EDF 91% price hike

GBmac04

I switched to EDF in November 2023 to get their 8.57p off peak rate on their economy 7 tariff. From January 1 2024 this will increase to 16.67p - that's a 91% increase! Over the last couple of years I've invested in a home energy storage system and storage heaters to help reduce my reliance on gas and reduce emissions. The original low rate seems like a con, just to get me to switch.
What further annoys me is that EV owners can get 5hrs of even cheaper electricity from EDF. I have a pensioner's bus pass so I don't have a need to buy an electric vehicle. I don't understand why battery owners can't get the same rate as EV owners. It seems wrong that an electricity supplier can direct how we use the energy.

MeteredOut

If you invested in batteries in order to reduce emissions, then surely the increase in price does not impact you?

But if you're issue is actually having to pay more, then I'd think of it as you having had it good for a (albeit short) time, and EDF are now coming into line with other suppliers. You could switch to another supplier if there's one with cheaper off-peak rates.

dunstonh

EDF 91% price hike

Except its not as the peak rate has reduced.

I switched to EDF in November 2023 to get their 8.57p off peak rate on their economy 7 tariff.

It appears many moved to EDF in 2023 because of their ultra low off peak rate in certain regions (Eastern most notable).   Luckily some of those moved to fixed rates (myself included).

 The original low rate seems like a con, just to get me to switch.

That isn't a con.  That would be marketing.  

its too early to say whether EDF are moving back to a more mainstream off peak rate full time or whether this is short term.

TheElectricCow

That’s exactly what fixed tariff is for, keeping the price the same for an agreed period of time.

For future reference, it probably wouldn’t be the best move to base your long term energy consumption plans on a standard variable tariff that changes every 3 months.

dealyboy

Hi GBmac04 ... and welcome to the forum.

You are not alone and I do think Eastern SVT E7 users have been poorly treated, especially in mid-winter, however their night rate had been 'low' for about a year so I don't think it was a ploy to 'shaft' customers.

I have started a switch to E.ON Next, see here ... https://forums.moneysavingexpert.com/discussion/comment/80462473/#Comment_80462473.

Scot_39

So despite that abnormal rate being available for best part of a year, you are angry you may only benefit in end for several weeks ?

And you do realise that others are paying a higher peak unit  rate penalty for a far larger share of their consumption to balance that cheap off peak rate ?


EDF E7 is subject to the same regional Ofgem multirate cap as every other e7 supplier.

For e7 it assumes a 42% night use - but the actual latest data suggest the average electric profile class 2 usage is 40% night.  And Ofgem considered adopting that new 60:40 ratio as part of this years TDCV allowance drops.

You have swapped once, you can always swap again.

QrizB

GBmac04 said:

I switched to EDF in November 2023 to get their 8.57p off peak rate on their economy 7 tariff. From January 1 2024 this will increase to 16.67p - that's a 91% increase!

If you want a tariff that's fixed, choose a fixed tariff.

If you choose the standard variable tariff, you should expect it to vary.

In both cases, there's a clue in the tariff name.

lohr500

@GBmac04

You appear not to be getting much sympathy from the replies so far, but I share your frustration.
What was the previous peak rate unit price and what will it be from 1st Jan?

Our particular ECO20:20 tariff with EDF in the Yorkshire region has gone up by 32% on the off-peak and 9% on the peak rate from 1st Jan. And no change in the daily standing charge. 

I can't reconcile that with the average increases that were being suggested a few months ago

I didn't have the option of fixing as the ECO20:20 tariff is only available on a variable basis.

For our particular requirements it still works out better than other available tariffs, but it smacks of EDF cranking the prices up because the tariff falls outside of OFGEMs theoretical E7 peak/off-peak ratio. I suspect they don't really want to support the tariff going forward and are pricing it such. It will be interesting to see what happens at the next review.

dealyboy

@lohr500 said:

@GBmac04

You appear not to be getting much sympathy from the replies so far, but I share your frustration.
What was the previous peak rate unit price and what will it be from 1st Jan?

Our particular ECO20:20 tariff with EDF in the Yorkshire region has gone up by 32% on the off-peak and 9% on the peak rate from 1st Jan. And no change in the daily standing charge. 

I can't reconcile that with the average increases that were being suggested a few months ago

I didn't have the option of fixing as the ECO20:20 tariff is only available on a variable basis.

For our particular requirements it still works out better than other available tariffs, but it smacks of EDF cranking the prices up because the tariff falls outside of OFGEMs theoretical E7 peak/off-peak ratio. I suspect they don't really want to support the tariff going forward and are pricing it such. It will be interesting to see what happens at the next review.

If I may step in to help, lohr ...

I wrote about this on a thread which shows the figures. Based on the standard reference 42:58 night:day split, it is equivalent to just over 28p per kWh single rate, which is the same as the actual single rate.

https://forums.moneysavingexpert.com/discussion/6489775/edf-new-svt-rates-from-1st-january-2024

What they have done is change the balance in accordance with Martin's successful lobbying of the government earlier this year to make it 'fairer' for economy 7 users. It was announced on the main site and discussed (briefly) in this forum.

dealyboy

I have just read the (belated) change of tariff from 1st Jan letter from EDF. This paragraph may be interesting ...

Thinking about switching supplier?
The choice is always yours. If you want to change energy supplier and we hear from the new supplier by 29 January 2024 we’ll keep your current prices as they are until your account is transferred over (only applies if any of your new prices from 1 January 2024 are more expensive than your current prices). We may not be able to let the switch go through if you have outstanding debt. If your move to the new energy supplier is delayed beyond a reasonable amount of time the updated prices shown in this letter will apply.

... so with careful timing it should be possible to keep the current tariff until towards the end of Jan 2024.

Note: EDF received information about my switch to E.ON Next sending me 'sorry you are leaving' communications in the early hours of the morning, the day following my starting it.

markin

If you have Gas heating it should be cheaper, but it sounds like your trying to be Greener?

Is your battery big?