What rates are you being offered by your provider at the moment?

Mstty

The_Groat_Counter said:

EDF's two year fix with a £300 early exit fee

This is shown in the table in the latest MSE email dated 8 June 2022.

As an existing customer, I am eligible for this tariff which is an average of 24% more than the current (summer 2022) price cap.

Given the predicted price rise of 42 - 46% for this coming winter, I'd jump at it if it was a one-year fix. But of course it's a two-year fix (until May 2024), and comes with a hefty £300 early exit fee - so basically this is crystal-ball gazing into what the energy market might look like in the winter of 2023-24.

I'm still tempted, but I'm in a quandary as to whether it's a smart move or not. I'm sure there are many others with the same dilemma. Otherwise I'll be considering the Ovo Energy one-year fix - average of 38% more than current cap, with a £60 exit fee.

It would probably drive me nuts trying to work out the next 2 years and I might even have to ask mystic meg.

You will certainly be better off in year one overall but year 2 is ........pffft?

billyboy

Hi Regarding EDF 24% higher to fix than price cap. My rates quoted are 9.629/Kwh Gas and 33.62/ Kwh Electric with same standing charge as price cap. Rates for Gas with cap is 7.226 and Electric 27.09. I work this out as 24% increase for Electric but 33% increase for Gas as compared to your quoted 24% increase ( for both?_

The_Groat_Counter

Mstty said:

[...]

Yep pretty clear if you move it's a new tariff. Gone are the days of moving then transferring supply to your previous supplier to continue a fixed deal.

One quick point re EDF - whilst in my earlier post above I said I was an EDF customer, I'm actually a former customer as I've recently moved (and so I have a new supplier at my new address, which is not EDF). Of course I told EDF that I was moving and gave them a final reading, and have settled my final bill with them for the old address.

However, if I log into my EDF account I can still click on a 'Tell us you're moving' link - the next page makes clear that they know I've moved out of my old address, but it then gives me the option to look at tariffs for my new address (the date you specify for moving in cannot be more than a couple of weeks into the future).

Using this system, it appears that I can access tariffs EDF make available to existing customers.

Zoobzi37

I've just got the email from Martin about so called fixes costing over a third more than I'm already paying. 
Is this indecipherable drivel for real?
I can't make any sense of what's being recommended. Yes I have a memory problem so can get confused. But come on. Either you disregard my disability rights by coming out with a pile of convoluted nonsense or it's just nonsense.
What are you talking about Martin. 

brewerdave

billyboy said:

Hi Regarding EDF 24% higher to fix than price cap. My rates quoted are 9.629/Kwh Gas and 33.62/ Kwh Electric with same standing charge as price cap. Rates for Gas with cap is 7.226 and Electric 27.09. I work this out as 24% increase for Electric but 33% increase for Gas as compared to your quoted 24% increase ( for both?_

Even worse for me with gas only from EDF - June 24 2 year fix showing gas at 11.153p/kwh -just done the sums and that would be ~ 46% increase. Decisions ,decisions....

Mstty

Zoobzi37 said:

I've just got the email from Martin about so called fixes costing over a third more than I'm already paying. 
Is this indecipherable drivel for real?
I can't make any sense of what's being recommended. Yes I have a memory problem so can get confused. But come on. Either you disregard my disability rights by coming out with a pile of convoluted nonsense or it's just nonsense.
What are you talking about Martin. 

By all accounts 42-46% increase come October 1st. It appears not to be drivel just the true cost of energy.

So any fix around the 30% mark is being advised as good to go for by MSE.

sarak33

I’m currently paying £111 per month and OVO have offered me a years fixed for £127.

I don’t really know how to figure out what the percentage is that Martin talks about? Or if it’s worth it? Help please! 

Current rates:

electric 
unit rate: 29.58 p/kwh

standing: 47.58p p/day

Gas
Unit rate: 7.34 p/khw
standing: 27.77p p/day

New offer:

Electric
unit rate: 35.79 p/kwh

standing: 54.10p p/day

Gas
Unit rate: 9.82 p/khw
standing: 27.52p p/day

bluesteve

With my fixed rate deal coming to an end I contacted EON Next by email on 31/05/2022  enquirying about new tariffs. The same day  by email I was offered a 24month loyalty deal by EON Next. As its cheaper than the currect fixed rate deal offered by Eon Next I Contacted them today to take up the deal and was informed  an error had been made as it  was a restricted deal not available to my account.  I am of the opinion that if the deal was offered in writing like an email its a genuine clear offer  which then has to be honoured, or am I wrong

stuarta99

I took out the EDF May deal with the £300 exit fee. Worked out that with the increase now, the 46% in October, 1% in Jan and maybe 10% drop in April I'll break even in July roughly.

Although by that time we would be 12months in, and it would need to drop by more than £30/month to make paying the exit fee worthwhile. Although we would probably be used to paying that price by that point so might as well continue and just be in credit for when the renewal time comes around.

si_74

I was looking at the EDF May 24 deal a couple of weeks ago, but couldn't quite make my mind up. The MSE email caused me to look at it again and I have now gone with it. My logic is that the extra we pay over the summer when usage is naturally lower will be more than offset by the rate being fixed over the winter.

It is true that the exit fees at £300 for dual fuel are hefty, but the energy outlook is not looking positive, and if things do drastically improve then I would be prepared to pay this if needed.