EDF now using a new form of mathematics, unique to them, where 'less' is 'more'

JimboMarimbo

It's been a while since GCE Mathematics, and maybe I'm just too old to understand the figures I have, in writing, from my long-time supplier, EDF. A forum member's fact checker would be helpful.

I'll be brief: in my recent Electricity bill, I was advised that I could "save £55.80 a year if I switched from my Standard Variable DD contract to EDF Ensure Jul25". This, I was informed, could only be done if I had a Smart Meter installed. I arranged for this, and after it was fitted, I asked to switch to EDF Ensure Jul25. 

I'm a small user, already £91 in credit, and paying £42 per month, which works out at £504 per year; and so with £55.80 deducted from this, I was expecting a quote of around £448 per year or £37.35 per month.

Not so, by 'saving' £55.80 a year my annual expediture would 'actually increase' to £51 per month - £612 per year - an increase of £164 per year, with them hanging on 'interest-free' to my £91 credit.

Deep in the EDF cotractual fine print and Ts and Cs, there has to be some logic to this - but I cannot find it.

Can anyone enlighten me, and suggest a route to resolve my difficulty?

BarelySentientAI

Do what everyone should.  Ignore the estimates, don't focus on the DD value, and just work it out based on unit price and standing charge.

Your actual expenditure doesn't increase if unit costs stay the same and standing charges reduce (which is how I understand the Ensure tariff differs from the Standard Variable).  You'll just build up more credit, assuming that you continue to use less than the estimated consumption.

Netexporter

Take no notice of savings estimates. Look at your actual historic usage then calculate the total at the old rates and the new rates to see how they compare. Don't forget to calculate the standing charge for the year, if it is different between the two tariffs.

BlueonBlue

A ph call will get your credit refunded if your readings are regularly up to date .....dont let them talk you out of the refund which they likely will try .
A option is to put some of the credit on your gas bill if thats needed.

Im a very low user just abit more than yourself
I have ended up on the STD Varible tarif after my last fix ended (with no smart meter) so my monthly payment has gone up £10-£16
When the plumber did some work I asked him what his opinion was .

He said "dont bother with a smart meter until you have too get one" but if you want to change supplier "Octopus was the lowest cost in my area" .

I rang Octopus to get a estimate which was inconclusive or very similar to what Im already paying and also rang EDF for a fixed tarif with smart meter estimate on the electric only .

Edf said I,d save about £25 a year at the current rates and have to get a smart meter and that rates are expected to go up further very soon possibly in Oct I think it was ?.

So not sure what to do as I dont think real annual use figures from previous years are used in any of these estimates but tend to think the plumber might know the bigger picture in my case .

I would be very interested in how you get on and your outcome as the margins are smaller with low use .
I am in london .

BarelySentientAI

BlueonBlue said:

but tend to think the plumber might know the bigger picture in my case .

I'm interested.  What special knowledge of the energy market do you think a plumber has?

JimboMarimbo

Thanks to all. 

As you advised, I have checked the kWh rate on my present tariff and compared it to the shiny new EDF Ensure Jul25, which they said would 'save' me (see headline) £50.80 per year. Well, like you said, ignore estimates and check the actuality...Guess what - the kWh rate on the new proposed tariff is IDENTICAL, down to two decimals of a penny!

However, I have found some of the missing £50.80, in that the new tariff has a reduced daily standing charge of 43.58 pence per day, compared to my present tariff's 50.43 pence per day. By my reckoning an annual saving in actual money of £25 - conveniently half of what they had tempted me with 'saving' !

Worth going for - hmm, I wonder: the new tariff has a £25 exit fee (there goes that £25 saving), but a tempting "Beat The Price Cap" selling point.

I won't extend this post any further, because I am sure there will be much discussion on beating the price cap on the main site.

MP1995

BlueonBlue said:

A ph call will get your credit refunded if your readings are regularly up to date .....dont let them talk you out of the refund which they likely will try .
A option is to put some of the credit on your gas bill if thats needed.

Im a very low user just abit more than yourself
I have ended up on the STD Varible tarif after my last fix ended (with no smart meter) so my monthly payment has gone up £10-£16
When the plumber did some work I asked him what his opinion was .

He said "dont bother with a smart meter until you have too get one" but if you want to change supplier "Octopus was the lowest cost in my area" .

I rang Octopus to get a estimate which was inconclusive or very similar to what Im already paying and also rang EDF for a fixed tarif with smart meter estimate on the electric only .

Edf said I,d save about £25 a year at the current rates and have to get a smart meter and that rates are expected to go up further very soon possibly in Oct I think it was ?.

So not sure what to do as I dont think real annual use figures from previous years are used in any of these estimates but tend to think the plumber might know the bigger picture in my case .

I would be very interested in how you get on and your outcome as the margins are smaller with low use .
I am in london .

I do tend to get my financial energy advice from my plumber as well. It's good to know that not only is he on top of the energy market he can also present a decent bum crack whilst in the plant room cupboard.

MP1995

JimboMarimbo said:

Thanks to all. 

As you advised, I have checked the kWh rate on my present tariff and compared it to the shiny new EDF Ensure Jul25, which they said would 'save' me (see headline) £50.80 per year. Well, like you said, ignore estimates and check the actuality...Guess what - the kWh rate on the new proposed tariff is IDENTICAL, down to two decimals of a penny!

However, I have found some of the missing £50.80, in that the new tariff has a reduced daily standing charge of 43.58 pence per day, compared to my present tariff's 50.43 pence per day. By my reckoning an annual saving in actual money of £25 - conveniently half of what they had tempted me with 'saving' !

Worth going for - hmm, I wonder: the new tariff has a £25 exit fee (there goes that £25 saving), but a tempting "Beat The Price Cap" selling point.

I won't extend this post any further, because I am sure there will be much discussion on beating the price cap on the main site.

With the next two price cap periods expected to be rises it's a case of fix and be assured rather than play energy roulettes

Reed_Richards

There is a "cooling off" period where you can change your mind about switching suppliers; I believe that is 14 days.  I'm not completely sure if this applies to switching tariffs with the same supplier but it really should.  So if this happened recently, you might be able to change your mind.   

JimboMarimbo

Reed_Richards said:

There is a "cooling off" period where you can change your mind about switching suppliers; I believe that is 14 days.  I'm not completely sure if this applies to switching tariffs with the same supplier but it really should.  So if this happened recently, you might be able to change your mind.   

OK, I'll def check this out when their 'no service on weekends' CustoServs opens up on Monday.

As for the price cap coming up August 1st and quarterly, you reckon the 'better the devil you know' - so go with the 'Fixed' option -  is this the concensus of opinion hereabouts?

Largs

I just looked at my last bill, June 2024 and it shows a message I can save £90 approx, when I check the rates, I get similar to you- my saving is actually £25 approx.  I think the larger saving was before the new prices started on 1 July.