EDF fix

Jackmac24

Have to admit I was totally confused. I thought that by fixing my energy rate I would have peace of mind of knowing what I was paying for the next 2 years, just like a mortgage fixed rate. I didn’t realise that I wouldn’t be fixing the amount I pay, only the unit price and standing charge. I was paying £160 a month and now my DD has shot up to £222. When EDF claimed pay the same each month and no price rises with this deal I thought I was doing the right thing but now I’m wondering! 

xzibit

Unfortunately this is a common misconception and many people don’t understand their bills and how energy companies charge. 

You lock in the unit rate and standing charge rate. Your total bill depends on how many units you use. The direct debit is a way to help ‘smooth’ the costs over the year. 

pochase

You have fixed the unit rates. And a fixed amount was set to be collected they assumed would be enough to pay for your average usage over a year.

Your bills are higher, so the amount collected each month was increased.

If you use more, you pay more of course. A fixed rate is no all you can eat.

And if you are unsure if you have done the right thing, check what you would pay on a SVT from October.

Janie2008

What are your new unit rates? The increase doesn't look too bad considering the price rises.

pochase

Janie2008 said:

What are your new unit rates? The increase doesn't look too bad considering the price rises.

There are no new unit rates. He is just using more energy than was estimated in his quote and needs to pay for the energy used.

Janie2008

I know, I was just wondering what the rates were for the fixed deal.

pochase

EDF does direct debit reviews only every 6 months, so the rates are at least six months old.

Janie2008

I'm with edf with 6 month reviews but they are not dependent on when you start a new deal. I started a fixed rate in February and had a review in May.

jvjack

Jackmac24  You might be pleasantly surprised at doing that fix whenever it was.  Get back if you can with unit rates , time of taking the deal and then someone here will help and then no more wondering. 

Janie2008 same here. EDF didnt give me new Direct Debit when fixing. It only came through on 6 month review. 

Jackmac24

Thanks! I find it all so confusing 😩 Elec was 27.10 now 37.52 standing ch was 22.96 per day now 41.32
Gas was 7.123 now 11.153 standing ch was 24.87 now 25.92
if anyone can make sense of it 🤣🤣

Janie2008

Those rates should be below the October cap, particularly the electricity, and well below the prediction for January.