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EDF's fixed offer

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PennineAcute
PennineAcute Posts: 1,185 Forumite
Eighth Anniversary 1,000 Posts Name Dropper
Wondering if I should take EDF up on their offer.

Last winter hit me hard and although there is a forecast drop in prices from October, there is also a forecast increase come January.  I am just looking for some security, as an increase on today's prices in January would really hurt me.

My past 12-months usage is 6354 Gas and 2146 Elec and this offer is £15 more than what I am currently paying over 12-months.

I am thinking from the 0.2p increase in gas UP that the forecast January gas increase may not be too bad.  Just wondering what others think.



Comments

  • CSI_Yorkshire
    CSI_Yorkshire Posts: 1,792 Forumite
    1,000 Posts Photogenic Name Dropper
    If your main concern is to gain security on unit pricing then a fix is the right idea.
  • matt_drummer
    matt_drummer Posts: 2,002 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Under which circumstance would you be most unhappy.

    Fix now and find out prices drop 5% in October

    or don't fix now and find out in October that fixes are no longer available and prices will double in January.



    If there is a clear scenario that would cause you problems then isn't your answer obvious?

    You have little to gain and lots to lose by not fixing.
  • The World is anything but stable. Forecasts such as those from Cornwall are based on assumed norms. The real World is subject to shocks. For example, when Putin pulled out of the UN-brokered Ukraine Wheat export deal earlier this week international grain market prices increased by 8.5% in a day! The same thing could happen to gas prices.

    It follows that if you want price certainty then a fixed deal is probably the best option. If you can find a supplier that offers you a fixed deal with no exit fees then even better.


  • dunstonh
    dunstonh Posts: 119,598 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Let us not forget that 2022/23 Winter was very mild and that helped save the day.  Had it been a cold winter, the pain would have been far greater.   What is Winter 23/24 going to bring us?
    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.
  • dunstonh said:
    Let us not forget that 2022/23 Winter was very mild and that helped save the day.  Had it been a cold winter, the pain would have been far greater.   What is Winter 23/24 going to bring us?


    Hopefully not this. This was the River Thames in the Winter of 1963.
  • PennineAcute
    PennineAcute Posts: 1,185 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Responses appreciated.  I have fixed.
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