EDF - fixed deal until 2024, £100 less than 75% estimate

NorthantsPete81

So martins money tips video says 'Fix if its less than 75% of current cap'

Im currently on Gas only, Welcome Standard variable (current cap)

Ive done the maths, currently estimate £1361, +75% is  £2381

My fixed quote for gas, until  2024  is £2262  (£120 cheaper)

Should i go fix this?

QrizB

What are the rates, the price per kWh and the daily standing charge?

Janie2008

You definitely need to check the rates. EDFs fixed rates were increased last Friday and would cost you a lot more unless you have been offered something different. I'm also with EDF and the current offers for me are very expensive.

NorthantsPete81

Gas

17,337kWh Your estimated annual gas use is 17,337 kilowatt hours.

x
To work out the cost of this energy, we multiplied it by the tariff's unit rates. Unit rate ?

12.473p Gas unit rate: 12.473 pence

+
Daily standing charge We then added your daily standing charges for the year. ?

365 days at 27.22p Gas standing charge: 27.22 pence per day

=
Your estimated annual gas cost This calculation tells us your estimated annual gas cost is Your estimated annual gas cost ?

£2,261.77

Current tariff

End date

None

Unit rate

Gas: 7.282p per kWhGas unit rate: 7.282 pence per kilowatt hour

Daily standing charge Gas: 27.22p per day

NorthantsPete81

So, standing charge same

Unit price, up.  75% up is 12.74ppu, theyre offerig me 12.47 so difference of 0.3ish per unit, or 1p per 3 units

QrizB

NorthantsPete81 said:

So, standing charge same

Unit price, up.  75% up is 12.74ppu, theyre offerig me 12.47 so difference of 0.3ish per unit, or 1p per 3 units

I think Martin's "75%" is as an increase on the current capped tariff of about 4p/kWh, not the April cap.

Janie2008

I'm not sure you are understanding this correctly. The standard variable rate from April is 7.282 per kw. This is not the current standard variable rate which is around 4 kw. The fix  is 12.473 per kw so very very expensive. The confusion might be EDF are quoting April's figures early. Do not take this under any circumstances.

Janie2008

There is an information box when you log in to your account which explains it all, in particular the quoted standard variable is the new one for April.

QrizB

NorthantsPete81 said:

Gas

17,337kWh Your estimated annual gas use is 17,337 kilowatt hours.

...

£2,261.77

Based on your estimated annual consumption of 17337kWh:

• Current cap (ends in 3 weeks)  - £800/yr, £67/month
• New cap (Apr-Oct) - £1375/yr, £115/month
• Fixed rate offer - £2262/yr, £188/month

Between now and October you will be much better off if you stick to the cap.

In October, you'll *still* be better off even with a 60% increase - and no-one is currently predicting or planning for that.