EDF E7

First time posting on here so hope I get it right.
I discovered yesterday what my new tariff rates were going to be from 01\01\2024 and I must admit I was totally shocked! I was expecting a price increase of 5% but what I got was this,
current tariff: Day 39.92p Kwh, Night 8.57p Kwh, Standing charge 44.03p.
January tariff: Day 36.42p Kwh, Night 16.67p Kwh Standing charge 44.01p.
Now according to ofgems own website for E7 electricity only customers on typical usage of 3900Kwh per yr will increase £53 (4%) from £1219 per yr to £1272 per yr.
Now my point is that I'm an under typical use but my bill is going to rise more than 4%.
How can this be right or am I missing something?
Snapshot example, up to 07.30 my cost was £1.53p. From Jan 1st that same usage will cost approx £2.62p. 
Can anyone shed any light on how this can be correct?
 
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  • PeterGr
    PeterGr Posts: 262
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    The calculation you need to do requires your Day and Night consumption for a 12 month period.  That is the totals which Ofgem use when announcing the change in cap.  (Despite the fact that the rates will vary from 1 April, July and October 2024)
  • Johnneboy said:
    First time posting on here so hope I get it right.
    I discovered yesterday what my new tariff rates were going to be from 01\01\2024 and I must admit I was totally shocked! I was expecting a price increase of 5% but what I got was this,
    current tariff: Day 39.92p Kwh, Night 8.57p Kwh, Standing charge 44.03p.
    January tariff: Day 36.42p Kwh, Night 16.67p Kwh Standing charge 44.01p.
    Now according to ofgems own website for E7 electricity only customers on typical usage of 3900Kwh per yr will increase £53 (4%) from £1219 per yr to £1272 per yr.
    Now my point is that I'm an under typical use but my bill is going to rise more than 4%.
    How can this be right or am I missing something?
    Snapshot example, up to 07.30 my cost was £1.53p. From Jan 1st that same usage will cost approx £2.62p. 
    Can anyone shed any light on how this can be correct?
     
    It was a great deal the night rate by EDF but all good things generally come to an end.
    "I can lead you to the money saving well but cannot make you drink from it"

    As mum always said "don't respond to imbeciles just ignore them" wise words mum 
  • Essentially, it comes down to your EDF night rate having been significantly cheaper than the “standard” night rate up to this point, and it’s now being brought closer in line with what other suppliers will be offering in your region. 

    So even though your usage could be considered below typical, your current night rate price isn’t typical resulting in an atypical cost increase once it becomes more “normal”.
    Moo…
  • You need to also bear in mind that EDF have had incredibly beneficial night rates in some regions for a while now - your  new rates are far more in line with what customers of the likes of Octopus, certainly, have been paying throughout the past couple of years. Ultimately, if you can get 75% of your use to the off peak period, you will still be well below the kWh rate being paid by those on a single rate tariff. 

    now the cynical way of looking at things might well be that EDF have worked hard over the past while in setting their rates to a level to attract a LOT of E7 customers - and now that they have, they are fully intending to cash in on that customer base... 

    I'm in the cynical corner.
  • EssexHebridean
    EssexHebridean Posts: 20,880
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    Johnneboy said:
    You need to also bear in mind that EDF have had incredibly beneficial night rates in some regions for a while now - your  new rates are far more in line with what customers of the likes of Octopus, certainly, have been paying throughout the past couple of years. Ultimately, if you can get 75% of your use to the off peak period, you will still be well below the kWh rate being paid by those on a single rate tariff. 

    now the cynical way of looking at things might well be that EDF have worked hard over the past while in setting their rates to a level to attract a LOT of E7 customers - and now that they have, they are fully intending to cash in on that customer base... 

    I'm in the cynical corner.
    Yes. Having dealt with EDF myself in the past, I'll join you there. And I suspect in relatively short order, we may have quite a bit of company! 
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  • dunstonh
    dunstonh Posts: 115,720
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    Now according to ofgems own website for E7 electricity only customers on typical usage of 3900Kwh per yr will increase £53 (4%) from £1219 per yr to £1272 per yr.
    There is no such person like that.   It is best ignored.

    How can this be right or am I missing something?
    It is right.   EDF Eastern have had several quarters where they offered very cheap off peak energy and expensive peak energy.   As of January, they are reverting back to the more typical ratio.

    Many of us signed up for fixed rates over the last 6 months on the expectation it wouldn't last.   If you didn't sign up for a fixed rate then you have to be disappointed you missed out but also grateful you had it when you did.

    it is also worth noting that only very high off peak ratio users benefitted from that extra low off peak rate.    Many with a lower off peak ratio found the EDF pricing to be worse for them and they will be better with the new rates.


    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:
    Now according to ofgems own website for E7 electricity only customers on typical usage of 3900Kwh per yr will increase £53 (4%) from £1219 per yr to £1272 per yr.
    There is no such person like that.   It is best ignored.



    Yes I totally agree, the point I was trying to make was as a below avg user my price increase will be way above £53 or 4% a year.

  • QrizB
    QrizB Posts: 13,665
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    Johnneboy said:
    dunstonh said:
    Now according to ofgems own website for E7 electricity only customers on typical usage of 3900Kwh per yr will increase £53 (4%) from £1219 per yr to £1272 per yr.
    There is no such person like that.   It is best ignored.
    Yes I totally agree, the point I was trying to make was as a below avg user my price increase will be way above £53 or 4% a year.
    That doesn't necessarily follow.
    The hypothetical average E7 user uses 3900kWh/yr, split 58% day, 42% night.
    If you use less electricity, but the same 58/42 split, you'll bess less than £53 worse off and that will be less than 4% of your bill.
    N. Hampshire, he/him. Octopus Go elec & Tracker gas / Shell BB / Lyca mobi. Ripple Kirk Hill member.
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  • QrizB said:
    Johnneboy said:
    dunstonh said:
    Now according to ofgems own website for E7 electricity only customers on typical usage of 3900Kwh per yr will increase £53 (4%) from £1219 per yr to £1272 per yr.
    There is no such person like that.   It is best ignored.
    Yes I totally agree, the point I was trying to make was as a below avg user my price increase will be way above £53 or 4% a year.
    That doesn't necessarily follow.
    The hypothetical average E7 user uses 3900kWh/yr, split 58% day, 42% night.
    If you use less electricity, but the same 58/42 split, you'll bess less than £53 worse off and that will be less than 4% of your bill.
    I'm probably 58/60 night, 42/40 day, could even be 65 night, 35 day.
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