Have I misunderstood the price cap? My new standard tariff is £2812.50!?

diystarter7

victor2 said:

Maybe the annual cost approach is just not going to work. After all, how many people know how much per year it will cost to put fuel in their car? They may well have an idea what sort of mpg they can get, but buy fuel in litres, not gallons.
Is pence per kWh and no standing charge going to be impossible to accept?

There are of course more alternatives to using a car than there are to using electricity, but the energy system needs a major overhaul, in my opinion.

I've posted re petrol/diesel and how easy it is to understand.

Re gas/elc a simple price per unit per plan and standing charge daily rate would make to massively easier to understand.
However, its not in the interest of the suppliers to do this nor OFGEM otherwise they would have done that.

Please see my previous post for more

funny.money

prowla said:

If you think about it, they didn't say that your bill will be £1971 max, regardless of how much you use.

Oh yes,  I totally agree. 

funny.money

frugalmacdugal said:

Hi,

did you use your own annual usage figures when comparing, or just go for Mr Average, always best to use your own.

Well this is my point really,  I didn't use any figures.  At the time Martin's advice was that 24% above the cap was a good deal to take.  I'm not going against the advice or anything,  as I've said I'm a number one fan.  But at no point did it then say  - this is a good deal,  but before you take it you need spread sheets,  your usage,  your prices, do some number crunching THEN see if it's a good deal.  

funny.money

Mstty said:

funny.money said:

I have another thought on the price cap, fixed tariffs and understanding what to do.  I'm firmly in the 'if Martin says it's ok then it's ok' camp. So when EDF had a fixed deal,  at 24% above the current cap,  I took it.  However,  after becoming quite addicted to this energy forum, I began to read threads about usage,  that maybe staying on the variable might be better,  pages of people's figures for comparison, asking whether it's the right thing or not.  It's baffling to me,  my cooling off period has passed.  But should I have put more thought and 'figures' into it before just signing up?

Did you get a good deal = yes

Should you have your own spreadsheet of usage and prices = yes

When your deal is up will you be ready then = now you will👍

Thank you,  yes I'll be better prepared and asking for advice!

si_74

funny.money said:

I have another thought on the price cap, fixed tariffs and understanding what to do.  I'm firmly in the 'if Martin says it's ok then it's ok' camp. So when EDF had a fixed deal,  at 24% above the current cap,  I took it.  However,  after becoming quite addicted to this energy forum, I began to read threads about usage,  that maybe staying on the variable might be better,  pages of people's figures for comparison, asking whether it's the right thing or not.  It's baffling to me,  my cooling off period has passed.  But should I have put more thought and 'figures' into it before just signing up?

Like you I took the EDF deal at 24% above the current cap. Like you I too have become quite addicted to this forum. 

However there is nothing that I have seen in here that makes me think taking the fixing decision last month was a hasty decision, I have become more and more comfortable it and would definitely make the same decision again.

It is true that year 2 is difficult to predict, but knowing what my maximum rate is has allowed me to plan and if prices do drop considerably in year 2 then I'll be as delighted as everyone else.

Mstty

si_74 said:

funny.money said:

I have another thought on the price cap, fixed tariffs and understanding what to do.  I'm firmly in the 'if Martin says it's ok then it's ok' camp. So when EDF had a fixed deal,  at 24% above the current cap,  I took it.  However,  after becoming quite addicted to this energy forum, I began to read threads about usage,  that maybe staying on the variable might be better,  pages of people's figures for comparison, asking whether it's the right thing or not.  It's baffling to me,  my cooling off period has passed.  But should I have put more thought and 'figures' into it before just signing up?

Like you I took the EDF deal at 24% above the current cap. Like you I too have become quite addicted to this forum. 

However there is nothing that I have seen in here that makes me think taking the fixing decision last month was a hasty decision, I have become more and more comfortable it and would definitely make the same decision again.

It is true that year 2 is difficult to predict, but knowing what my maximum rate is has allowed me to plan and if prices do drop considerably in year 2 then I'll be as delighted as everyone else.

Al well as the fact it's only really a 21 month deal if you want it to be as correct me if I am wrong you can initiate a switch or change within the last 90 days of the contract?

si_74

Mstty said:

si_74 said:

funny.money said:

I have another thought on the price cap, fixed tariffs and understanding what to do.  I'm firmly in the 'if Martin says it's ok then it's ok' camp. So when EDF had a fixed deal,  at 24% above the current cap,  I took it.  However,  after becoming quite addicted to this energy forum, I began to read threads about usage,  that maybe staying on the variable might be better,  pages of people's figures for comparison, asking whether it's the right thing or not.  It's baffling to me,  my cooling off period has passed.  But should I have put more thought and 'figures' into it before just signing up?

Like you I took the EDF deal at 24% above the current cap. Like you I too have become quite addicted to this forum. 

However there is nothing that I have seen in here that makes me think taking the fixing decision last month was a hasty decision, I have become more and more comfortable it and would definitely make the same decision again.

It is true that year 2 is difficult to predict, but knowing what my maximum rate is has allowed me to plan and if prices do drop considerably in year 2 then I'll be as delighted as everyone else.

Al well as the fact it's only really a 21 month deal if you want it to be as correct me if I am wrong you can initiate a switch or change within the last 90 days of the contract?

excellent point!

Alnat1

I think it might be only 49 days, not 90

pochase

Alnat1 said:

I think it might be only 49 days, not 90

I think you are right

Once you reach the end date of the tariff, you'll automatically roll over onto your provider's standard variable-rate deal, which can be more expensive. Thanks to Ofgem regulations, your provider can't charge you any exit fees if you switch within 49 days of the end of your current tariff.

Mstty

Alnat1 said:

I think it might be only 49 days, not 90

https://www.edfenergy.com/for-home/help-centre/faq/our-tariffs-and-services#chapter-23144-2

Suggests 3 months here @pochase

Under changing your tariff menu option

I would take a link copy and screenshot of this if I were an EDF customer for safe keeping👍