Is economy 7 capped

NightRate

QrizB said:

Daniels3 said:

Hi, I’m new to this so please go easy, in May this year I signed up for A fixed price deal with EDF on my economy 7 electric, that deal was I thought at the time was to protect me from future price rises, I pay 39.09 day / 21.49 night and 42.33 daily standard charge. I’ve since seen the government’s capping prices and it looks like I’m paying more than the price cap. Could anyone please advise if I need to cancel my package.Thanks for any help or advice.

Just to add to the the reply above, your current rate works out as a weighted average of 31.7p/kWh, so pretty close to the EPG capped E7 average. It varies by region but you can see the capped rates below:

However, the way EDF has implemented the cap means that, in general, their EPG-capped daytime rates are higher than your fox, but the nighttime rates are lower. If you use much more electricity at night than in the day, you moght be better off on the EPG cap rather than your fix.

EDF's rate card is here:

You'll see that every nighttime rate is lower than your 21.49p, but the daytime rates are all higher than 39.09p.

Do you know how much electricity you typically use, per year, at each of the two rates?

I'm in a similar situation, Fixed when I could on the two year Total Service May 24 for E7.

Having looked at the last two six monthly bills, and thumping the usage numbers in to an Excel sheet, being a high Night Rate user thanks to the two storage heaters in my flat it looks like leaving the Fixed and moving to the EPG rates would be better for me.

I'm in Northern Scotland, and used 6830 kWh in the last 12 months. 4928 kWh were at night rate, roughly 72%

So while the Standing Charge rate increase is negligible, the huge difference in Night Rate looks to making the switch worth it. Provided my spreadsheet calculations are correct of course! As a newbie I can't post a link, but I have it worked out as:

Estimate Current Fixed:
Day 1902 kWh / £713.06

Night 4928 kWh / £1026.50

SC £183.01

Total £1922.57

versus

Estimate EPG Variable

Day 1902 kWh / £785.15

Night 4928 kWh / £767.78

SC £186.78

Total £1739.66

Just wondering if this is the "final answer" from EDF with the price changes, or should I just move to the EPG variable rate now?

Hysteron

NightRate said:

I'm in a similar situation, Fixed when I could on the two year Total Service May 24 for E7.

Having looked at the last two six monthly bills, and thumping the usage numbers in to an Excel sheet, being a high Night Rate user thanks to the two storage heaters in my flat it looks like leaving the Fixed and moving to the EPG rates would be better for me.

I am also in Northern Scotland and with a very similar yearly usage to you. I was looking at switching from Utility Warehouse to EDF as the lower night rate showed a similar saving to yourself.

Instead though, I switched to Scottish Power which has a better night rate of 11.46p/kWh.

I was told by their call centre operator that they weren't accepting new customers but they will if you persist in asking for a quote. See this post from me on Monday and you might want to read the whole thread for the complete story.

https://forums.moneysavingexpert.com/discussion/comment/79526833/#Comment_79526833

NightRate

Hysteron said:

NightRate said:

I'm in a similar situation, Fixed when I could on the two year Total Service May 24 for E7.

Having looked at the last two six monthly bills, and thumping the usage numbers in to an Excel sheet, being a high Night Rate user thanks to the two storage heaters in my flat it looks like leaving the Fixed and moving to the EPG rates would be better for me.

I am also in Northern Scotland and with a very similar yearly usage to you. I was looking at switching from Utility Warehouse to EDF as the lower night rate showed a similar saving to yourself.

Instead though, I switched to Scottish Power which has a better night rate of 11.46p/kWh.

I was told by their call centre operator that they weren't accepting new customers but they will if you persist in asking for a quote. See this post from me on Monday and you might want to read the whole thread for the complete story.

Interesting, and thanks.
EDF will let me move without the £150 early termination fee if I move to the variable rate, but not providers. I guess there's nothing to stop me moving to the variable rate wait for a bit, then move again.

Hysteron

NightRate said:

Interesting, and thanks.
EDF will let me move without the £150 early termination fee if I move to the variable rate, but not providers. I guess there's nothing to stop me moving to the variable rate wait for a bit, then move again.

Your situation then is different since you are currently with EDF, I think I would go with the variable rate which will still be saving you money, and as you say there's no reason you can't switch suppliers at some point in the future.

When I was looking to move to EDF I also saw that their PAYG rate for North Scotland was just 11.30p/kWh and I was going to ask if that rate was available and would it still be easy to change back to direct debit at some point. Since I didn't speak to them the question was never asked but you might like to look into that as well, can't do any harm. 

Daniels3

Hi QrizB, thanks for your reply, my apologies for not responding sooner, my last yrs  Day use was 2,240kwh, and night use was 2,918kwh. Thank again for any help or advice.

QrizB

That's about 55% night use. If you calculate your annual cost on your current tariff and on the EPG capped variable rate you should find that the EPG is cheaper.

sebtomato

[Deleted User] said:

If it is more expensive, you will get an automatic discount.

If economy 7 is more expensive than the standard rate, you automatically get a discount?? I don't think so...

MWT

sebtomato said:

[Deleted User] said:

If it is more expensive, you will get an automatic discount.

If economy 7 is more expensive than the standard rate, you automatically get a discount?? I don't think so...

I read that as 'if your E7 rates are above the E7 cap...', not comparing the E7 cap to the single-rate cap...

[Deleted User]

sebtomato said:

[Deleted User] said:

If it is more expensive, you will get an automatic discount.

If economy 7 is more expensive than the standard rate, you automatically get a discount?? I don't think so...

If economy 7 at the typical usage and ratio is more expensive than the cap, yes you do.

MWT

The important bit to remember is that the cap for E7 is not the same as the cap for a single-rate tariff.

The way the cap is set (4,200kWh, 58%/42% day night) delivers a lower price per kWh for E7 at that consumption split, than you would get on a single-rate tariff.