New EDF Essentials fix until 30 Sep 26 ... update 24th Aug 23

dealyboy

Update 24 Aug 23
There are now two EDF Essentials fixes, one until 30 Sep 24 and one until 30 Sep 26. They are both showing the same rates (give or take 0.01p) as the SVT. This is on my dashboard and presume it is the same for others.

... updated original post.

mjmal51

dealyboy said:

Update 24 Aug 23
There are now two EDF Essentials fixes, one until 30 Sep 24 and one until 30 Sep 26. They are both showing the same rates (give or take 0.01p) as the SVT. This is on my dashboard and presume it is the same for others.

... updated original post.

Thanks, just had a look at this. I signed up to the Sept 24 tariff yesterday and the Sept 26 offers the same unit rates with the guarantee that the standing charges are also fixed for 3 years, tempted. The only downside is the exit fee of £200 per fuel as opposed to £75 per fuel on the Sept 24 fix.

dunstonh

mjmal51 said:

dealyboy said:

Update 24 Aug 23
There are now two EDF Essentials fixes, one until 30 Sep 24 and one until 30 Sep 26. They are both showing the same rates (give or take 0.01p) as the SVT. This is on my dashboard and presume it is the same for others.

... updated original post.

Thanks, just had a look at this. I signed up to the Sept 24 tariff yesterday and the Sept 26 offers the same unit rates with the guarantee that the standing charges are also fixed for 3 years, tempted. The only downside is the exit fee of £200 per fuel as opposed to £75 per fuel on the Sept 24 fix.

Its a tough one. For Eastern region, the 3 year fixed may be very attractive if you have a high off peak use.   For other regions or single rate, I am not so sure it would be.

It would give you certainty of payment but when you look at the sources of generation and how quickly they are moving away from fossil fuels, you could find yourself paying a lot more in the final year or two.

mjmal51

dunstonh said:

mjmal51 said:

dealyboy said:

Update 24 Aug 23
There are now two EDF Essentials fixes, one until 30 Sep 24 and one until 30 Sep 26. They are both showing the same rates (give or take 0.01p) as the SVT. This is on my dashboard and presume it is the same for others.

... updated original post.

Thanks, just had a look at this. I signed up to the Sept 24 tariff yesterday and the Sept 26 offers the same unit rates with the guarantee that the standing charges are also fixed for 3 years, tempted. The only downside is the exit fee of £200 per fuel as opposed to £75 per fuel on the Sept 24 fix.

Its a tough one. For Eastern region, the 3 year fixed may be very attractive if you have a high off peak use.   For other regions or single rate, I am not so sure it would be.

It would give you certainty of payment but when you look at the sources of generation and how quickly they are moving away from fossil fuels, you could find yourself paying a lot more in the final year or two.

In the past fixes used to be a no brainer, for most it was always cheaper than the SVT. These days it is very much a gamble, looking at predictions, having a gut feeling, reading forums, etc. The final 2 years of the 3 year fix might be a regret and maybe even taking the £400 exit charge or possibly laughing all the way to the bank!

sbradnam

I have taken the 3 year fix - certainty required, and the rates are what I have been paying all this year in essence.  EDF have changed my DD to be fair, as my usage has changed - that will continue with this.  My crystal ball remains murky and unclear . Best wishes.

matt_drummer

sbradnam said:

I have taken the 3 year fix - certainty required, and the rates are what I have been paying all this year in essence.  EDF have changed my DD to be fair, as my usage has changed - that will continue with this.  My crystal ball remains murky and unclear . Best wishes.

I like it.

It's the smartest thing I have read today.

tf106

Does this mean that future energy costs aren’t expected to rise like they have done in the last couple of years?

MultiFuelBurner

tf106 said:

Does this mean that future energy costs aren’t expected to rise like they have done in the last couple of years?

Yes that is what the crystal ball is saying. A bit like the return of fixed rate mortgages that start with a 4. The future is looking up somewhat.

dealyboy

@tf106 said:

Does this mean that future energy costs aren’t expected to rise like they have done in the last couple of years?

That's an ask the expert question ... I know, I know money saving expert and all that, but not all of us are.

I thought I might refer you to a couple of new articles on the main site, these might help ...

https://www.moneysavingexpert.com/utilities/stick--switch-or-fix-your-energy-tariff---what-are-the-options-/
https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/
  

littleteapot

I don't trust anyone's crystal ball, especially ones that say energy prices will drop significantly in the next three years. Anything could happen in the next 3 years, and the general trend in prices over time is upwards due to inflation or other external factors.

For E7 electricity in the Eastern region taking this fix is a no-brain decision for heavy off peak users like anyone who has storage heaters, or has a solar system with battery storage as 8.5p is incredibly cheap, about half the price of any other region, and EDF could abitrarily rebalance this at any point in the future. For single-rate electricity and/or gas its a more marginal decision but personally I would still take it for security in this new, volatile world order.