EDF Existing Customer Offer. Fix Total Service May24v4 - Should I take it over variable?

AjSaunders

Hi All,

My existing dual fuel fixed deal comes to an end on June 1st and EDF have given me an option to fix, and would appreciate your thoughts.

The variable rate they have is

Elec Unit / S-Chrg  / Gas Unit/ S-Chrg

27.836

49.644

7.335

27.216

Offer: Fix Total Service May 24v4 (£150 early exit for each fuel so £300 total if a Greeeeat deal comes up later)

Elec Unit /

S-Chrg

/ Gas Unit/ S-Chrg

34.85

49.65

9.692

27.22

I roughly calculate this as a 25% increase over variable for electric, and 32% increase over gas. I remember seeing that if you get a deal around the 25% mark or lower it would be a good bet. But now unsure because the gas is higher. 
I have signed up for the fix, but within my 14 cooling off period.....just wondering what your thought are?
Thanks in advance

victor2

AjSaunders said:

Hi All,

My existing dual fuel fixed deal comes to an end on June 1st and EDF have given me an option to fix, and would appreciate your thoughts.

The variable rate they have is

Elec Unit /

S-Chrg

/ Gas Unit/

S-Chrg

27.836

49.644

7.335

27.216

Offer: Fix Total Service May 24v4 (£150 early exit for each fuel so £300 total if a Greeeeat deal comes up later)

Elec Unit /

S-Chrg

/ Gas Unit/ S-Chrg

34.85

49.65

9.692

27.22

I roughly calculate this as a 25% increase over variable for electric, and 32% increase over gas. I remember seeing that if you get a deal around the 25% mark or lower it would be a good bet. But now unsure because the gas is higher. 
I have signed up for the fix, but within my 14 cooling off period.....just wondering what your thought are?
Thanks in advance

Calculate the annual cost using your actual 12 month usage in kWh. Don't use the estimated annual figures on your statements, for some reason they don't often reflect reality. Work out the figures from your readings, so long as they haven't been estimated.

That will give you an annual cost. Compare that to the annual cost on their standard variable tariff as it stands now. Then comes the tricky bit! Try to work out what an increase of say 25% to the variable rate would cost you from October to May next year (ignoring the adjustment the following April).

With a £300 exit fee, there would have to be a significant saving to make the gamble worthwhile.

Then Ofgem may even change their rules and go for shorter periods than 6 months between adjustments. The big advantage of a fix is that you know what rates you'll be paying during the contract, and in the past they have invariably saved people money, but there's no guarantee that will be the case now.

AjSaunders

Many thanks for that Victor, very useful.
I have calculated my previous 12 months usage from Jan21 - Jan 22, and presuming i use the exact same amounts for gas&elec (doubtful), the totals including usage standing charges and vat are:

On Variable:
Elec (5210): £1631
Gas(17126): £1355.53

EDF May24v4 Fix
Elec (5210): £1996
Gas(17126): £1659

If everything was to increase by 25% in Oct (i know gas may well be higher) and I have only factored a total monetary increase as standing charges may not rise by the same, I calculate this to be:

Potential 25% increase on Variable:
Elec (5210): £2038
Gas(17126): £1693

I dont think there is enough in it to warrant taking the fix after all unless it was likely it would increase again in Aprill.....who knows!

Mstty

They are very high kWh figures for electricity and gas.

Maybe you should look to reduce energy usage as well as an exercise. If you can👍

That deal is right on the edge of maybe breaking even but with your high usage of electricity it probably tips it back to being a bad deal.

The_Fat_Controller

I have been guided to that new offer by EDF even though my current fix doesn't end until 30 June this year and that new fix would be 23% above the SV rates for my usage.

Unfortunately my crystal ball cannot give me predications for energy prices until the end of May 2024.

With a recession coming, a toss-up between peace and Global Thermonuclear War who knows which way it will go.

pochase

With Global Thermonuclear War you don't need to worry about energy prices, so you can base your decision on peace.

