EDF Essentials 1Yr May25 should I switch

minority

With the increase coming trying to decide whether it sensible to switch to eon deal or just continue on my current one till end of may.

I know gas prices have stabilised recently but will that bring the next reset down .  I think it £100 exit so not sure how to work this one.

Neil_Jones

You can switch within 49 days of your fix ending and exit fees do not apply.

https://www.citizensadvice.org.uk/consumer/energy/energy-supply/get-a-better-energy-deal/switching-energy-supplier/

So the end of May means your window opens middle of April.

Note that there is no guarantee any decent deal available now will still be around in the middle of April.

minority

Yeah middleapril to late based on the email martin sent out.

I saw gas price has normalised so in theory it should get cheaper in July hopefully as long as any more crazy stuff doesn't happen.

Although peace of mind is always nice

spot1034

Realistically, seeing the way the wholesale price of gas is dropping it looks unlikely that prices of fixes will continue to rise. Far more likely that the opposite will happen. You are more likely to get a better deal by waiting until your present one comes to an end.

The_Groat_Counter

minority said:

With the increase coming trying to decide whether it sensible to switch to eon deal or just continue on my current one till end of may.

I know gas prices have stabilised recently but will that bring the next reset down .  I think it £100 exit so not sure how to work this one.

The £100 exit fee likely nullifies any potential savings.

I think there is a distinct danger of people getting caught up in a rush for a new fix and by so doing paying exit fees to get out of their current fix that outweigh any savings.

minority

spot1034 said:

Realistically, seeing the way the wholesale price of gas is dropping it looks unlikely that prices of fixes will continue to rise. Far more likely that the opposite will happen. You are more likely to get a better deal by waiting until your present one comes to an end.

Thanks everyone for verifying my general thoughts any saving will be wiped out by exit fee.

Hoping the gas price stay low and that should cancel out a month worth of higher costs.

Neil_Jones

The_Groat_Counter said:

minority said:

With the increase coming trying to decide whether it sensible to switch to eon deal or just continue on my current one till end of may.

I know gas prices have stabilised recently but will that bring the next reset down .  I think it £100 exit so not sure how to work this one.

The £100 exit fee likely nullifies any potential savings.

I think there is a distinct danger of people getting caught up in a rush for a new fix and by so doing paying exit fees to get out of their current fix that outweigh any savings.

If prices were to fall heavily and you are saving more than you pay in exit fees, it could be the exception to this general rule to pay said fees for savings later down the line.

However in the current climate this is pretty much irrelevant, and of course if you're on an older fix that may be bit higher than where we are on a variable tariff, it could go either way as to whether its worth it.