EDF 2 year fix. Are people taking it?

si_74

MattMattMattUK said:

I can take the offer, but I am not going to as it just about makes sense taking into account low summer usage with higher winter usage through to April 2023. However the fact that it will lock me in until 2024 with hefty exit fees means I am not willing to take a gamble that I am not willing to take as I think it will be significantly over priced for the second year, as well as over priced for the next four months. If it was a one year fix I would have already taken it, but there is a very obvious reason why it is not. 

It all comes down to usage and personal circumstances I think. There isn't a 'one size fits all' answer. 

I am a relatively high energy consumer and I use somewhere around 15-18% of my annual consumption between now and the October price change so I am paying 24% above the price cap until then. But, assuming the forecasts are correct, I will be paying 20% less for my main usage times which is 82-85% of my annual usage. So a no brainer for year 1. Of course this assumes that the October price cap goes the way it is looking, and that fixed rates will get less generous as it approaches...both of which seem logical conclusions. 

Agreed that year 2 gets a bit sketchy, but I have not read anywhere that a large reduction is expected, more a gradual return to (hopeful) normality. If big reductions do happen then, like everyone else, I would be delighted.

wittynamegoeshere

I'm amazed that Ofgem doesn't dictate any reasonable limit on exit fees.  What next - the shirt off your back if you back out?

A £300 exit fee tells me that they think prices are going to fall, so are seeking to either keep you on a higher tariff against your will, or just make a £300 windfall from you.

If it was likely to be a good deal then it wouldn't need such a hefty fee.

MattMattMattUK

wittynamegoeshere said:

I'm amazed that Ofgem doesn't dictate any reasonable limit on exit fees.  What next - the shirt off your back if you back out?

A £300 exit fee tells me that they think prices are going to fall, so are seeking to either keep you on a higher tariff against your will, or just make a £300 windfall from you.

Largely because it is a choice, there is no exit fee on the SVR and there cannot be one, if you choose to take on a fix then you have the choice to evaluate the tariff on offer and make your decision, standing charge, unit rate and any potential exit fees. 

wittynamegoeshere said:

If it was likely to be a good deal then it wouldn't need such a hefty fee.

It also needs to be a two year deal to make it "good" for the supplier. They are probably planning on losing money Oct-22 to Apr-23, but planning on making money between now and October and for the 12 months after Apr-23.

pivo

Mstty said:

OP are you talking about this deal as you mention 30-40% more but a quick look on the ever changing link below which is proving to be excellent suggests there is a better deal now at 24% increase and a code for £100 back on you bill 




In which case this may change the dynamic👍

Has anyone found where that code can be entered? There doesn't appear to be any kind of input box before you get to the "Confirm" page.

Ultrasonic

wittynamegoeshere said:

I'm amazed that Ofgem doesn't dictate any reasonable limit on exit fees.  What next - the shirt off your back if you back out?

I'd only agree if an exit fee were enforced when a contract ended due to someone moving home, but I don't think they generally are? At any other time a customer is basically breaking a long term contract by leaving before the end of the agreed period, so it's not obvious to me why this should be allowed at all, and so where it is I don't see why suppliers shouldn't be able to name their price. Customers can then weigh this up in any decision whether to agree to the contract or not.

brewerdave

pivo said:

Mstty said:

OP are you talking about this deal as you mention 30-40% more but a quick look on the ever changing link below which is proving to be excellent suggests there is a better deal now at 24% increase and a code for £100 back on you bill 




In which case this may change the dynamic👍

Has anyone found where that code can be entered? There doesn't appear to be any kind of input box before you get to the "Confirm" page.

Tried to use that code this a.m on EDF site ,after I failed to get any quotes for gas from BG. The box to enter the code comes up when you choose "change tariff" option . However ,wouldn't accept the code for me -suspect it's only for customers already on dual fuel with EDF..

pivo

brewerdave said:

Tried to use that code this a.m on EDF site ,after I failed to get any quotes for gas from BG. The box to enter the code comes up when you choose "change tariff" option . However ,wouldn't accept the code for me -suspect it's only for customers already on dual fuel with EDF..

I'm already on their dual fuel terms after they took on customers from my previous insolvent provider. Seems they only have the box to enter the code for new customers, which makes it somewhat useless. I used the in-page chat to talk to an agent who didn't know anything about using the code, but who generated an email for me with a "quote". When I opened the link in the email in a new tab it just went to the normal account page to switch tariffs while also ending and resetting the chat...

Carrera74

pivo said:

brewerdave said:

Tried to use that code this a.m on EDF site ,after I failed to get any quotes for gas from BG. The box to enter the code comes up when you choose "change tariff" option . However ,wouldn't accept the code for me -suspect it's only for customers already on dual fuel with EDF..

I'm already on their dual fuel terms after they took on customers from my previous insolvent provider. Seems they only have the box to enter the code for new customers, which makes it somewhat useless. I used the in-page chat to talk to an agent who didn't know anything about using the code, but who generated an email for me with a "quote". When I opened the link in the email in a new tab it just went to the normal account page to switch tariffs while also ending and resetting the chat...

If you have the app and go to your tariff then scroll down to 'choose tariff' it takes you to their website and your offers.  If you scroll down the option to add the code is there.  It's new, I only saw it for the first time a few days ago and after I'd already signed up to the 2 year fixed deal for Mayv3

QrizB

pivo said:

Mstty said:

OP are you talking about this deal as you mention 30-40% more but a quick look on the ever changing link below which is proving to be excellent suggests there is a better deal now at 24% increase and a code for £100 back on you bill



In which case this may change the dynamic👍

Has anyone found where that code can be entered? There doesn't appear to be any kind of input box before you get to the "Confirm" page.

The MSE site has been updated today and has removed any mention of the £100 bill credit. You might have missed the offer.

longjohnjohnson

Mstty said:

I'm just analysing from a personal view point and information I have to hand👍 

As for Russia my view is at the start it wasn't going well and now he has saved face delivering his plan. If you have another view and definition of what has happened and saving face that's up to you and I certainly won't pull you up on it in a rude fashion. 

Have a good day👍

He hasn't delivered his plan, at best he can back peddle and claim this was his plan all along, but it wasn't.  He wanted all of Ukraine.

The bigger problem that Russia screwing with the supply is the EUs desire to cut back on Russian energy imports.  Russia doesn't really have the facilities to provide anything close to its current fuel supplies via sea and likely won't for a long time (if it will at all.)  That's fuel that just isn't going to be on the market at all, and other countries are generally struggling to fill the void (at least with gas.)

So unless the EU capitulates and goes back to getting high off Russian gas, I can't see prices dropping any time soon.