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

alixagius

Hello all,

My fixed deal comes to an end June 30th. Reading through this it looks like the best option was to run onto a variable tarriff, but this was before the October price cap warning and also the £400 announced today. Really need some help with explaining / what is the best option for me and others with these options.

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)

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

Mstty

I would give that some serious consideration with the caveat the energy market is a gamble right now. The good thing is you know you have some help whether you stick or twist.

The_Fat_Controller

A "back of the fag packet" calculation assuming only one rise in October gives the following for you coming off a fix in June and for the following 9 months to the end of March 2023.

If the overall October rise is less than 35%, staying on the SV wins.

If the rise is 40% the fix wins but only by £51.

If there is a January rise too, fix will win by more.

What happens to prices for the remaining 14 months until May 24 is crystal ball territory.

I have taken the option to move to May24v4 but may yet cancel and take a chance with the SV, especially as the exit fee is £300.

Do remember you have 14 days to change your mind.

alixagius

The_Fat_Controller said:

A "back of the fag packet" calculation assuming only one rise in October gives the following for you coming off a fix in June and for the following 9 months to the end of March 2023.

If the overall October rise is less than 35%, staying on the SV wins.

If the rise is 40% the fix wins but only by £51.

If there is a January rise too, fix will win by more.

What happens to prices for the remaining 14 months until May 24 is crystal ball territory.

I have taken the option to move to May24v4 but may yet cancel and take a chance with the SV, especially as the exit fee is £300.

Do remember you have 14 days to change your mind.

I’m also the same. I’ve taken the fix but seriously considering cancelling it to go onto the SV. Like you say after January nobody can predict the future. Such a bad situation with the £300 exit fee. A gamble either way. Thanks for your response. Need a few days to have a good think and make a decision.

stuarta99

Interesting that you guys have taken it but thinking of cancelling.  I'm trying to decide for myself and my parents and worked out that April is the sweet spot between which wins based on current assumptions.  But it's just assumptions although my wife has taken the view that if they do suddenly drop, she would rather take the single £300 hit to get out than the risk of unknown monthlies.

Also thinking it's going to take longer to come down than it has to go up?

brewerdave

Just looked for possible EDF gas fixes this a.m .The May 24 v4 fix has been replaced by a June 24 version with a lower p/kwh rate .Would "save" me ~ £130 vs the May tariff - but still ~ £540 py more than current capped rate, 45% premium 

QrizB

brewerdave said:

Just looked for possible EDF gas fixes this a.m .The May 24 v4 fix has been replaced by a June 24 version with a lower p/kwh rate .Would "save" me ~ £130 vs the May tariff - but still ~ £540 py more than current capped rate, 45% premium 

That's a different fix to this one, then? 9.744p/kWh is only a ~30% premium to the current cap?

(I found that when I was gas-only with EDF the dual-fuel offers were a lot keener, even when they had the same name.)

brewerdave

QrizB said:

brewerdave said:

Just looked for possible EDF gas fixes this a.m .The May 24 v4 fix has been replaced by a June 24 version with a lower p/kwh rate .Would "save" me ~ £130 vs the May tariff - but still ~ £540 py more than current capped rate, 45% premium 

That's a different fix to this one, then? 9.744p/kWh is only a ~30% premium to the current cap?

(I found that when I was gas-only with EDF the dual-fuel offers were a lot keener, even when they had the same name.)

I was being "offered" 12.033p on May 24 fix; June 24 fix is ~ 11.1p - when I try to get a quote for dual fuel EDF are no better than that ? Wonder if it's a regional thing -I'm in S.Wales.

EDIT - Tried again online - gas rate stays the same even when getting dual fuel quote -11.153p /kwh

stuarta99

I'm still showing the May and June but June is a higher unit rate