Choice to Make

footeg

Hi, my fixed tariff with EDF ends on the 31st March. My annual gas usage is 11837kwh & electric 2179kwh. EDF are offering  2 tariffs, a one year tracker extra at £129.37 per month or a two year fix at £135.60 per month. I'm not sure which one to choose as the tracker cost will change with the price cap whereas the fix will remain constant. My usage is right on the borderline so I would appreciate any advice. Thanks.

Midlander59

You do realise that the amount you actually used is charged for; it not an absolute capped cost per month. Look at the cost per kWh on both tariffs. Prices are due to rise again in April.   

Gerry1

Forget the DD amounts, they're just a contribution to a kitty that may or may not be sufficient to pay for your usage.  Just do the sums instead.

As to the future, your crystal ball is as good as anyone else's.  It simply depends on your attitude to risk (and what the exit fees are).

AndyPK

If it were me I would look elsewhere for a 1 year fix. 

I think the 2 year fix is at todays prices. The exit fee is so high that you will be stuck with it. It will guarantee 2 winters at todays prices. If that suits you.....

Come 1st April, you will be using less energy and you will have 5 months to monitor the market, and grab a 1 year fix before it gets close to next winter.

QrizB

footeg said:

Hi, my fixed tariff with EDF ends on the 31st March. My annual gas usage is 11837kwh & electric 2179kwh. EDF are offering  2 tariffs, a one year tracker extra at £129.37 per month or a two year fix at £135.60 per month. I'm not sure which one to choose as the tracker cost will change with the price cap whereas the fix will remain constant. My usage is right on the borderline so I would appreciate any advice. Thanks.

If you're happy to stay with EDF, the one-year Tracker is a better bet than the SVT.

Or, if you value certainty more than opportunity, the 2-year fix will at least ensure you don't pay any more than that.

I remember the summer of 2022 when fixes were rising faster than the SVT, and people (including me) couldn't understand whay anyone would fix their gas on 5p/kWh for two years when it had been around 3p/kWh for so long. Then the EPG came in and we (without a fix) were thankful to "only" be paying 10p/kWh

footeg

Thanks for the advice everyone. I'll wait a little while but I think I'll probably go for the tracker option.The exit fees are a third of those for the 2 year fix & my energy usage is relatively low so saving £100 on standing charges probably makes sense.