Unusually (as far as the past couple of years have been concerned), EDF prices have actually fallen in 2023 so far.
EDF energy tariffs are subject to Ofgem's energy price cap, just like the majority of energy suppliers operating in the UK. The price cap sets the maximum rate suppliers can charge for average use on standard variable tariffs - which are typically the most expensive type of energy plan. Usually customers would be able to switch to a cheaper energy deal if they were rolled onto a standard variable tariff, but this hasn't been an option for the past couple of years.
Energy wholesale prices rose significantly from September 2021 due to various factors such as low wind generation and low reserves of gas. This meant that it cost energy suppliers much more to buy energy than it previously did, so Ofgem raised the energy price cap level (which caps the unit rates customers pay) to an eventual level of £3,549. This affected the majority of customers who had rolled off their fixed deals but had no alternatives to switch to because fixed tariffs had been withdrawn from the market by suppliers.
At that point, the government introduced the subsidised Energy Price Guarantee, which capped unit rates so an average household would pay £2,500 per year, to help customers manage their energy bills. Now, though, the price cap has been set at £2,074, so the Energy Price Guarantee will move back (while still running in the background at a higher level of £3,000) and the price cap will set the unit rates of standard variable tariffs again.
|Time period||Price cap level||Energy Price Guarantee level||EDF standard variable price|
|April 2019 - October 2019||£1,254||N/A||£1,254|
|October 2019 - April 2020||£1,179||N/A||£1,177|
|April 2020 - October 2020||£1,162||N/A||£1,162|
|October 2020 - April 2021||£1,042||N/A||£1,042|
|April 2021 - October 2021||£1,138||N/A||£1,138|
|October 2021 - April 2022||£1,277||N/A||£1,277|
|April 2022 - October 2022||£1,971||N/A||£1,971|
|October 2022 - January 2023||£3,549||£2,500||N/A (SVT capped at £2,500 under EPG)|
|January 2023 - April 2023||£4,279||£2,500||N/A (SVT capped at £2,500 under EPG)|
|April 2023 - July 2023||£3,280||£2,500||N/A (SVT capped at £2,500 under EPG)|
|July 2023 - October 2023||£2,074||£3,000||TBC|
Highlighted rows denote the periods where the Energy Price Guarantee was subsidising customers' energy bills.
All customers with a standard variable tariff plan from EDF will be impacted by the price reduction (the majority of its current customer base). At the moment, there's very little you can do about it - there are no fixed deals available at the moment.
If you're fortunate enough to be on a fixed plan from EDF, your rates will stay the same for the remainder of the contract. But remember that you'll automatically be rolled onto a standard variable tariff when your fixed deal ends.
You can read about previous price changes from other suppliers below:
Prices are going to come down in July as we've mentioned, but the energy price cap is now reviewed four times a year, which means there's more opportunity for them to rise throughout the year. At the moment, they're projected to rise again slightly in the autumn and winter but not to the level we've seen that prompted the introduction of the EPG.
Find out which suppliers have increased or decreased their energy prices and how that affects your energy bills in 2023.Learn more