What option would you take?

Cscott139

I currently have gas and electric through EDF on a fixed tariff that ends in June. My set payment is approx. £140 pm at the minute although I'm paying £200 to build up a bit of credit.

I have 2 options that I can see, I can go onto the variable tariff and they estimate my bills to be £293 per month or I can go onto a 2 year fixed tariff where they estimate my bills at £366. Looks like the variable will go up again in October so I'm edging towards the fix but 2 years seems a long time if things do come back down again..

Gerry1

How long is a piece of string?

Without knowing the your actual consumption, kWh rates, standing charges and exit fees it's impossible to advise.

Even then it's still a gamble because nobody knows what the cap will be in October, let alone in 2024.

Ultrasonic

If you are considering a fix then also look at fixed tariffs from other suppliers rather than only at EDF's. 

Do you know your approximate annual use of electricity and gas in kWh? If you do then comparison websites like this site's Cheap Energy Club will let you compare are least some other fixed tariff options.

https://clubs.moneysavingexpert.com/cheapenergyclub

As to whether the standard variable tariff that will adjust with the energy price cap may work out cheaper or not is impossible to say I'm afraid.