AjSaunders

Me too fat controller....i made a mistake, my deal is up 30 June also.....
I have signed up, but now thinking of cancelling and rolling the dice on variable rate.

Mstty

@The_Fat_Controller

"Shall we play a game?"

alixagius

victor2 said:

AjSaunders said:

Hi All,

My existing dual fuel fixed deal comes to an end on June 1st and EDF have given me an option to fix, and would appreciate your thoughts.

The variable rate they have is

Elec Unit /

S-Chrg

/ Gas Unit/

S-Chrg

27.836

49.644

7.335

27.216

Offer: Fix Total Service May 24v4 (£150 early exit for each fuel so £300 total if a Greeeeat deal comes up later)

Elec Unit /

S-Chrg

/ Gas Unit/ S-Chrg

34.85

49.65

9.692

27.22

I roughly calculate this as a 25% increase over variable for electric, and 32% increase over gas. I remember seeing that if you get a deal around the 25% mark or lower it would be a good bet. But now unsure because the gas is higher. 
I have signed up for the fix, but within my 14 cooling off period.....just wondering what your thought are?
Thanks in advance

Calculate the annual cost using your actual 12 month usage in kWh. Don't use the estimated annual figures on your statements, for some reason they don't often reflect reality. Work out the figures from your readings, so long as they haven't been estimated.

That will give you an annual cost. Compare that to the annual cost on their standard variable tariff as it stands now. Then comes the tricky bit! Try to work out what an increase of say 25% to the variable rate would cost you from October to May next year (ignoring the adjustment the following April).

With a £300 exit fee, there would have to be a significant saving to make the gamble worthwhile.

Then Ofgem may even change their rules and go for shorter periods than 6 months between adjustments. The big advantage of a fix is that you know what rates you'll be paying during the contract, and in the past they have invariably saved people money, but there's no guarantee that will be the case now.

AjSaunders said:

Hi All,

My existing dual fuel fixed deal comes to an end on June 1st and EDF have given me an option to fix, and would appreciate your thoughts.

The variable rate they have is

Elec Unit /

S-Chrg

/ Gas Unit/

S-Chrg

27.836

49.644

7.335

27.216

Offer: Fix Total Service May 24v4 (£150 early exit for each fuel so £300 total if a Greeeeat deal comes up later)

Elec Unit /

S-Chrg

/ Gas Unit/ S-Chrg

34.85

49.65

9.692

27.22

I roughly calculate this as a 25% increase over variable for electric, and 32% increase over gas. I remember seeing that if you get a deal around the 25% mark or lower it would be a good bet. But now unsure because the gas is higher. 
I have signed up for the fix, but within my 14 cooling off period.....just wondering what your thought are?
Thanks in advance

Hello all,

My fixed deal also comes to an end in June with similar figures to the above. Reading through this it looks like the best option was to run onto a variable tarriff, but this was before the October price cap estimate.

The variable rate they have is

Elec Unit /

S-Chrg

/ Gas Unit/

S-Chrg

27.836

48.53

7.335

27.216

Offer: Fix Total Service May 24v4 (£150 early exit for each fuel so £300 total if a Greeeeat deal comes up later)

Elec Unit /

S-Chrg

/ Gas Unit/ S-Chrg

33.69

48.53

9.705

27.22

I have currently been paying £74/pm and now bill has risen to £164/pm on fixed or £134/pm on variable

My actual use for the last 12 months is:

Elec (2258)
Gas(11281)

Any help would be greatly appreciated as I am unsure what to do

Thanks in advance

OGP

In the light of the latest Government help on energy bills, should we now cancel a Fix Total Service May24v4 contract or leave it in place?

Astria

OGP said:

In the light of the latest Government help on energy bills, should we now cancel a Fix Total Service May24v4 contract or leave it in place?

Personally I would leave it in place until you are notified of the new tariff, then make a decision.

If you are already paying above the current SVT and can leave without penalty, then you could start paying less now.