EDF Two Year fix - good value?

jamei305

EDF's post-April standard variable is 7.344p for gas and 29.24p for electricity.

They are offering me 9.043p and 32.95p fixed until April 2024.

Given that prices are expected to rise again with the October price gap, would you take this deal? It has a £200 exit fee.

EssexHebridean

£200 exit fee?! Wow! Nope, I absolutely wouldn't take that deal! 

MWT

jamei305 said:

EDF's post-April standard variable is 7.344p for gas and 29.24p for electricity.

They are offering me 9.043p and 32.95p fixed until April 2024.

Given that prices are expected to rise again with the October price gap, would you take this deal? It has a £200 exit fee.

Even with the rough estimate of a 20% rise in October, you'd still be below that rate so there is a good chance you'd be paying more than you need to all the way through next winter and possibly beyond...

Nobody knows for sure what will happen to the gas prices though, so it really is down to your risk tolerance, if you can afford to pay the extra each month and consider it insurance against a price rise, maybe, but it really depends upon how much gas you use...

For me that would be a 'no', especially with that exit fee as the exit fee is a good indicator of how keen they think customers will be to ditch that fix in the future...

Loch37408

Came to check on this, will stay put too.

IPWright

I got a recent offer too, but only to Feb 24 with lower rates:

Gas 8.343p
Electricity 30.14p

Same exit fee though

SalMoh

IPWright said:

I got a recent offer too, but only to Feb 24 with lower rates:

Gas 8.343p
Electricity 30.14p

Same exit fee though

What standing charges have you been quoted?

IPWright

SalMoh said:

IPWright said:

I got a recent offer too, but only to Feb 24 with lower rates:

Gas 8.343p
Electricity 30.14p

Same exit fee though

What standing charges have you been quoted?

The standing charges stay the same as their variable:

sebtomato

No fixed deals currently are good value, since they anticipate a sharp increase of prices, which may or may not happen.

QrizB

sebtomato said:

No fixed deals currently are good value, since they anticipate a sharp increase of prices, which may or may not happen.

I would suggest that this is not good advice; there are (or were, before today) a number of loyalty fixed rates on offer that were the same price as, or cheaper than, the forthcoming April cap.

EDF, E.ON Next, Scottish Power all had fair fixed rates.

Shedman

Utility Warehouse also has a good fixed tariff, certainly for Gas only, so long as you don't mind changing your broadband to them and adding a mobile SIM.  They are quoting me 7.432p kWh and 15.813p / day SC fixed to 31st Jan 2023.   The broadband ultra plus 63mb is £27.90 a month and 5gb mobile sim is £12 a month.  Obviously will have early termination fees on existing broadband (and on current mobile plan if you choose to port your number across) but they appear to offer up to £200 towards costs of these early terminations if you take a full bundle (which you can customise to an extent rather than their headline bundle). 

Having crunched the numbers and assuming at least a 20% hike in capped rated in October I am quite tempted as, even allowing for the extra cost of BB over my current deal and the extra cost of the mobile SiM which I don't really need and I wouldn't cancel my current SIM, I reckon I'll be better off over the period to end of Jan 23 (especially as with a 3 week switching period the gas won't go over until nearly the end of the current cap period).  

The downside risk if cap doesn't go up in October is fairly minimal and at least i would have the two highest use months of next winter fixed at better than the April cap which removes some angst should things continue to get worse due to Ukraine-Russia situation.  Be better if they had a longer term fix but don't appear to currently.

Ummm decisions, decisions

Shedman

Blimey yesterday at just after midnight they were offering this 2 year fix at 9.129p / kWh, then 5 mins later that had gone and it was 11.4p and today I see its gone up again to 12.623p !