Confused on whether to fix energy

Minky89_2

Apologies if this sounds dumb - my partner used to deal with all of this but is no longer with me and I'm clueless with this sort of thing so really hope someone can help.

I'm currently with EDF and have been offered a tariff which I'm not sure is worth switching too.  The price /kWh is 52% and 65% more than what I'm paying now for gas and electric respectively on the standard tariff, but the daily charge only increase by 6% and 1.5% respectively.  I've read Martin's advice about when to consider switching, but does this apply to the price /kWh or the standing charge?  I'm also reluctant to be stuck with a £300 exit fee for 2 years.  

Would it be worth fixing do you think or should I just stay on variable?  Thanks in advance.

pochase

Martins advice refers to the total cost of energy.

So you need to calculate the annual cost for the standing charges (365x Gas plus 365 x electricity), your usage for a year (12 months period) by unit rates for gas and for electricity. add the 4 amounts together.

Do this for your current tariff, and for the one you have been offered. 

Now calculate the percentage.

pochase

Here is an example using the average for gas and electricity usage.

Minky89_2

Thank you so much pochase - it's pretty obvious when you see it! I've worked it out to a 37% increase for me so I guess I'm better of fixing?  I'm hoping that at some point the exit fees will be challenged in the future as an unfair or aggressive practice, as it is basically holding a gun to consumers' heads. But then again...

pochase

37% sounds reasonable. Don't forget that you will be paying already now the higher rates, and not from October. 

January is predicted to be a 1-2% increase at the moment, with small drops in April and July.

As I can see you only needed an idea how to go about maybe you want to do a quick calculation for the predicted rates from October.

12.47p for gas and 41.88p for electricity, stick with the standing charges. That does not cater for regional differences in the rate and of course is a guestimate, but it should help you to make a better decision.

Minky89_2

Yes, I've done that and just fixed.  There was no place to enter a discount code that MSE says is available so I'll message them to ask.  Thanks again.

The_Fat_Controller

I think the discount code is available if offered to you directly.

Did you get the code in an email offer to fix ?

Mstty

The above is not true others that were not emailed have managed to use it, however the first 10,000 customers may be the issue now as it will probably have been used up being splashed on the MSE newsletter

sav0

I have just used the code and the discount of £130 has been applied

pochase

Problem was not that the code did not work. @Minky89_2 said she did not see a field to enter the code.