PAYG tariff

Sammmm07

This has probably come up before and effecting everybody else, but im
new to all this and still can’t get my head around it.

So I had an email from EDF saying my current payg tariff is to end at the end of the month. And to choose a new tariff
either: 

standard variable- electric £953 gas £1169
long term fixed- electric £1332 gas £1827

Those figures they’ve gave me is for what I’m estimated of using now 

just really don’t know what to choose and looking for advice, pros and cons etc

thanks 

Mstty

No one appears to be offering fixed deals in the market right now that make financial sense.

If I was you go with standard variable and have a think about how you can use less energy come October this year as you head into winter and maybe think about what appliances you leave on standby or just use badly in the summer months.

With the high prices per kWh little things do add up to big amounts per year if you start looking at how you use your energy.

brewerdave

Fixed deals generally don't make any sense unless they are very long term - presumably the fix you have been offered  is just one year ??

pochase

The offer for the fixed tariff is 39.8% for electricity and 56.3% for gas more expensive than the SVT they quoted. 

For the SVT there will be another price increase in October, but that would need to be far more than the above percentages  for you to benefit from , as you would need to additionally need to make up for what you are overpaying in the first 5 months now.

So as advised you should do nothing and just go onto the SVT, but be aware that there will be the increase in October.