Economy 7 Tariffs from 1/1/24

paulcoleman

I'm with EDF (in the olf EEB area)  on 3 phase Economy 7, because I have a 50Kw Storage Heater. in the winter I use 80% of my electricity overnight. At present my standing charge is 44p per day, day rate is 40p per Kwh and night rate 8.6p per Kwh. From 1/1/24 EDF want to increase my tariff from 44p per day, day rate of 36.4p per Kwh and night rate of 16.7p per Kwh [i.e more or less a doubling of my night rate]. I'm searching for a post 1/1/24 tariff that will have a night rate less than 16.7p per Kwh. Any ideas?

dealyboy

Hi Paul and welcome to the forum.

I am in the process of switching away from EDF E7 in the Eastern region with the same new rates you quote. There have been two or three threads started by people in similar situations. Of course you can continue on your thread here but may also want to look at this one ... https://forums.moneysavingexpert.com/discussion/6491090/edf-e7 and I'll see if I can pick out another couple of threads (I'll edit this post).

Edit:
https://forums.moneysavingexpert.com/discussion/6492512/edf-91-price-hike
https://forums.moneysavingexpert.com/discussion/comment/80462473/#Comment_80462473

JSHarris

I'm in a similar situation, although single phase E7, with EDF.  They are increasing their tariff by 22.5% here from 1st January 2024, so I've been looking around.  I don't care what the day rate is, as we have battery storage so barely use any daytime electricity, but trying to compare night rates hasn't been easy, mainly because several suppliers haven't yet updated their tariffs to reflect prices from 1st January.  At the moment for me (Southern area) Utility Warehouse are looking to be the best bet, but I'm waiting for them to get back to me with confirmation that their published tariff information label is up to date (I suspect it isn't).

I believe this is gamesmanship by suppliers at the moment, holding off until the last minute so that consumers don't have as much time to consider switching.  My plan is to switch the instant any supplier publishes a January 2024 price that looks significantly better than EDFs.  Someone else here mentioned that once the switching process starts you remain locked in to your old tariff (I will admit I've not confirmed the veracity of this).  If so, then it looks like we have to game the system by holding off switching until the very last moment . . .

Johnneboy

Hi Paul,
I feel your pain! I started the same thread a week or so ago regarding this same issue. https://forums.moneysavingexpert.com/discussion/comment/80450941#Comment_80450941. 

dealyboy

@JSHarris said:

I'm in a similar situation, although single phase E7, with EDF.  They are increasing their tariff by 22.5% here from 1st January 2024, so I've been looking around.  I don't care what the day rate is, as we have battery storage so barely use any daytime electricity, but trying to compare night rates hasn't been easy, mainly because several suppliers haven't yet updated their tariffs to reflect prices from 1st January.  At the moment for me (Southern area) Utility Warehouse are looking to be the best bet, but I'm waiting for them to get back to me with confirmation that their published tariff information label is up to date (I suspect it isn't).

I believe this is gamesmanship by suppliers at the moment, holding off until the last minute so that consumers don't have as much time to consider switching.  My plan is to switch the instant any supplier publishes a January 2024 price that looks significantly better than EDFs.  Someone else here mentioned that once the switching process starts you remain locked in to your old tariff (I will admit I've not confirmed the veracity of this).  If so, then it looks like we have to game the system by holding off switching until the very last moment . . .

Hello again ... I don't know that that's true. You just stay on the tariff of the switched from supplier until the date of supply from the new supplier. This can vary, some (new) suppliers operate a 'fast switch' which takes just two days for the supply to change with administration following, others have a two week period and others allow the supply date to be specified (as long as it can be attained). Of course you can always cancel within the 14 day cooling off period and go for a different supplier/contract (I've done this in the past week).

In general the choice is varied with each supplier doing there own thing, but you should be able to find the new Jan 1st rates from all suppliers, either indirectly by 'fixed' tariffs or by specifying Jan 1st as the start date.

Octopus is novel and unique with its Time Of Use tariffs that need understanding but can be very competitive if restrictive.

dealyboy

Paul (OP) if I recall correctly somebody came up with a night rate of 10.11p from Utility Warehouse ... I'll see if I can find it. Edit: Can't find it.

JSHarris

dealyboy said:

Paul (OP) if I recall correctly somebody came up with a night rate of 10.11p from Utility Warehouse ... I'll see if I can find it. Edit: Can't find it.

UW are showing a night rate of 11.238p/kWh for my region at the moment, but as above, I think this hasn't yet been updated.  I've asked them to clarify this, so far haven't heard back from them.

mmmmikey

Shooting from the hip a bit here but at those rates you'd probably be better off on Octopus Agile by a reasonable margin as long as you have something to switch the stoarge heaters and water on and off at the right times. I switched from EDF E7 to Agile after my E7 rates went up earlier in the year and have been quids in, although in my particular case I've been able to squeeze a bit more out on Tracker (after switching again 10 days or so ago) by taking advantage of the savings sessions. If you're happy working with spreadsheets and have a good understanding of how/when the storage heaters currently switch it might be worth crunching the numbers. But changing to a TOU tariff is not a trivial change and it's really something you need to invest some time in understanding properly.

Graham2

In my region (south Wales) the night time rates from 1-Jan are:
Eon 14.83
British gas 15.353
EDF 16.2
Scottish power 16.47
Other regions will vary slightly but the order might be similar.
I am still waiting for UW to announce their new year price. At the moment UW have a very good night time E7 rate but I expect this to increase a lot in January.
I suspect that the reason all suppliers change their day/night price ratios in January is they anticipate night time wholesale rates will increase because more gas will be burnt to satisfy the higher demand (i.e. less of the mix coming from wind and nuclear).

dealyboy

@Graham2 said:

In my region (south Wales) the night time rates from 1-Jan are:
Eon 14.83
British gas 15.353
EDF 16.2
Scottish power 16.47
Other regions will vary slightly but the order might be similar.
I am still waiting for UW to announce their new year price. At the moment UW have a very good night time E7 rate but I expect this to increase a lot in January.
I suspect that the reason all suppliers change their day/night price ratios in January is they anticipate night time wholesale rates will increase because more gas will be burnt to satisfy the higher demand (i.e. less of the mix coming from wind and nuclear).

Good points  are those SVT prices? ... it might be interesting to know fixes.

JSHarris

Out of interest, does anyone know when UW revise their rates each quarter? 

Right now, UW are looking to be the most competitive SVT for E7 in our region, but I do know that they have a habit of making big changes to the off-peak rate at very short notice, often after they've implemented it.  We were with them for a time and this retrospective notice of tariff changes annoyed me a bit at the time.

All the fixed E7 tariffs I've looked at have been more expensive than SVT, and the predictions are that prices are going to fall again come April 2024, so fixing now may not be a good deal.