not sure if fixing with edf is the right thing to do?

whyisnamealwaysunavailable

Hi, newbie and not very clued up on energy prices etc but I'm with EDF paying £281 per month for gas and electricity and they are offering a fixed deal for £391 to 2024.  Obviously dont want to pay more than i have to... is this a good deal or not?!  Help.... 

pochase

Welcome to the forum.

You are only giving the numbers what you are paying and might be paying, but have you checked that this is correct for your usage? Energy suppliers tend to give quotes using estimates that have nothing to do with reality.

Just looking at the amounts this would be 40% more expensive than the current SVT. 

You need to consider now what you will pay more the next 3 month, what you will pay less October to April than the new SVT, when the cap is predicted to start to come down slowly. 

Nobody know what is going to happen the next 12 months thereafter while you are still bound to EDF, or you need to pay there exit fee, which is likely £200 to £300?

What is your usage over 12 months, the exit fee and the unit rates that  have been offered?

jrawle

Is this the June24 fix? I have been offered this (I only take gas from EDF) but have pretty much decided not to take it. If it was a 12 month fix, I probably would, especially as the period up to October when I'm missing out on the cheaper SVT is when I don't use much gas, but 23 months is just too far ahead and would cover the following winter, when prices may be lower (and they only have to be slightly lower to lose out).

If you do decide to go for it, there is a code you may be able to use to get £130 cashback. I'm not sure posting codes is allowed here, but it's on Martin's page:

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

another_casualty

Glad I found this post ..
FWW, I am an existing edf customer , and both of my tariffs for electricity and gas expire end July . 

Over the las couple of days, I looked to see about the ' special deals for existing customers' and for me they don't exist. 

I actually managed to do a live char with an adviser , who sent me links to fixed tariffs which I know about already . 

In my situation , I will just go on the standard  variable which will be cheaper initially.
Maybe there might be a deal in July . Who knows? 

For me it seems madness to sign up to the tariffs offered , which are a lot more than the variable rate ( at the moment ) 

QrizB

another_casualty said:

For me it seems madness to sign up to the tariffs offered , which are a lot more than the variable rate ( at the moment )

Depending on exactly how much energy you use, and when in the year you use it, it could work out cheaper over the next 12 months to take a higher fix today rather than an even-higher variable rate in October.

But relatively few people bother to do the calculations.

pochase

One of the biggest problem is that hardly anybody can say what they are using in July, August and September. It is already good when people know their real usage over a 1 2months period.

If you don't know your usage for this three month it is impossible to calculate you much the three month not being on SVT will cost you.

Especially now that the fixed tariffs offered go near or even over the 40% increase mark every penny counts.

sav0

you can get £130 off this tariff by using code SVTJUN22OFFER so that should  compensate for the difference from the SVT for july/aug/sept

jrawle

Well I did the calculations based on the Cornwall Insight predicted prices, but the trouble is that's only good for the next year, not for 2023-4. Summer usage until October is fairly easy to calculate as it's pretty constant (hot water plus hob usage). It would just about be worthwhile to take a 1 year fix at the rate EDF proposes, but only if I could get the £130 cashback. So it really is marginal.

British Gas's loyalty (1 year) offer is better, but they won't allow me to move my gas to them on that tariff, despite me being an electricity customer.

Schnozcumber84

Has anyone tried to switch tariff on EDF yet? I tried last night and there is nowhere to enter the code to get £130 off. On the MSE article it mentions that it works for the total service fixed tariff, EDF confirmed (after many Web chats!) That it is just for the standard variable. Tried to use it on there, still no offer code box... any help appreciated!

whyisnamealwaysunavailable

Hi... many thanks for all the replies!  I have looked at the actual figures... my current tariff/unit rate is Gas 7.36 - if I fix to June 2024 it goes up to  11.559, an increase of 57%.  Electricity is currently 29.58 - if i fix to june 2024 it goes up to 41.53, an increase of 40%.  So, if the guide is to fix if you are below 40% is a bit tricky as Gas is over and Electricity is on the nose... Also, this is a fix to 2024 but the costs may reduce april 23 according to the albeit weak predictions?  kinda thinking of hanging on rather than tie in for 2years?  What do you guys think??

brickwall001

whyisnamealwaysunavailable said:

Hi... many thanks for all the replies!  I have looked at the actual figures... my current tariff/unit rate is Gas 7.36 - if I fix to June 2024 it goes up to  11.559, an increase of 57%.  Electricity is currently 29.58 - if i fix to june 2024 it goes up to 41.53, an increase of 40%.  So, if the guide is to fix if you are below 40% is a bit tricky as Gas is over and Electricity is on the nose... Also, this is a fix to 2024 but the costs may reduce april 23 according to the albeit weak predictions?  kinda thinking of hanging on rather than tie in for 2years?  What do you guys think??

Theres no right answer, its all a gamble at the moment. you'll be good for next year thats for sure, but unsure about 2024. take it if your willing to pay the £200 exit fee should price cap levels fall below your fix rate.