EDF’s tariffs for former Green Network Energy customers are set to end – switch now to avoid a £300/yr price rise
Former customers of failed supplier Green Network Energy (GNE) will be moved onto EDF’s pricey standard variable tariff (SVT) from October, with the cheap tariffs they were initially switched to set to end. If you were on one of these deals, switch now or you could end up overpaying.
Energy regulator Ofgem appointed EDF to take on all of GNE’s 360,000 household customers when the supplier stopped trading in January. At the time, EDF moved households to one of six new tariffs. We crunched the numbers on these tariffs in February, and they were very cheap comparatively. At the time, EDF said it guaranteed all customers would see a price decrease versus their GNE tariff until 30 September 2021.
But EDF has now confirmed that these six cheap tariffs will end between 31 September and 5 October (depending on which tariff you moved to), and if customers don’t switch, they’ll be automatically moved to EDF’s standard variable tariff. From 1 October, EDF's SVT will rise to £1,277/yr for a typical household. It comes after Ofgem announced it would raise the price cap on these tariffs from 1 October.
It means your price could rise by more than £320/yr if you do nothing. If you find choosing a new tariff confusing, try our free Pick Me A Tariff tools to find the cheapest deal based on your preferences, or you can do your own full-market comparison via our Cheap Energy Club.
EDF is offering exclusive 'renewal tariffs' to former GNE customers – but some could save more by switching
EDF has been contacting former GNE customers to let them know their tariff is coming end and to offer them a new, exclusive deal that's not available on the open market. Which one you’ll be offered depends on which tariff you’re currently on:
- If you're on EDF's 'Welcome GNE Variable V1' or 'Welcome GNE Variable V2' tariffs you'll be moved onto its pricey ‘Fix Total Service Sep24’ deal. Based on typical use, this tariff is over £140/yr more expensive than the cheapest variable tariff on the market, and over £50/yr pricier than the cheapest fix.
- If you're on EDF's 'Welcome GNE Variable V3', 'Welcome GNE Variable V4' or 'Welcome GNE Variable V5' tariffs you'll be moved onto its ‘Fix Total Service Sep24 v2’ deal, which is good value. Based on typical use, this special tariff works out as the cheapest fixed deal on the market.
However, if you don't mind a smaller supplier, you could save by switching elsewhere as it's still over £80/yr more expensive than the cheapest variable tariff currently available, based on typical use.
Just bear in mind that both exclusive tariffs are fixed for three years, with £35/fuel exit fees, so if prices do start to fall elsewhere, you'll need to pay to leave.
You could save £190+/yr switching elsewhere compared to EDF’s standard tariff
You also won't find the EDF deals above when you do a price comparison – so to make sure what you're offered stacks up, get a quote from EDF based on your usage, taking note of the annual costs for the tariff, then use that to do a full-market comparison (just make sure your usage is the same).
Unfortunately, due to massive increases in wholesale energy prices this year (what suppliers pay for gas and electricity), you're unlikely to find a deal as cheap as your current variable EDF tariff. Yet compared to EDF's SVT, you could save a typical £190+/yr by switching, so don't be put off. What’s more, as the variable tariffs for former GNE customers and EDF’s SVT don't come with exit fees, you're free to switch away at any time.
What does EDF say?
An EDF spokesperson said: "The vast majority of former GNE customers will have now received details of their renewal tariffs, or will do within the next few days. With global wholesale prices for gas increasing at an unprecedented rate, impacting both fixed and variable tariff prices, the renewal tariffs offer customers a competitive, market leading price, providing peace of mind that prices won’t change during the fixed term deal."