EDF credit?

Jacobjolly

I am with EDF on a two year deal which ends in Sep 2023 and I pay £110 a month for my gas and electric.  I live alone, work so don't use that much.  Early this month I looked and was £770 in credit.  I looked yesterday and it was £171 in credit.  EDF say they check twice yearly and either refund the money or use it to reduce my payments.  They've told me my monthly payments from April will now be £44 a month.  Im thinking fine, do that but refund me my money, not use it to lower the payments.  I feel there's something wrong here.  Who's right?

Ayr_Rage

When was you last bill ?

That £171 could well have been further eroded by your usage since the last bill was generated.

From 1st April the combined standing charges alone for gas and electricity for my region will be £27/month so your £44 seems very low.

Nothing wrong with the way EDF are calculating your future bills, they may refund any overpayment if you ask but then your future month payments will be adjusted accordingly.

Robin9

The credit figure given on the App is confusing.

It is the balance at the last bill plus the DD's  -   it does NOT include the cost of energy !   

Have you the ACTUAL annual consumption figures (in kWh not £)

Mstty

@Jacobjolly welcome to the forum.

What is your usage in kWh for the last year. That way we can tell you if EDF have miscalculated.

It is not unusual for an energy company to calculate direct debits taking the credit into account infact it shows they are doing things correctly but we can help confirm that.

Jacobjolly

Gas: (Aug 22 to mar 23) 6028KWh x 4.219p = £254.32 ± standing charge £49.49. = £303.81

Electric: (Aug 22 to Mar 23) 1084KWh x 19.91p = £215.82 ± standing charge £50.15

Mstty

Jacobjolly said:

Gas: (Aug 22 to mar 23) 6028KWh x 4.219p = £254.32 ± standing charge £49.49. = £303.81

Electric: (Aug 22 to Mar 23) 1084KWh x 19.91p = £215.82 ± standing charge £50.15

And when does you current fix end?

Jacobjolly

Sep 2023 is the end of my deal

Mstty

Jacobjolly said:

Sep 2023 is the end of my deal

Cheers missed that in your opening post😜

Crude fag packet and best knowledge of energy price predictions means you energy from now could cost over £1000 a year. Based on you using 2/3rds of your gas usage from Sep23-Mar24 and electricity usage staying constant

Taking the £171 credit off if I was you I would look to have a DD set at £70.

Or if you are looking to leave EDF at the end of your fix keep your DD at what they have set and then leave them then.

molerat

EDF have a 12 mth billing cycle with a 6 mth check.  At 6 mths they will keep the credit and adjust the DD if necessary, at 12 mths they will refund any credit and adjust DD if necessary.  You can adjust your DD by 20% at any time if you think you are getting too far in credit but they may increase the DD to reach £0 at mth 12..

pochase

Mstty said:

Jacobjolly said:

Gas: (Aug 22 to mar 23) 6028KWh x 4.219p = £254.32 ± standing charge £49.49. = £303.81

Electric: (Aug 22 to Mar 23) 1084KWh x 19.91p = £215.82 ± standing charge £50.15

And when does you current fix end?

As the OP wrote 

I am with EDF on a two year deal which ends in Sep 2023 

@Jacobjolly
I don't really see how you can have £770 credit, or did you have the same credit already before October?

You have an energy use of £570 or £600 as I don't think your figures include the VAT? You paid £660 in direct debit, but you will have been paid back £400 of this in EBSS.

So I cannot really see how you get to a £770 credit by overpaying £60 to £100?

Mstty

@pochase you can clearly see that has been all sorted above your post?