Supplier help please!

Jubsy80

Hi, please i'm desperately trying to get some help before my cooling off period expires.

When we moved into our property, there was an Economy 7 meter, however it was just the day rate that was being used. As such we had a standard one rate tariff. EDF, my current supplier, converted to a smart meter approximately a year ago.

I am on the Easy Online Renewal Feb22v3 tariff. I am currently paying £164 per month. When I have gone to look at my renew options I am being given a two year fix for £476 or a 3 year fix for £541. If it was to drop off it would fall to the standard variable at £247pm.

I made some enquiries elsewhere and Scottish Power was coming up at £308pm so I have today switched with them, however I'm having second thoughts.

EDF are estimating the following annual usage:

Electric: 6,592kwh

Gas: 33,228kwh

We are a family of 3 in a detached house. 

When I spoke with Scottish Power, they advised that the National Database indicates the following estimated annual usage:

Electric: 3,325kwh

Gas: 31,894kwh

This seems more in line with a family of 3. Hence the £307 quote which was based on this.

Bearing in mind we had a new boiler installed in October 2020.

Could you give me some advice please based on the above?

Should I continue with the switch to Scottish Power to £308 pm with the risk that we will use the 6,592kwh

or

Should I use the cooling off period and stay on the variable rate with EDF. My fear is I'm not sure how much this would go up to in April/October when the caps are raised. Say for example it goes up 50% as predicted, does that mean if the standard variable is currently £247, would the £247 go up another 50%? I just don't know how to work it out.

If you could offer some help I'd be so grateful as I'm just not sure what to do.

Julie

molerat

Why are you relying on estimated usage provided by any third party, they are notoriously unreliable ? Those gas figures are astronomical as is one of the electric figures, are they accurate ? You should know how much you use each year, it can be calculated from your bills / meter readings, and should put that into a comparison site and see what comes out for both those suppliers.

Yes, if the current actual use costs £247 under the current cap then that is the figure that could rise by 50% in April. 

JJ_Egan

What are the actual rates for both .

Unit and standing charges .

Estimates are just a guess rates are the exact charges  multiplied by use .

Estimates and Direct Debits are not the total bill  .

booshya

Jubsy80 said:

Hi, please i'm desperately trying to get some help before my cooling off period expires.

When we moved into our property, there was an Economy 7 meter, however it was just the day rate that was being used....

So you don't have a fridge, freezer, etc?

You don't ever leave anything on standby overnight (and, of course, religously turn off your broadband router for at least those 7 hours every day)

Never have any heating on during those chaep rate hours?

Never turn on a light whilst the cheap rate is in operation?
(that's almost 30% of the day, and almost invariable during the hours of darkness)

If you can't agree with the above, I think you need to get your meter checked.

If you do agree with the above, then it makes one wonder what you use all that electricity on.

Oh, and a warm welcome to MSE.

Jubsy80

My current standing  charge for electric with EDF is 21p per day. The unit rate is 16.07 per kwh
For gas the standing charge will be 24.68p per day and the unit rate is 2.482p per kwh.

With EDF's new fixed 2 year tariff it will be:
E - 24.04p per day standing charge
36.49p per unit
G - 26.12p per day standing charge
9.394p per unit

With their standard variable:
E - 24.04p per day standing charge
21.56p per unit
G - 26.12p per day standing charge
4.053p per unit

For Scottish Power the one that I switched to it is:
E - 24.03p per day standing charge
29.9p per unit
G - 26.1p per day standing charge
8.33p per unit

I think all I need to know is should I use the cooling off period with Scottish Power and stick to the standard variable or stay with EDF. The quotes given were based on my estimated annual energy hence why I've taken gone for the lowest option. EDF have based it on a higher annual use age than what Scottish Power have. That is why I was enquiring about the anomaly between the two. I certainly cannot afford a £300+ increase per month by switching to EDF's 2 year fixed.

I really appreciate your help, thank you. I am not particularly savvy when it comes to this so I'm finding the whole thing pretty stressful to be honest. Thanks again.

Jubsy80

Also, just noted your comment re the last 12 months bill. I will look at this now. Thank you.

molerat

SP is cheaper than EDF for a fixed deal but both are way more expensive than the current capped variable.  You need to get your crystal ball out and decide what you think is going to happen in April.  A 50% rise on the current capped kWh price will still be cheaper than either of those fixes.