EDF Energy should I Fix or not

aatmohs

Hello everyone, I need you help with this question about energy deal, Iam with EDF and iam on the( Standard variable) tariff and when i read about we should fix I checked my account and i found this deal ( 101 per month ,1.197 annually until 2024 ).  with 300 early exit fees , Now I pay 153 .. Do you think i should fix ?   
and another question about the term Fix it self ( i want to make sure i understand it will) 

 i will be paying the 101 every month for the next 2 year right? and the amount i pay every month will remain the same and will not change for the next two year . Do i understand this will or not please.

 Note : iam very new in UK and bills system so even if it seem obvious to you please explain because probably i don't know it 

TheMilkmansDad

Few notes on how the billing works.

The £ amount you pay per month is a contribution to he energy you use.
Ensure your bills use actual meter reads submitted.
These bills will give you the amount you need to have paid. If you haven't paid enough you'll be in debt and if you've paid too much you'll be in credit. This will be reviewed periodically by the supplier and you DD may be amended accordingly (either increased/decreased).

When looking at fixes you need to be looking at the usage rather than the £ figures.

Alnat1

The "fix" is for the standing charges and price you are charged for each unit of gas and electricity. The energy company will have given you estimates of how much of each they expect you to use over a year and worked out the DD amount based on this.

If you use considerably more or less than their estimate then the DD amount will change. You will only pay for the amount you use so please don't think you can use as much as you want and it will only cost £101.

pochase

As above.

It also seems you are not very long in your home. So the £101 is completely based on an estimate? What is the price for SVT in the same offer?

If you are paying currently £153 and it reflects your usage, the fixed deal is more likely to be £200 than £100. There is no chance in hell to find a deal that is even remotely the same as SVT, and for sure not 30% cheaper.

aatmohs

pochase said:

As above.

It also seems you are not very long in your home. So the £101 is completely based on an estimate? What is the price for SVT in the same offer?

If you are paying currently £153 and it reflects your usage, the fixed deal is more likely to be £200 than £100. There is no chance in hell to find a deal that is even remotely the same as SVT, and for sure not 30% cheaper.

Hi, thank you for the response, yea iam new in my home just since April . Iam not sure about what you mean about the SVT price in the same offer ? But i will write all the information i have .

SVT :  Electricity tariff 
Unit rate : 28.29p per kwh

Daily standing charge : 48.15p per day

Gas : 
Unit rate 7.444p per kwh

Daily standing charge: 27.22 per day . 

and the estimate unit rate they used on the fix deal is : 39.16p  for Electricity and 11.660p for gas .

Robin9

aatmohs said:

 i will be paying the 101 every month for the next 2 year right? and the amount i pay every month will remain the same and will not change for the next two year . Do i understand this will or not please.

No - it's not all you can eat for £101   - use more and you will pay more; use less pay less.  Edf will review your account every 6 month.

Edf offered me TWO  tariffs yesterday  -  1p different in unit rates .  Neither good value .

aatmohs

Robin9 said:

aatmohs said:

 i will be paying the 101 every month for the next 2 year right? and the amount i pay every month will remain the same and will not change for the next two year . Do i understand this will or not please.

No - it's not all you can eat for £101   - use more and you will pay more; use less pay less.  Edf will review your account every 6 month.

Edf offered me TWO  tariffs yesterday  -  1p different in unit rates .  Neither good value .

Thank you for responding , I understand now the way it goes after a lot of reading here in the website. i now know where to look when i got a deal thank you. I just when i feel like i understand everything about it i get confused when i write new information and all the information get lost again . so i thought better ask first before do any move . 

aatmohs

the above is what iam on now, and the following is the deal

The_Fat_Controller

Paying £153 makes no sense on that estimated annual usage.

Your annual bill would be £902 resulting in a DD of £75.16

Are you in serious areas or a large credit on your account ?

How long have you been in your home, how big is it and what type of heating do you have for the home and water ?

The fix therefore is around 34% above the SVT so the fix will likely be cheaper in year one, year two is guesswork !

That assumes your current balance is near zero AND EDF's estimates of your usage are accurate.

aatmohs

The_Fat_Controller said:

Paying £153 makes no sense on that estimated annual usage.

Your annual bill would be £902 resulting in a DD of £75.16

Are you in serious areas or a large credit on your account ?

How long have you been in your home, how big is it and what type of heating do you have for the home and water ?

The fix therefore is around 34% above the SVT so the fix will likely be cheaper in year one, year two is guesswork !

That assumes your current balance is near zero AND EDF's estimates of your usage are accurate.

Hi, Thank you for responding and for the detail explain it is very useful.

i live there since last April , it is a two bed room flat ,the heating is Gas for both , and i'm in credit with 459 pound.

Alnat1

It will be hard for EDF to make estimates as you haven't lived there long and most of your yearly energy will be used for heating over winter. It's probably a good plan that you're building up some credit now to cover the bigger winter use. If it's a fairly modern, well insulated property, then the estimated use might be quite a good guess.