Energy deal runs out at the end of March 2022 - Advice please?

SPMR

Good afternoon all, hope you are keeping safe and well?

As many of you out there the impending energy price increase is causing me great worry and I was wondering if I could get your opinions please?

I am currently with EDF on their 'Simply Online+BoilerCare Mar 22' tariff (rates below) and my energy deal runs out at the end of March 2022. At the moment I pay £136 per month and the next 6 monthly bill is due to be produced on or around 4th Feb (upon submission of my meter reads). *I have an Economy 7 Meter with the Day & Night figures*

Electricity:
Unit rate - 14.73p per kWh
Standing charge - 20.48p per day

Gas:
Unit rate - 2.488p per kWh
Standing charge - 20.48p per day

Taking the above into consideration could you please suggest / advise what the best the course of action to take would be? Do I just wait it until 1st April or try and fix in a new 'Fixed Rate' deal now?

When logging into my EDF account they are currently offering me the following from 1st April 2022:

1. Fix until Jan 2023 - £466 month:

Electricity:
Unit rate - 38.97p per kWh
Standing charge - 23.77p per day

Gas:
Unit rate - 10.97p per kWh
Standing charge - 26.12p per day

2. Fix until Jan 2024 - £411 month:

Electricity:
Unit rate - 35.40p per kWh
Standing charge - 23.77p per day

Gas:
Unit rate - 9.33p per kWh
Standing charge - 26.12p per day

3. Standard Variable Rate - £212 month:

Electricity:
Unit rate - 20.31p per kWh
Standing charge - 23.77p per day

Gas:
Unit rate - 3.98p per kWh
Standing charge - 26.12p per day

Apologies for the lengthy post, I wanted to provide as much information as possible.

Thank you all in advance!

Verdigris

On the face of it the SVT is the obvious, and usually advised, choice. However, as your contract finishes at the end of March, the SVT will almost immediately rise, probably by about 50%, when the new cap comes into force in April.

Personally, I'd bide my time and see if more attractive fixes become available, nearer the time.

JJ_Egan

Agree  pay more now for a fix , pay more when SVR rises . All going to depend upon the SVR rise and the future wholesale prices .

SPMR

Thanks for the responses. Hmm, decisions, decisions. Those monthly payment prices are eye watering and committing to such high DDs for energy is seriously scary!

QrizB

We'll knoow the new April SVT cap in about four weeks; you might want to wait until then before making a decision!

It's quite unusual to have gas and E7 but I guess you realise this and there's a good reason?

wild666

SPMR said:

Good afternoon all, hope you are keeping safe and well?

As many of you out there the impending energy price increase is causing me great worry and I was wondering if I could get your opinions please?

I am currently with EDF on their 'Simply Online+BoilerCare Mar 22' tariff (rates below) and my energy deal runs out at the end of March 2022. At the moment I pay £136 per month and the next 6 monthly bill is due to be produced on or around 4th Feb (upon submission of my meter reads). *I have an Economy 7 Meter with the Day & Night figures*

Electricity:
Unit rate - 14.73p per kWh
Standing charge - 20.48p per day

Gas:
Unit rate - 2.488p per kWh
Standing charge - 20.48p per day

Taking the above into consideration could you please suggest / advise what the best the course of action to take would be? Do I just wait it until 1st April or try and fix in a new 'Fixed Rate' deal now?

When logging into my EDF account they are currently offering me the following from 1st April 2022:

1. Fix until Jan 2023 - £466 month:

Electricity:
Unit rate - 38.97p per kWh
Standing charge - 23.77p per day

Gas:
Unit rate - 10.97p per kWh
Standing charge - 26.12p per day

2. Fix until Jan 2024 - £411 month:

Electricity:
Unit rate - 35.40p per kWh
Standing charge - 23.77p per day

Gas:
Unit rate - 9.33p per kWh
Standing charge - 26.12p per day

3. Standard Variable Rate - £212 month:

Electricity:
Unit rate - 20.31p per kWh
Standing charge - 23.77p per day

Gas:
Unit rate - 3.98p per kWh
Standing charge - 26.12p per day

Apologies for the lengthy post, I wanted to provide as much information as possible.

Thank you all in advance!

Turn down the temperature of the combi boiler to 50 degrees for water and 55 degrees for heating that will save you some money, £40 or more per year,  even on the standard variable rates. Also turn off everything that you leave in standby mode that could save you quite a lot. The more appliances you turn off at the wall socket the more you'll save, Appliances like the TV, games consoles, DVD player, surround sound systems, stereo's, smart speakers, light for the shower, extractor fans, cooker, microwave, washer and charging leads could cut your bill by £20 per month for electric and £3 per month, on average, for gas.

SPMR

QrizB said:

We'll knoow the new April SVT cap in about four weeks; you might want to wait until then before making a decision!

It's quite unusual to have gas and E7 but I guess you realise this and there's a good reason?

Hi pal, I may have my terminology mixed hence your comment about it being unusual? I assume it's E7 based on the fact I have day and night readings. The actual electricity meter that I have is this one:


Is it not normal practice to have this kind of meter when I use a Combi Boiler for heating and hot water? The meter was present in the house when brought it 6 years ago.

Thanks

Verdigris

Does the night reading (R2) actually change?

SPMR

Verdigris said:

Does the night reading (R2) actually change?

It does yes, one reading for the day rate (R1) and another the night (R2).

Verdigris

I mean does the R2 reading change from day to day? If not, you are not on E7.

SPMR

Verdigris said:

I mean does the R2 reading change from day to day? If not, you are not on E7.

Ah ok, yes it does. Even comparing the meter reads the values on each of the R2 submissions is different.