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

in Energy
8 replies 621 views
AjSaundersAjSaunders Forumite
8 Posts
Seventh Anniversary First Post Combo Breaker
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 :)

Replies

  • victor2victor2 Forumite, Ambassador
    6K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    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.

    I’m a Forum Ambassador and I support the Forum Team on the In My Home MoneySaving, Energy and Techie Stuff boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. 

    All views are my own and not the official line of MoneySavingExpert.

  • AjSaundersAjSaunders Forumite
    8 Posts
    Seventh Anniversary First Post Combo Breaker
    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!
  • MsttyMstty Forumite
    715 Posts
    500 Posts Photogenic Name Dropper
    ✭✭
    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.
    Energy Provider Eon Next v18 2 year fixed ends April 2024 £177.70 per month DD expect this to be sub £150 in the second year of the fix due to our energy usage reduction exercise.
    Energy Used Electricity only. Hoping to get down to 6000 kWh a year 4 bedroom detached house EPC high B Designed not retrofitted ASHP Mitsubishi Ecodan, under floor heating ground floor, radiators 1st floor. Multi-fuel burner in lounge.

    Dyslexia sufferer don't be too harsh if I get things a bit topsy turdy.
  • The_Fat_ControllerThe_Fat_Controller Forumite
    1.4K Posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    ✭✭✭
    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.




  • pochasepochase Forumite
    588 Posts
    500 Posts Name Dropper
    ✭✭
    With Global Thermonuclear War you don't need to worry about energy prices, so you can base your decision on peace.
  • AjSaundersAjSaunders Forumite
    8 Posts
    Seventh Anniversary First Post Combo Breaker
    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.
  • edited 14 May at 9:25PM
    MsttyMstty Forumite
    715 Posts
    500 Posts Photogenic Name Dropper
    ✭✭
    edited 14 May at 9:25PM
    @The_Fat_Controller

    "Shall we play a game?"


    Energy Provider Eon Next v18 2 year fixed ends April 2024 £177.70 per month DD expect this to be sub £150 in the second year of the fix due to our energy usage reduction exercise.
    Energy Used Electricity only. Hoping to get down to 6000 kWh a year 4 bedroom detached house EPC high B Designed not retrofitted ASHP Mitsubishi Ecodan, under floor heating ground floor, radiators 1st floor. Multi-fuel burner in lounge.

    Dyslexia sufferer don't be too harsh if I get things a bit topsy turdy.
  • alixagiusalixagius Forumite
    3 Posts
    First Post
    MoneySaving Newbie
    victor2 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.


    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
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