Is Your EDF Fixed Price Energy Plan about to End?
EDF Energy customers who fixed their energy prices with the Fixed S@ver 2 product could be in for a shock with their energy bills as the plan comes to an end.
Many took out the fixed price plan to freeze their energy prices for up to 18 months but as the plan ends on 30 September 2012 they will no longer be protected.
As Tom Lyon, energy expert at uSwitch.com, comments: “After a round of price rises at the start of last year, some wary consumers rushed to fix.
“Although there was initially a premium for this peace of mind, this soon disappeared when another round of price hikes struck at the end of the year.
“By signing up to EDF Energy’s plan, consumers were protected from these rises and have been able to enjoy substantial savings on their bills ever since.”
According to uSwitch.com, although EDF Energy’s Fixed S@ver 2 customers paid a £114 premium to fix their prices (compared with the British Gas Websaver 11 product which was the cheapest energy plan at the time in April 11), this premium soon disappeared as household energy prices soared.
Based on estimated saving per day for customers on Fixed Saver 2 against the average standard plan at that time they could have saved up to almost £300 since signing up to the plan.
But, as the plan ends their average annual bill will increase to £1,129, meaning they’ll be £120 a year worse off.
If you are a customer on this plan, an option is to switch energy suppliers and move to the current cheapest plan on the market, First Utility’s iSave Fixed V3 plan.
Whilst this is £31 more than the plan you were on, it is £89 less than the EDF plan you would roll on to. It is also a fixed price plan so you would be protected from any further price increases until 31st December 2013.
If you want to stay with EDF Energy, an option is their Blue + Price Promise April 2014 plan. At £1,058 a year, you see your bills increase by just £49, and you will be protected from any price increases for the next two winters.
MoneyHighStreet comments: “The whole subject of energy prices is a big issue for many households.
“Energy suppliers do seem to be reaping the benefit of lower wholesale prices.
“Last month Britain’s largest supplier, British Gas, announced a 23% increase in its year-on-year H1 residential profits and only yesterday E.ON reported an 30% increase in earnings (EBITDA) in the UK for the first half of this year.
“There has been some limited benefit passed on to consumers but surely there is room for more to be done?
“We are hurtling through the warmer summer months (even though we might be moaning about the horrendous summer!) towards the cold winter months. Now is the time to assess your energy plans and if need be take action to switch energy supplier or perhaps just switch the energy plan with your existing supplier.
“Using a comparison site such as uSwitch you can easily assess which is the best plan to suit your particular needs.
“It is so easy to do and really could help you save money.”