Price cap, EPG and expensive fixed rate tariffs?

bristolleedsfan

luckwudaveit said:

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. 

You posted at least twice on this thread  13 September 2022, opening post replicated M.L twitter tweet including

In the energy summit I had today BG, Shell, Eon, EDF, Ovo (SSE), Octopus CEOs agreed to my ask that the few (maybe 1%) whose fixes still cost over the price guarantee after that, CAN move onto the guarantee with no exit penalties, til at least 15 Nov (some beyond)

https://forums.moneysavingexpert.com/discussion/6386872/important-news-for-those-on-energy-fixes/p1

luckwudaveit

bristolleedsfan said:

luckwudaveit said:

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. 

You posted at least twice on this thread  13 September 2022, opening post replicated M.L twitter tweet including

In the energy summit I had today BG, Shell, Eon, EDF, Ovo (SSE), Octopus CEOs agreed to my ask that the few (maybe 1%) whose fixes still cost over the price guarantee after that, CAN move onto the guarantee with no exit penalties, til at least 15 Nov (some beyond)

https://forums.moneysavingexpert.com/discussion/6386872/important-news-for-those-on-energy-fixes/p1

But that's about moving on to the guarantee (which I have done), and not the SVR. 

bristolleedsfan

luckwudaveit said:

bristolleedsfan said:

luckwudaveit said:

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. 

You posted at least twice on this thread  13 September 2022, opening post replicated M.L twitter tweet including

In the energy summit I had today BG, Shell, Eon, EDF, Ovo (SSE), Octopus CEOs agreed to my ask that the few (maybe 1%) whose fixes still cost over the price guarantee after that, CAN move onto the guarantee with no exit penalties, til at least 15 Nov (some beyond)

https://forums.moneysavingexpert.com/discussion/6386872/important-news-for-those-on-energy-fixes/p1

But that's about moving on to the guarantee (which I have done), and not the SVR. 

Energy Price guarantee is SVR tariff as far as EDF are concerned, if you moved off your fixed rate onto EPG tariff no exit fees as no further action to take .

"In the energy summit I had today BG, Shell, Eon, EDF, Ovo (SSE), Octopus CEOs agreed to my ask that the few (maybe 1%) whose fixes still cost over the price guarantee after that, CAN move onto the guarantee with no exit penalties, til at least 15 Nov (some beyond)"

luckwudaveit

bristolleedsfan said:

luckwudaveit said:

bristolleedsfan said:

luckwudaveit said:

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. 

You posted at least twice on this thread  13 September 2022, opening post replicated M.L twitter tweet including

In the energy summit I had today BG, Shell, Eon, EDF, Ovo (SSE), Octopus CEOs agreed to my ask that the few (maybe 1%) whose fixes still cost over the price guarantee after that, CAN move onto the guarantee with no exit penalties, til at least 15 Nov (some beyond)

https://forums.moneysavingexpert.com/discussion/6386872/important-news-for-those-on-energy-fixes/p1

But that's about moving on to the guarantee (which I have done), and not the SVR. 

Energy Price guarantee is SVR tariff as far as EDF are concerned, if you moved off your fixed rate onto EPG tariff no exit fees as no further action to take .

"In the energy summit I had today BG, Shell, Eon, EDF, Ovo (SSE), Octopus CEOs agreed to my ask that the few (maybe 1%) whose fixes still cost over the price guarantee after that, CAN move onto the guarantee with no exit penalties, til at least 15 Nov (some beyond)"

My tariff is still the Fix but the bill shows a slight deduction due to the EPG. The deduction will no longer apply in July and I'll remain on the Fix unless they allow me to switch to the SVR. 

molerat

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.

Will be announced 7 am Thursday but the stab in the dark guesstimates are 29.5p electric and 7.5p gas.

https://www.moneysavingexpert.com/latesttip/?anchor=energy&utm_source=MSE_Newsletter&utm_medium=email&utm_term=23-May-23-a75e7ccb0c4427dae87-646d173d81404d371ac24517da292617&source=CRM-MSETIP-a75e7ccb0c4427dae87&utm_campaign=nt-highlights&utm_content=2#energy

Chrysalis

How many people are on expensive multi year fixes?

The year these expensive fixes were been advertised, the vast majority were 12 months only, which would mean we talking about maybe a few months of no EPG subsidy before one would be on SVR.

Mstty

Chrysalis said:

How many people are on expensive multi year fixes?

The year these expensive fixes were been advertised, the vast majority were 12 months only, which would mean we talking about maybe a few months of no EPG subsidy before one would be on SVR.

There were mainly only 12 month fixes available as I remember it from May 2022 onwards and most will be affected if they stayed on them and were not moved to the SVR. Some will have exit fees.

However as per my post on the first page we are in a period.of low.energy use til September maybe til October 2023 depending on the weather so the effects are less so the exit fees and historical.usage need weighing up.

Mobtr

luckwudaveit said:

bristolleedsfan said:

luckwudaveit said:

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. 

You posted at least twice on this thread  13 September 2022, opening post replicated M.L twitter tweet including

In the energy summit I had today BG, Shell, Eon, EDF, Ovo (SSE), Octopus CEOs agreed to my ask that the few (maybe 1%) whose fixes still cost over the price guarantee after that, CAN move onto the guarantee with no exit penalties, til at least 15 Nov (some beyond)

https://forums.moneysavingexpert.com/discussion/6386872/important-news-for-those-on-energy-fixes/p1

But that's about moving on to the guarantee (which I have done), and not the SVR. 

The price guarantee IS the SVT

luckwudaveit

Mobtr said:

luckwudaveit said:

bristolleedsfan said:

luckwudaveit said:

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. 

You posted at least twice on this thread  13 September 2022, opening post replicated M.L twitter tweet including

In the energy summit I had today BG, Shell, Eon, EDF, Ovo (SSE), Octopus CEOs agreed to my ask that the few (maybe 1%) whose fixes still cost over the price guarantee after that, CAN move onto the guarantee with no exit penalties, til at least 15 Nov (some beyond)

https://forums.moneysavingexpert.com/discussion/6386872/important-news-for-those-on-energy-fixes/p1

But that's about moving on to the guarantee (which I have done), and not the SVR. 

The price guarantee IS the SVT

Currently that is the case, but it won't be in July, if I've understood it correctly? 

jrawle

bristolleedsfan said:

Chrysalis said:

[...]

The year these expensive fixes were been advertised, the vast majority were 12 months only, which would mean we talking about maybe a few months of no EPG subsidy before one would be on SVR.

Thread I linked a few posts back September 2022. quoting M.L tweet said " that the few (maybe 1%) whose fixes still cost over the price guarantee after that, CAN move onto the guarantee with no exit penalties, till at least 15 Nov (some beyond)"

EDF customers who took out 2 year fix during months leading up to September 2022 were given huge bill credits depending on level of exit fee they were signing up to.

[...]

I took out a 2 year gas fix with EDF in July last year. At no point did they say I could move to the SVR without penalty. British Gas gave this option for my electricity, which I took up. However, as bristolleedsfan says, I did use a code to get a £150 bill credit, which was part of the rationale behind me choosing that tariff. So although I may have to pay £150 to exit the fix, in reality this is only paying back the credit I've already received.

molerat said:

Will be announced 7 am Thursday but the stab in the dark guesstimates are 29.5p electric and 7.5p gas.

In that case, exiting the fix will be, as they say, a "no-brainer".