EDF

paulant1803

Would someone kindly work out the percentage difference for me and see whether this is a worthwhile fix. My son will be leaving home this month and this leaves just my wife and I therefore there will be slightly less usage but.......
 

QrizB

In round terms, that's a 23% increase. It looks like quite a good deal compared to other tariffs that have been posted recently.

paulant1803

Thanks QrizB, I suppose the biggest decision is the fact it's a 2 year deal with a £300 exit fee.

The_Fat_Controller

I had the same dilemma.

It would have been a no-brainer if the fix had been for 1 year.

I took it and think those of us who did will probably be winning until October 2023, after that it's all crystal ball territory.

paulant1803

I know, I'm undecided at the moment, hoping they offer a 1 year deal.
They have the best deal it seems but that's a massive penalty if 2023 has an upturn in fortunes.
On the other hand it could end up being a mini saving account!!

MattMattMattUK

paulant1803 said:

I know, I'm undecided at the moment, hoping they offer a 1 year deal.
They have the best deal it seems but that's a massive penalty if 2023 has an upturn in fortunes.
On the other hand it could end up being a mini saving account!!

It is highly unlikely that they are going to, they want the two year lock in for their own security, they might lose money on you over winter 22, but expect to make it back and make a profit in 23/24.

paulant1803

I know, it's a conundrum. They seem to be the only energy firm with such a big lock in!

QrizB

paulant1803 said:

I know, it's a conundrum. They seem to be the only energy firm with such a big lock in!

The £300 exit fee is roughly 15% of your annual bill. So if prices fall by more than 15% it will be worth paying the fee to switch.

brewerdave

Tried several different approaches for my gas only supply from EDF inc. chat and online but only "deal" offered is July 24 2 yr fix which would mean a 46% increase in my gas bill!

Staffordian11

paulant1803 said:

Would someone kindly work out the percentage difference for me and see whether this is a worthwhile fix. My son will be leaving home this month and this leaves just my wife and I therefore there will be slightly less usage but.......
 

Personally, I'd be very happy with that deal. I'm an EDF customer ex Utility Point, and the two year deal offered to me (West Midlands, if it makes much difference) has the same standing charges but unit prices of 40.86 for electricity and 11.111 for gas.

My deal is 41% above my current capped cost, your deal is a mere 24% higher.

Quite why their offers differ so much is beyond me, though very galling!

The_Fat_Controller

@Staffordian11 there were two versions of the May24 fix offered in my EDF account, one was around 24% higher than the SV with exit fees of £300, the other 43% higher with exit fees of £200.

I believe the lower cost option was offered to those of us coming off a fix in the near future.

It's worth keeping on checking !