EDF (on ex GNE tariff) likelihood of large hike in price

mountaindreams

I am an ex-GNE customer who was switched automatically to EDF. I do now have an account (after months without one) but still do not have a bill (I do however have monthly meter readings).

The tariff that I am currently on is Welcome GNE Variable v1 which is much cheaper than anything else that comes up on the cheap energy club (I know my annual usage) by £257 for next cheapest (Out Fox the Market) and £333 (Octopus) so on face value it looks a good deal for now. However I do not have a crystal ball and am rather nervous about EDF putting up their rates suddenly, along with everyone else and ending up paying much more as the EDF tariff is a variable. Previously I have always gone for a fixed tariff.

Is anyone else in this situation? If so are you staying put and taking the risk or moving to a fix sooner rather than later?

MWT

I don't think that EDF are leaving much room for doubt on their intentions...

https://forums.moneysavingexpert.com/discussion/6290823/mse-news-edf-energy-to-hike-bills-by-an-average-139-yr-after-energy-price-cap-rise#latest

QrizB

EDF's tariffs for ex-GNE customers were only guaranteed to the end of September.

I'm switching away before then.

Nebulous2

They are offering ex-GNE customers a two year fix. I've seen others say it is competitive, but I haven't really looked.

 I'm waiting to make sure they honour their commitment until September before deciding my next move. 

[Deleted User]

mountaindreams said:

I am an ex-GNE customer who was switched automatically to EDF. I do now have an account (after months without one) but still do not have a bill (I do however have monthly meter readings).

The tariff that I am currently on is Welcome GNE Variable v1 which is much cheaper than anything else that comes up on the cheap energy club (I know my annual usage) by £257 for next cheapest (Out Fox the Market) and £333 (Octopus) so on face value it looks a good deal for now. However I do not have a crystal ball and am rather nervous about EDF putting up their rates suddenly, along with everyone else and ending up paying much more as the EDF tariff is a variable. Previously I have always gone for a fixed tariff.

Is anyone else in this situation? If so are you staying put and taking the risk or moving to a fix sooner rather than later?

Any change to a variable tariff for existing customers has to come with a period of notice if the change is to your detriment. You can then either chose to stay or switch.

It is a good bet that fixed tariffs will move upwards in line with the announced increase in the Variable Cap. Suppliers can do this at anytime.

This link (right hand column) shows that the wholesale price of electricity is continuing to increase:

https://energy.guylipman.com/sm/electracker

niktheguru

Probably worth initiating a switch soon.
Use the switching sites to check your best fixes
The prices you will pay will be much higher than your current deal

If you're not averse to smart meters, it may be worth taking a look at octopus go or go faster....these time of use tariffs do not appear on comparison websites and offer an off peak rate for 3-5hours a day at between 4.5-5.5p per kwh, and competitive peak rates. (max around 17p, min around 15p depending on where in the country you live)

QrizB

^^ Further to niktheguru's post, there are at least two other smart meter time-of-use tariffs to consider, Green Energy Tide and Logicor Advanced. These are a bit more complicated than Go/Go Faster with three or four different tariffs through the day, including an expensive evening peak period from 4pm. However depending on your energy use pattern they could be competitive for some people.

Nebulous2

Dolor said:

mountaindreams said:

I am an ex-GNE customer who was switched automatically to EDF. I do now have an account (after months without one) but still do not have a bill (I do however have monthly meter readings).

The tariff that I am currently on is Welcome GNE Variable v1 which is much cheaper than anything else that comes up on the cheap energy club (I know my annual usage) by £257 for next cheapest (Out Fox the Market) and £333 (Octopus) so on face value it looks a good deal for now. However I do not have a crystal ball and am rather nervous about EDF putting up their rates suddenly, along with everyone else and ending up paying much more as the EDF tariff is a variable. Previously I have always gone for a fixed tariff.

Is anyone else in this situation? If so are you staying put and taking the risk or moving to a fix sooner rather than later?

Any change to a variable tariff for existing customers has to come with a period of notice if the change is to your detriment. You can then either chose to stay or switch.

It is a good bet that fixed tariffs will move upwards in line with the announced increase in the Variable Cap. Suppliers can do this at anytime.

This link (right hand column) shows that the wholesale price of electricity is continuing to increase:

https://energy.guylipman.com/sm/electracker

I'm not sure that is the case. GNE customers were all switched to a variable tariff, with some guarantees until September. 

Do you mean changing the prices within a variable tariff has to come with a period of notice, rather than changing to a variable tariff? 

Robin9

Nebulous2 said:

They are offering ex-GNE customers a two year fix. I've seen others say it is competitive, but I haven't really looked.

 I'm waiting to make sure they honour their commitment until September before deciding my next move. 

There have been a couple of posts on here offering £50 or £100 if they sign up quickly.

But I don't think there is a tariff specifically targeted at ex-GNE like me, I've not had anything. My Edf account shows 5 tariffs but I think they are generally available.

[Deleted User]

Nebulous2 said:

Dolor said:

mountaindreams said:

I am an ex-GNE customer who was switched automatically to EDF. I do now have an account (after months without one) but still do not have a bill (I do however have monthly meter readings).

The tariff that I am currently on is Welcome GNE Variable v1 which is much cheaper than anything else that comes up on the cheap energy club (I know my annual usage) by £257 for next cheapest (Out Fox the Market) and £333 (Octopus) so on face value it looks a good deal for now. However I do not have a crystal ball and am rather nervous about EDF putting up their rates suddenly, along with everyone else and ending up paying much more as the EDF tariff is a variable. Previously I have always gone for a fixed tariff.

Is anyone else in this situation? If so are you staying put and taking the risk or moving to a fix sooner rather than later?

Any change to a variable tariff for existing customers has to come with a period of notice if the change is to your detriment. You can then either chose to stay or switch.

It is a good bet that fixed tariffs will move upwards in line with the announced increase in the Variable Cap. Suppliers can do this at anytime.

This link (right hand column) shows that the wholesale price of electricity is continuing to increase:

https://energy.guylipman.com/sm/electracker

I'm not sure that is the case. GNE customers were all switched to a variable tariff, with some guarantees until September. 

Do you mean changing the prices within a variable tariff has to come with a period of notice, rather than changing to a variable tariff? 

From EDF’s terms and conditions:

We are allowed to change all terms of supply at any time. Any changes will apply from the date we publish them on our website. However if the change puts you at a disadvantage, we’ll give you at least 30 days’ written notice (a ‘variation notice’) unless clause 4.5 applies.

4.3 If you don’t accept a change to your terms, to prevent us from enforcing it, no later than 20 working days after it is intended to take effect you must either enter a new contract:

(a) with us for a different product which does not include this term; or

(b) with another supplier who formally lets us know that they will become your registered supplier within a reasonable period of time. In all other cases the change will take effect on the date we have given.