Renewing Dual Fuel Contract
Discussion
We are just coming to the end of an 18 month fixed price dual fuel tariff with EDF paying around £151 pm .
I know the cost of fuel has increased substantially , but was staggered to see quotations for fixed terms with EDF ,based on the same annual fuel usage , a 1 year fixed price is quoted at well over £600 or a 2 year £513.
Interestingly a standard variable is only £222 , makes you wonder if they don’t want to enter into fixed price contracts .Today, a no brainer , but future ?
I would shop around , but I seem to remember Martin Lewis saying none of the companies will be offering competitive contracts at present
I know the cost of fuel has increased substantially , but was staggered to see quotations for fixed terms with EDF ,based on the same annual fuel usage , a 1 year fixed price is quoted at well over £600 or a 2 year £513.
Interestingly a standard variable is only £222 , makes you wonder if they don’t want to enter into fixed price contracts .Today, a no brainer , but future ?
I would shop around , but I seem to remember Martin Lewis saying none of the companies will be offering competitive contracts at present
MXRod said:
We are just coming to the end of an 18 month fixed price dual fuel tariff with EDF paying around £151 pm .
I know the cost of fuel has increased substantially , but was staggered to see quotations for fixed terms with EDF ,based on the same annual fuel usage , a 1 year fixed price is quoted at well over £600 or a 2 year £513.
Interestingly a standard variable is only £222 , makes you wonder if they don’t want to enter into fixed price contracts .Today, a no brainer , but future ?
I would shop around , but I seem to remember Martin Lewis saying none of the companies will be offering competitive contracts at present
Carp - that doesn't sound too goo. I'm with Ovo paying £170pcm and myd eal finishes in 2 months.I know the cost of fuel has increased substantially , but was staggered to see quotations for fixed terms with EDF ,based on the same annual fuel usage , a 1 year fixed price is quoted at well over £600 or a 2 year £513.
Interestingly a standard variable is only £222 , makes you wonder if they don’t want to enter into fixed price contracts .Today, a no brainer , but future ?
I would shop around , but I seem to remember Martin Lewis saying none of the companies will be offering competitive contracts at present
Is £222pm basically the price capped limit? If so then why not stay on the variable tariff until fixed deals become more competitive?
Kiribati268 said:
What you pay a month is irrelevant.
It's all about standing charge and unit prices.
Don't understand the point you are making . Obviously the standing charge and unit prices are higher ,but the quoted prices are in excess of reported increases in wholesale fuel prices , which as I understand are about 50% higher than a year agoIt's all about standing charge and unit prices.
MXRod said:
Don't understand the point you are making . Obviously the standing charge and unit prices are higher ,but the quoted prices are in excess of reported increases in wholesale fuel prices , which as I understand are about 50% higher than a year ago
If you're quoted at £200/month but you only use £100 worth, the excess £100 is added to your account. It isn't lost forever.You pay for what you use per unit, the direct debit amount only tells you what you are contributing to the bill per month.
It's likely you're quoted big direct debit amounts because it's currently winter. Energy companies don't want people to open accounts and start off with a big debit straight away.
Kiribati268 said:
MXRod said:
Don't understand the point you are making . Obviously the standing charge and unit prices are higher ,but the quoted prices are in excess of reported increases in wholesale fuel prices , which as I understand are about 50% higher than a year ago
If you're quoted at £200/month but you only use £100 worth, the excess £100 is added to your account. It isn't lost forever.You pay for what you use per unit, the direct debit amount only tells you what you are contributing to the bill per month.
It's likely you're quoted big direct debit amounts because it's currently winter. Energy companies don't want people to open accounts and start off with a big debit straight away.
Yep, agree unit rates and your consumption are the key issues.
There have been other threads where a number of us have been having a bit of a go about the difficulty of getting to the nuts of the detail and criticising the messaging by the media incl Martin Lewis. See below quoted post from another thread. Apologies for quoting self but it's the easiest way to do it.
My recommendation is that you then set up an Excel spreadsheet or similar. You should know or find out what your current actual usage of electricity and gas is in kwh, the unit prices and standing charges. Then enter those figures into the spreadsheet, and you can calculate out your current annual energy bill on the tariff about to end.
Then create further columns using the same consumption figures forl the unit prices etc proposed for the new fixed contract by your current supplier, and the unit prices etc for the current capped variable tariff from the table below. Then calculate another column using an estimation if the cap increases by 51% as predicted then look how your options stack up.
