EDF fix coming to end -- offered "deal" -- should i take it?

wallofbeans

Hi all,

My EDF fix (simply Fixed Direct Aug26v2) is coming to an end and EDF have just sent me an offer of £100 credit to my account if I sign up to a new fix within the next week.

The best option is the Simply Fixed 2Yr Jul28v4, but even with the credit, there are a couple of others (from smaller companies) that are better deals.

I'm tempted to go for this though, as it's reasonable compared to other current options (with that credit included).

My question is, have others been offered better deals as it gets closer to the fix ending? Might EDF come back with a better offer if I hold out? My fix ends on 31st August.

Anyone with previous experience of EDF in a similar situation?

Thanks!

MeteredOut

My EDF fix ends at the end of this month - I've not had any offers. I'm Gas only with them though.

wallofbeans

https://forums.moneysavingexpert.com/discussion/comment/82070173#Comment_82070173

So you don't even get an offer of credit to your account in order to persuade you to stay? Maybe it's only for duel fuel customers…

la531983

https://forums.moneysavingexpert.com/discussion/6676266/edf-fix-coming-to-end-offered-deal-should-i-take-it

"Might EDF come back with a better offer if I hold out?"

They might.

They might not.

Rates change all the time.

wallofbeans

https://forums.moneysavingexpert.com/discussion/comment/82070304#Comment_82070304

That's incredibly helpful - thank you.

I didn't think about the £100 as only being £50 per year — so that makes a difference. I was already aware of the high exit fee and that's a big reason why I'm not going for it.

Scot_39

https://forums.moneysavingexpert.com/discussion/6676266/edf-fix-coming-to-end-offered-deal-should-i-take-it

Might EDF come back with a better offer if I hold out? My fix ends on 31st August.

Right now the end of August seems like a very very long way away when it comes to any guessing on what might happen to pricing.

It depends how long you want to risk riding the current Iran spat impact spiking UK and EU gas prices - which sees prices up nearly 30% on a month ago - and nearly 60% on the year.

https://tradingeconomics.com/commodity/uk-natural-gas

Of course prices could fall back as sharply - as they did post MoU last month - as they have risen this - but there's a real problem for UK home energy going on again on heating oil and gas - and EU for gas - that is for now far worse than the international oil pricing.

Id think about whether you can live with the fix from a pricing stability basis - with the £100 sweetener - rather than - and I know it goes against everything "MSE" like - a savings basis. It's how they used to be priced - especially 2 years carrying a premium the suppliers standard variable prices.

Arunmor

In the same boat as you, was discussing with a friend on WhatsApp:-

"Have to renew our leccy contract in next 50 days and that is proving a real conundrum, move now or wait. Currently on 18.62p/KWh looking at ~23.5p/KWh and edging up. Will Mad Edget sacked? Will Mad Ed become Chancellor? Will Block Electricity pricing be introduced? What the hell is Trump playing at now with Iran?"

I have decided to postpone until I get a feel what Burnham and his cabinet are going to get up to.

Oh and by the way my price of renewal went up 0.5p between Sunday and Monday.

Whichever way I turn we will be paying ~25% more.

dlyn

I received a similar email from EDF. I have been offered £150 if I accept one of their tracker or fixed deals by next Wed, 22nd. There are two fixed deals available to me - a 1yr or 2yr fix, and one tracker. All are electricity only and all are slightly below the standard variable rate.

I am tempted by the one year fix which is slightly dearer per month over the 2yr deal (for me £1.10 pm ) , plus I may be able to save a bit more via the Sunday Saver scheme (if I can get it to work correctly).

Odd that there seems to be different offers to different customers.

Chrysalis

Why is EDF suddenly feeling flush with these credit offers, thats a lot considering these suppliers claim to only have tiny margins.
Unless the tariff is really bad it would seem prudent to accept as I guess at worst the credit covers any exit fees.

MeteredOut

https://forums.moneysavingexpert.com/discussion/comment/82071101#Comment_82071101

I'd treat this as a simple comparison. Based on my usage, is the EDF deal, over the course of the fix, including the account credit, cheaper than another suppliers' fixes over that same period of time. Or, if not looking to fix, compare it to what I think the SVT will do (I suspect continue to go up through the end of this year, then reduce through to the end of 2027 - but that's just a guess that Trump gets bored of playing about in the middle east)

reddwarf2002

I've also been offered £100 credit for renewing dual fuel. I've gone for the 1 year tracker tariff as the exit fee is £50 so if better offer comes along I would still be £50 up.

Edit: I do need to stay for minimum of 3 months though.