Electric Day Rate Tariff Increase Jan23 EDF

Options
NoNamesLeft
NoNamesLeft Posts: 11 Forumite
First Post First Anniversary Combo Breaker
edited 11 December 2022 at 9:54AM in Energy
I pay direct debit with EDF and have an Economy 7 tariff. We are electric everything, heating, cooking, shower and hot water.
I have just received notification that my tariff will change to the below from Jan 1st 23
Day rate - from 46.59p KW to a whopping 54.47p inc vat
Night rate- from 11.8p to 7p inc vat
Standing charge remains the same
We are fairly 50/50 split this time of year on usage between the rates with the heating (approx 35KW daily)
We have recently had solar panels installed with battery backup, but during these short winter months are not that great a benifit (battery is charged on cheap electric and holds 6KW)
Can EDF do this ?, I apreciate the night tariff has gone down, but the daily tariff increase is substantial and will have the largest effect
Am I wrong to assume this inital rate was supposed to be fixed until April ?

Comments

  • [Deleted User]
    Options
    Yes they can.

    You unfortunately misinterpreted the price cap.
  • frugalmacdugal
    Options
    Hi,
    yes, rates to change 1st Jan then again 1st April.
    Have a read HERE.

  • pochase
    pochase Posts: 3,449 Forumite
    First Anniversary First Post Name Dropper
    Options
    If your split is 50/50 you are still better off with this.

    54.47p + 7p = 61.47p / 2 = less than 31p. That is much better than the 35p for single rate.


  • NoNamesLeft
    NoNamesLeft Posts: 11 Forumite
    First Post First Anniversary Combo Breaker
    edited 11 December 2022 at 9:52AM
    Options
    pochase said:
    If your split is 50/50 you are still better off with this.

    54.47p + 7p = 61.47p / 2 = less than 31p. That is much better than the 35p for single rate.


    Thank you, I didnt think to look at it like this !... basically works out the same as current just mixed the ratio of the mix to encourage more off peak use
  • EssexHebridean
    Options
    I’d flipping kill for those rates to be fair * - we’re running at somewhere around 85/15% in favour of night rate at the moment, and that 7p is less than half what I’m paying currently! 

    Have you checked how come your split is so even? If you could improve your night rate reliance even to a 60/40 split point you’d be making far more use of what is, at the moment, a super cheap electricity rate. 

    * not enough to go back to EDF! 
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • dunstonh
    dunstonh Posts: 116,661 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    I have just received notification that my tariff will change to the below from Jan 1st 23
    Day rate - from 46.59p KW to a whopping 54.47p inc vat
    Night rate- from 11.8p to 7p inc vat
    Standing charge remains the same
    That is a lovely tariff.  Again EDF are cutting the night rate at the expense of the day rate.  Our ratio is not as balanced as yours.   I would consider moving to that one.  But we are heavier off peak users (82%).

    We are fairly 50/50 split this time of year on usage between the rates with the heating (approx 35KW daily)
    In your case, you should consider switching to another supplier with a smaller difference.....

    We have recently had solar panels installed with battery backup, but during these short winter months are not that great a benifit (battery is charged on cheap electric and holds 6KW)
    But then again, maybe not.   yes, you wont be as viable in December and January (the two worst solar months) but in other months, your ratio is likely to change.

    Can EDF do this ?, I apreciate the night tariff has gone down, but the daily tariff increase is substantial and will have the largest effect

    Yes they can do it.   And whilst it is an increase for you, it will be a decrease for many others.

    They offer their product and their pricing and you are free to move to another supplier if you feel a different one is better for you.

    Am I wrong to assume this inital rate was supposed to be fixed until April ?
    Yes, you are wrong.





    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Petew847
    Options
    Eon. Dec to jan change for me. And they wont reply. 
    Night rate. 30 to 47 per kwh = +57%
    Day rate 57 to 74 per KWH = +30%
  • MattMattMattUK
    MattMattMattUK Posts: 8,786 Forumite
    First Anniversary First Post Name Dropper
    edited 6 January 2023 at 11:55AM
    Options
    Petew847 said:
    Eon. Dec to jan change for me. And they wont reply. 
    Night rate. 30 to 47 per kwh = +57%
    Day rate 57 to 74 per KWH = +30%
    What did you ask and do you expect them to reply about?
  • pochase
    pochase Posts: 3,449 Forumite
    First Anniversary First Post Name Dropper
    edited 6 January 2023 at 12:47PM
    Options
    Petew847 said:
    Eon. Dec to jan change for me. And they wont reply. 
    Night rate. 30 to 47 per kwh = +57%
    Day rate 57 to 74 per KWH = +30%
    That is the Ofgem Cap rate. So this figures are before the EPG discount, which is up to 31.8p for electricity.

    So it is more like night 16p and day 43p.

  • Gerry1
    Gerry1 Posts: 9,938 Forumite
    Name Dropper First Post First Anniversary
    Options
    Petew847 said:
    Eon. Dec to jan change for me. And they wont reply. 
    Night rate. 30 to 47 per kwh = +57%
    Day rate 57 to 74 per KWH = +30%
    Welcome to the forum.
    Can't find the rates you're quoting.  
    These are the variable EDF rates that you would have paid without the EPG discount (so they are now for interest only).
    The nearest rates were for North Wales and Merseyside, paying by Cash / Cheque: the Night rate would have been 46.54/kWh.  However, the Day Rate would have been ever higher, 92.04p/kWh.  Did you confuse it with the Single rate of 73.60p/kWh?
    These are the variable EDF rates that you will pay after the EPG has been applied.
Meet your Ambassadors

Categories

  • All Categories
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards