To switch or not to switch...

stuarta99

I'm sure this is the most asked question but I'm a bit confused with the MSE comparison tool.

I'm currently with EDF on their Fixed 26 paying £127 per month. I have a zero exit fee and was thinking of jumping before the rise on the 1st July which is also when my tariff expires, as it looks likely there is going to be at least a 14% rise.

When I run my figures through the comparison tool, EDF shows me that I'm not going to get any saving if I switch to either their 27 or 28 despite paying either £7/month less or £1/month more.

I was tempted to switch to Octopus as my parents are on the same tariff as myself and we've had no end of problems trying to get a gas meter fixed that hasn't been working since last July but they are proving more expensive for a shorter tariff

Also noticed that Martin has mentioned that the fix rates have come down which feels odd considering what's going on in the world but a gamble as to whether they are likely to change again before the July deadline

donny-gal

I am also confused, currently with Octopus, with a Nov 25v2 fix to Dec 26. When I look at my bills its showing 0.2356 per KwH for electric. The EDF Jul 27 KWh rate found via a search, as for some reasons, no one seems to think you like to do numbers yourself, but be told a summary with no details, £0.2068kwh 10p a day daily rate dearer, Gas £0.2918 +daily £0.0621 also showing cheaper with a similar daily rate but looking like an increase, in the Credit report.

While I found my tarrif in the Credit report, it doesn't match my bill, now before I try to kill Octopus, can anyone confirm the KWH from the EDF Jul 27 deal. dual fuel deal?

Edcx

Another confused member here! I switched with Cheap energy club collective in February, is Martin saying switch again?

Totoro123

Also confused! Octopus says my current dual fuel Flexible estimate is £85.72 pcm, and if I go onto 12 month fixed it will be £95.84. Which is obviously not cheaper. Are they using current price caps for both? That would explain why there is currently not much difference? We have solar panels and Octopus currently gives us 12p per k/whr

Alnat1

The Flexible (SVT) tariff will definitely be going up quite a lot from July. If the silly orange man doesn't sort out what he's messed up very soon Flexible might be as much as £120 a month for you from then.

If you switch to a Fixed tariff now, it will be a bit more expensive until end of June but is then going to stay the same until the end of the fix next year. You will probably be using less energy over the next few weeks anyway, as heating season ends.

From July a fix is pretty much guaranteed to save you money over the Flexible (SVT rate) and who knows how long this fuel shortage will last. If it rumbles on for a good few months it could get very expensive to heat your home next winter if you're on SVT.

bristolleedsfan

From screenshot in O/P, Eon Next is the only supplier who subsequently allows change of tariff without charging exit fee, Win Win if fixed rates decrease..

stuarta99

Tempted to do the 28 one although just checking again now and it's gone to £132 for the 27 fix and £130 for the 28 one so an increase from this morning, but they have just generated me a bill so maybe it's based on that

stuarta99

Sorry just jumping on this again as I've not had a chance to do anything, as I have an active dispute open with EDF for my parents (contracts expire at the same time), as their gas smart meter hasn't been working for 12 months.

Our fixes end 1/8 and currently a 12 and 24 month EDF fix is £7/month which doesn't seem a lot of an increase. I've never had an issue with EDF in 20 years but this episode is frustrating me and I have been tempted to jump to Octopus, which is about 50p cheaper on a 12-month only. However, I'm not sure what would happen if EDF don't fix the gas meter, and surely it's not Octopus's responsibility, although the ombudsman is now involved.

Finally, I guess nobody has an insider knowledge on how long these tariffs are likely to last now that the increase has been announced or what the latest crystal ball is looking like for 2 years.

Many thanks

Ildhund

@stuarta99 asked:

… how long [are] these tariffs … likely to last now that the increase has been announced …

There is really no link between fixed tariffs and the price cap. The cap is based on historical wholesale prices over a three-month period, while fixed tariffs are based on predictions of wholesale prices over the period of the fix. Those predictions won't change just because Ofgem has released some figures calculated on older data.

QrizB

... while fixed tariffs are based on predictions of wholesale prices over the period of the fix.

For a responsibly-run energy company (rather than some of the cowboys that went bust in 2022) it's not even that.

The energy company should have already contracted with gas & electricity wholesalers (or even with electricity generators direct) to supply energy over the duration of the fix. So long as their wholesalers can meet their obligations, the supplier will have the energy available to sell to their customers on the fixed tariff offered.

Ildhund

@QrizB wrote:

The energy company should have already contracted with gas & electricity wholesalers (or even with electricity generators direct) to supply energy over the duration of the fix.

Fair enough, but the wholesalers will have done the predicting. I'm sorry if I implied that the suppler was the one with the crystal ball, although I'm sure they do consult it too.