just wondering if people have locked in? I was hoping prices might have dropped since I joined a year ago, but they seem the same cost now, just wary of locking in, as I can switch with no penalty from March 21.
Thanks.

Neil_Jones

First of all "monthly price" means nothing, that's just how much you pay EDF towards your next bill.  You don't pay £95 and then burn through as much gas and electricity as you like, it doesn't work like that, its not an all-you-can-eat thing.

Second of all, exit fees, if the market has dropped enough, can be relatively immaterial, because if you're saving more than the cost of the fee, it may be worth swallowing.  You are not tied to any specific provider and you are free to leave at any time subject to those fees providing you don't owe them a substantial amount of money in the first place.  Its just to discourage but if you owe them nothing, they can't stop you.

ecnirp98

Neil_Jones said:

First of all "monthly price" means nothing, that's just how much you pay EDF towards your next bill.  You don't pay £95 and then burn through as much gas and electricity as you like, it doesn't work like that, its not an all-you-can-eat thing.

Second of all, exit fees, if the market has dropped enough, can be relatively immaterial, because if you're saving more than the cost of the fee, it may be worth swallowing.  You are not tied to any specific provider and you are free to leave at any time subject to those fees providing you don't owe them a substantial amount of money in the first place.  Its just to discourage but if you owe them nothing, they can't stop you.

Yeah, the quotes are based on my previous year usage of gas & electric, so as accurate as they can be, I do keep an eye on the prices and get alerts when a tariff maybe worth swapping to, I do prefer a price fixed contract, as I then know roughly what I will be paying, dependant on usage/previous usage, so will probably extend and keep an eye on if there are any better deals (taking into account the exit fee).
With Covid and the current global business impact, it is hard to predict whether the tariffs will go up or down. 
Thanks for the reply.

Talldave

Do your alerts flag separate supplies deals, as dual fuel is rarely cheaper?