Edf 2 year fix offer to Gne customers

Zippy24

Hi ,
     I was one of those moved to Edf after Gne went bust.
Edf are offering 2 year fixed tariff which I have to take by August 9th.
Fix Total Service V2.
24.11p standing charge
21.65p day rate
10.38p night rate
I'm on economy 7 and about to have a smart meter installed.
Can't find a better rate on comparison site. The rate I'm on "Gne welcome V5" was guaranteed till end of September.
Nothing gets close to it I guess because there have been price increases since.
My questions are:
1 In the Edf app it says this tariff expires in 2029 (No I haven't made a mistake)
Would they be bound to honour this?
2 If as I suspect , the answer to the above is "No" , would it be wise to sign up to their new "market leading" (their quote) 2 year deal or let it slide till October and search again?
Thanks in advance for any advice.

Neil_Jones

You won't find a better rate than what you're on now.  So its a case of finding the next best.  Former GNE customers like you and I have effectively had anywhere from three to nine months extension on a rate that as it turned out was one of the best fix decisions ever made.  The market went north after June 2020 so if you locked in then you're quids in.

1) This is a mistake, it affects most former GNE customers but they have yet to do anything about it.

2) Depends on your usage.  Check comparison sites.

Zippy24

Thanks for the reply Neil. 
My average usage is approx 65% night rate as I have a storage heater (obviously not in use in summer).
Live alone in a small 1 bedroom house.
Approx total 6000 kw hours per year .
Paying £60 pm direct debit though seems that'll rise inevitably.
The new Edf tariff will probably mean an increase of £10-£20 per month but I'm struggling to find anything that even beats that.
Not helped by the fact that "Fix August 23V2" isn't even on some of the comparison sites to compare!
On the plus side Edf are giving £50 credit if you have a smart meter installed so I suppose that's something!
Not sure whether to sign up and if I find something that's £5 a month cheaper , the £35 early exit fee would be worth losing.

Robin9

Zippy24 said:

Can't find a better rate on comparison site. The rate I'm on "Gne welcome V5" was guaranteed till end of September.
......................
1 In the Edf app it says this tariff expires in 2029 (No I haven't made a mistake)
.............

Welcome V5 also has this 2029 date

Neil_Jones

Zippy24 said:

Paying £60 pm direct debit though seems that'll rise inevitably.
The new Edf tariff will probably mean an increase of £10-£20 per month but I'm struggling to find anything that even beats that.
Not helped by the fact that "Fix August 23V2" isn't even on some of the comparison sites to compare!

...

Not sure whether to sign up and if I find something that's £5 a month cheaper , the £35 early exit fee would be worth losing.

You can use the functionality of a spreadsheet to compare.  You have the unit rates, you have the standing charge...  a couple of calculations on Excel (or whatever) will give you the comparison information you need.

Re: exit fees, they're only applicable if you leave early.  If the market continues to rise and you have a cheap deal, its pointless leaving.  But if the market falls and you can save more than the exit fees, it may be worth looking at moving away.  But if you do nothing and stay on the tariff until it ends, it doesn't matter whether they are £5, £30 or £3000 - as you won't be paying them anyway, and they cease to apply 49 days before the end date in any event.

Sealate

Zippy24 said:

Hi ,
     I was one of those moved to Edf after Gne went bust.
Edf are offering 2 year fixed tariff which I have to take by August 9th.
Fix Total Service V2.
24.11p standing charge
21.65p day rate
10.38p night rate

Fix Total Service Aug23v2

Standing charge (pence per day): 24.96p

Day rate (pence per kWh): 20.44p Night rate (pence per kWh): 12.36p

My offered rates are different.  I wonder why and what other rates are offered.  Likewise I cannot find better on a two year fix.

Robin9

@Sealate There are different rates depending where you are in the country

Zippy24

Surprised by regional variations.
Anyway if Edf do offer a better deal after going on August 23 V2 fix , you can switch to that deal at no cost (so they say..)
That's probably what I'll do as apparently all prices are going up in October so even though it's nowhere near as good as the Gne welcome V5 it would appear to be one of the better ones on a 2 year fix. 

QrizB

Zippy24 said:

Hi ,
     I was one of those moved to Edf after Gne went bust.
Edf are offering 2 year fixed tariff which I have to take by August 9th.
Fix Total Service V2.
24.11p standing charge
21.65p day rate
10.38p night rate
I'm on economy 7 and about to have a smart meter installed.
Can't find a better rate on comparison site.

As you've got a smart meter you might like to get a quote from Logicor for their Advanced time-of-use tariff:

https://www.logicor-energy.co.uk/

They're offering me 11.76p night, 14.17 day and 22.69 for the evening peak, with a 15p daily standing charge.

EDF: 2000*21.65 + 4000*10.38 + 365*24.11 = £936 pa

Logicor: 1000*14.17 + 1000*22.69 + 4000*11.76 +365*15 = £893 pa

(I've assumed you'll use half of your daytime electricity between 1600-1900; this is intended to be pessimistic but only you can judge.)

A few of us EDF, ex-GNE customers quite fancy their tariffs and there's a thread here:

https://forums.moneysavingexpert.com/discussion/6287793/logicor-energy#latest

QrizB

Sorry to reply to myself, but there's also Green Energy Tide with a very good overnight rate but higher daytime one than Logicor. It's hard to recommend without making too many assumptions about how your daytime consumption spreads over weekdays & weekends but you might like to take a look.

Buster_Danog

Am I missing something here. The MSE Energy club shows cheap fixed deals including a British Gas Evolve fixed for 18 months at 14.5p per day standing charge and 19.7p per kw/h and £12.50 cash back.

EDF with 23.3p standing charge and 19.2p per kw/h don't seem to be that good. I haven't looked at many of the smaller companies but there may be even cheaper.

I guess my reservations are bad experiences with EDF customer services and whether I could cancel during the fixed term.