There have been other threads where a number of us have been having a bit of a go about the difficulty of getting to the nuts of the detail and criticising the messaging by the media incl Martin Lewis. See below quoted post from another thread. Apologies for quoting self but it's the easiest way to do it.
My recommendation is that you then set up an Excel spreadsheet or similar. You should know or find out what your current actual usage of electricity and gas is in kwh, the unit prices and standing charges. Then enter those figures into the spreadsheet, and you can calculate out your current annual energy bill on the tariff about to end.
Then create further columns using the same consumption figures forl the unit prices etc proposed for the new fixed contract by your current supplier, and the unit prices etc for the current capped variable tariff from the table below. Then calculate another column using an estimation if the cap increases by 51% as predicted then look how your options stack up.
FiF said:
From the other thread
Ofgem also adjust the ‘assumed’ consumption figures (downwards) which also masks an actual unit price increase.
Here’s my calculated price cap figures this winter which have indeed been posted in this thread:
The likes of Martin Lewis is also complicit to this spectacular piece of obfuscation cooked up by the energy companies and pushed by ofgem
eliot said:
FiF said:
but generally media incl Martin Lewis says stuff like, made up numbers, it's going up from 1277 pa to 1589.45p pa whenever, but don't give the really useful info such as what kWh unit rates and units consumed is this based on.
Then when you start looking it all depends on whether you are considered a low, medium or high user, and tier 1 or tier 2 type and bla bla bla. And bugger all that I've found about standing charges, but that could just be my incompetence.
If this has all been covered up thread my apologies.
Well yes exactly and I feel like i’m on a one man crusade to get people to pay attention to the unit price and less so at the ‘it’s going up £300’ figure because as you also realise it bears no resemblance to what you will pay. Then when you start looking it all depends on whether you are considered a low, medium or high user, and tier 1 or tier 2 type and bla bla bla. And bugger all that I've found about standing charges, but that could just be my incompetence.
If this has all been covered up thread my apologies.
Ofgem also adjust the ‘assumed’ consumption figures (downwards) which also masks an actual unit price increase.
Here’s my calculated price cap figures this winter which have indeed been posted in this thread:
The likes of Martin Lewis is also complicit to this spectacular piece of obfuscation cooked up by the energy companies and pushed by ofgem
Take the SVR, just let your current deal expire. Even when it goes up again towards the end of April it will still likely be less than fixed 12 month deals. 2yr deals are laughable nobody is mug enough to think they are good value at the moment. Predicting what will happen in Oct is the interesting one.
My 'quotes' are over inflated and the estimated monthly price is distorted because I spend £100+ on leccy for charging my car, that my employer pays. When I back calculate the energy consumption for the house yes its a significant increase but not the stratospheric jump their quote calculator spits out.
If they start messing about with your DD simply cancel it and pay them a sensible amount each month that reflects your usage. In the past they could take you off the decent fixed rate deals if you refused to pay by DD, putting you on the SVR rate, but if you are already on that tariff what can they do?
My 'quotes' are over inflated and the estimated monthly price is distorted because I spend £100+ on leccy for charging my car, that my employer pays. When I back calculate the energy consumption for the house yes its a significant increase but not the stratospheric jump their quote calculator spits out.
If they start messing about with your DD simply cancel it and pay them a sensible amount each month that reflects your usage. In the past they could take you off the decent fixed rate deals if you refused to pay by DD, putting you on the SVR rate, but if you are already on that tariff what can they do?
Edited by shep1001 on Wednesday 5th January 19:10
Edited by shep1001 on Wednesday 5th January 19:18
lost in espace said:
Martin Lews said on R5 today things have shifted, again. If you can get a fix, do so as there is a price cap rise in April and October. Aprils will be 51% ish, maybe the same again in October. It is on iPlayer.
I’d be amazed if anybodies offering anything other than standard variable. The comparison sites are all computer says no, coming up with a blank, suggesting zero deals available. No company wants customers as due to the price cap they’re losing on every single customer. Gas wholesale prices went up 30% yesterday. Again.I’m advertising a 3 bed semi to rent, and thought it prudent to work out what the bills are likely to be after this possible 51% rise coming in April. That way prospective tenants and me can have an idea of long term affordability.
Cavity walls, well insulated, condensing boiler and modern controls, A rated windows, an average decent house. Ready?
Including council tax of £1700 it’s about £6000 a year.
I really can’t face working out what our own bills are going to be - we have a granny flat attached so we’ve basically got two full sets of electric cooking most days…
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