Price cap, EPG and expensive fixed rate tariffs?

Qyburn

I don't think anyone could have foreseen the huge Government hand outs. And  it's the irrational nature of those hand outs that makes for unexpected winners among the well off with huge gas and electricity consumption, vs prudent people ending up worse off. Well not actually worse as they got the deal they signed up for, but worse compared to those benefiting from the handouts.

We're not specially well off, but the series of £66/67 payments, plus the £200, means we didn't pay anything for electricity in April, won't in May either, and only a few pound if anything in June. 

jrawle

I am on a fixed gas tariff of 13.1p/kWh until 31 July 2024, with £150 exit fee! It looks like I'll be cancelling it before July as even with my fairly low usage, the break even point is about 2.1p/kWh. Just the loss of the current EPG reduction accounts for that, without considering that the new price cap will be even lower than the current EPG price.

I'm guessing no unit prices for the July 2023 are available yet? I'm getting quite tired of everything being based on "average usage", which is pretty useless for calculating what I should do given my known annual usage, my current fixed tariff, etc.

On the plus side, my electricity isn't fixed, and if I cancel this gas fix I'll finally be able to consolidate my utilities under a single supplier, having been left stuck with two different ones as SOLRs.

Mstty

jrawle said:

I am on a fixed gas tariff of 13.1p/kWh until 31 July 2024, with £150 exit fee! It looks like I'll be cancelling it before July as even with my fairly low usage, the break even point is about 2.1p/kWh. Just the loss of the current EPG reduction accounts for that, without considering that the new price cap will be even lower than the current EPG price.

I'm guessing no unit prices for the July 2023 are available yet? I'm getting quite tired of everything being based on "average usage", which is pretty useless for calculating what I should do given my known annual usage, my current fixed tariff, etc.

On the plus side, my electricity isn't fixed, and if I cancel this gas fix I'll finally be able to consolidate my utilities under a single supplier, having been left stuck with two different ones as SOLRs.

You have 2 days to wait announced on the 25th

jrawle

Mstty said:

You have 2 days to wait announced on the 25th

I came here because British Gas sent an e-mail saying the price cap would be reducing from July with a link to find out more, but which only gave the April prices! Were they jumping the gun?

PParka

For anyone on the 'EDF Fix Total Service May24v3' tariff that is thinking of switching back to the SVR, please check your contract...
The EDF website says there are exit fees of £300 (£150 per fuel) for this tariff.  
However, my actual contract says "Exit fee  Not applicable" for both gas and electricity.

Alnat1

Sometimes the exit fees are only if you switch to another supplier.

luckwudaveit

PParka said:

For anyone on the 'EDF Fix Total Service May24v3' tariff that is thinking of switching back to the SVR, please check your contract...
The EDF website says there are exit fees of £300 (£150 per fuel) for this tariff.  
However, my actual contract says "Exit fee  Not applicable" for both gas and electricity.

I am on this tariff so tried their automated WhatsApp service and got the following:

If your fixed tariff has an exit fee and you wish to you switch to a different supplier your normal exit fee terms and conditions will apply. You can find your exit fee information, including the amount in the tariff details section, using the link below

https://my.edfenergy.com/myaccount/my-tariff

However, if you wish to change your tariff as your current fixed rate is higher than the government price cap you can opt to change to the Standard Variable Tariff. If you switch to the Standard Variable before 21.11.2022 you will not be charge an exit fee for changing tariffs.



I have asked a real person to clarify what happens after November 2022. I wish I'd known this back in November as I would have switched to the SVR them. 

bristolleedsfan

luckwudaveit said:

PParka said:

For anyone on the 'EDF Fix Total Service May24v3' tariff that is thinking of switching back to the SVR, please check your contract...
The EDF website says there are exit fees of £300 (£150 per fuel) for this tariff.  
However, my actual contract says "Exit fee  Not applicable" for both gas and electricity.

 I wish I'd known this back in November as I would have switched to the SVR them. 

You could have asked them at that time  I would have thought them putting a date on changing to SVR without exit fees would have given bit of a clue.

 EDF have always charged exit fees unless within last 40 odd days of fixed term.

luckwudaveit

bristolleedsfan said:

luckwudaveit said:

PParka said:

For anyone on the 'EDF Fix Total Service May24v3' tariff that is thinking of switching back to the SVR, please check your contract...
The EDF website says there are exit fees of £300 (£150 per fuel) for this tariff.  
However, my actual contract says "Exit fee  Not applicable" for both gas and electricity.

 I wish I'd known this back in November as I would have switched to the SVR them. 

You could have asked them at that time  I would have thought them putting a date on changing to SVR without exit fees would have given bit of a clue.

 EDF have always charged exit fees unless within last 40 odd days of fixed term.

The text supplied today refers to November 2022 as a date in the future, so I don't think it's clear. 

michaels

luckwudaveit said:

PParka said:

For anyone on the 'EDF Fix Total Service May24v3' tariff that is thinking of switching back to the SVR, please check your contract...
The EDF website says there are exit fees of £300 (£150 per fuel) for this tariff.  
However, my actual contract says "Exit fee  Not applicable" for both gas and electricity.

I am on this tariff so tried their automated WhatsApp service and got the following:

If your fixed tariff has an exit fee and you wish to you switch to a different supplier your normal exit fee terms and conditions will apply. You can find your exit fee information, including the amount in the tariff details section, using the link below

https://my.edfenergy.com/myaccount/my-tariff

However, if you wish to change your tariff as your current fixed rate is higher than the government price cap you can opt to change to the Standard Variable Tariff. If you switch to the Standard Variable before 21.11.2022 you will not be charge an exit fee for changing tariffs.



I have asked a real person to clarify what happens after November 2022. I wish I'd known this back in November as I would have switched to the SVR them. 

Which is back to where I started, there are people on expensive fixes who could have gone to SVR last October when the EPG came in but didn't because the price under the EPG was the same and the EPG was to last for 12 months who will now be finding that was a big mistake as the EPG only operates when it is less than the price cap not as a general all tariffs will be capped at the epg.