Looking at EDF Fixed but unsure of capped rates from April 22

Staffordian11

I am contemplating swapping from the EDF capped rate (as an ex Utility Point customer) to the EDF fixed tariff until 29 Feb 2024.

I know my annual usage so can calculate to likely cost of this tariff from now until it finishes.

What I'm less clear about is what EDF's capped rates from April 2022 are going to be so as to get a base figure to compare the fixed rate tariff to.

This is what I am currently assuming...

Elec standing charge 48.1p per day
Elec cost per kWh 27.87p
Gas standing charge 27.2p per day
Gas cost per kWh 7.48p

Can anyone sense check these for me to see if I'm reasonably close?

If they are about right then for me, the fixed rate tariff becomes the best option if the October 2022 and any subsequent changes put up the capped prices by around 20%*, which seems a reasonable assumption in my book, though knowing my luck, they might well fall

* I've not modelled individual rises in Oct 22, Apr 23 or Oct 23 as it's imossible to forecast them, and we may well get three monthly changes anyway. I've just modelled one rise in units used between Oct 22 and Feb 24.

Thanks for any insight!

Curiousgirl1

No one knows what the prices are going to be yet. I take it you took this from the ML post. Don’t think energy companies will release the actual figures until end Feb, beginning of March by which time that tariff may have been withdrawn. 

Staffordian11

Curiousgirl1 said:

No one knows what the prices are going to be yet. I take it you took this from the ML post. Don’t think energy companies will release the actual figures until end Feb, beginning of March by which time that tariff may have been withdrawn. 

Thanks Curiousgirl1. That sums up my dilemma.  So much uncertainty.

If I was confident my assumptions as to April's capped rates were somewhere in the ballpark I'd give the fixed rate serious consideration as I can't see any fixed rate lasting long.

But on the other hand, the next fix might be cheaper. I'm almost certain the fix they are offering today is a bit less than the one they offered a few days ago.

wild666

The gas SC looks on par with the new increases for April with the gas kWh price just over and the electric SC about 5p over the cap and the kWh rates just under for electric from what I have read online. But I would wait until more concrete proof of rates are available

QrizB

Staffordian11 said:

What I'm less clear about is what EDF's capped rates from April 2022 are going to be so as to get a base figure to compare the fixed rate tariff to.
This is what I am currently assuming...

No-one knows EDF's capped rates although we're all assuming they will be close to the cap. Ther cap itself varies quite a bit by region; you'll find a table with my calculations at the link in my signature.

Staffordian11

QrizB said:

Staffordian11 said:

What I'm less clear about is what EDF's capped rates from April 2022 are going to be so as to get a base figure to compare the fixed rate tariff to.
This is what I am currently assuming...

No-one knows EDF's capped rates although we're all assuming they will be close to the cap. Ther cap itself varies quite a bit by region; you'll find a table with my calculations at the link in my signature.

Thanks, and yes, I used your figures for my region, the Midlands. I just wondered if anyone had a feel, based on previous caps, how close to this EDF tend to be.

But I think given the huge difference in gas unit price between the fix and the current cap, and gas usage in the next couple of months will be the biggest factor in my bill, I'll stick with the variable tariff until things are clearer and weigh up my options in a month or two.

bristolleedsfan

Staffordian11 said:

QrizB said:

Staffordian11 said:

What I'm less clear about is what EDF's capped rates from April 2022 are going to be so as to get a base figure to compare the fixed rate tariff to.
This is what I am currently assuming...

No-one knows EDF's capped rates although we're all assuming they will be close to the cap. Ther cap itself varies quite a bit by region; you'll find a table with my calculations at the link in my signature.

. I just wondered if anyone had a feel, based on previous caps, how close to this EDF tend to be.

EDF have always priced its SVR to the benchmark capped rates

Curiousgirl1

Staffordian11 said:

Curiousgirl1 said:

No one knows what the prices are going to be yet. I take it you took this from the ML post. Don’t think energy companies will release the actual figures until end Feb, beginning of March by which time that tariff may have been withdrawn. 

Thanks Curiousgirl1. That sums up my dilemma.  So much uncertainty.

If I was confident my assumptions as to April's capped rates were somewhere in the ballpark I'd give the fixed rate serious consideration as I can't see any fixed rate lasting long.

But on the other hand, the next fix might be cheaper. I'm almost certain the fix they are offering today is a bit less than the one they offered a few days ago.

You could be right about being cheaper now. I looked at my son’s account prior to the announcement & the long term fix was £201 p/m - currently pays £85 - however when I checked again after it had gone down to £188 p/m 

Coffeekup

Im hoping fixed deals will drop quite a bit from the cap due to hundreds of thousands of customers being on a SVR with no exit fees looking to fix. I'm thinking the big 6 will get most of these new customers, ones who have been burnt from companies going under may want some stability also the gig 6 will be competing for the custom to recoup their losses with as many new people as possible.