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 or default tariffs - which are typically the most expensive type of energy plan.
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 its highest ever level of £1,971 to help them cover their costs. EDF therefore increased its standard variable tariff rates from £1,277.22 to £1,970.44 - just below the cap rate.
This followed a previous price cap rise announced in August 2021 to come into effect from October 2021. That rate, as mentioned, was £1,277 per year. In line with the price cap increase, EDF therefore announced a 12% price rise on its standard variable tariff to come into effect on 1 October 2021. This meant the average customer on a standard variable tariff from EDF paid £1,277 a year - an average price rise of £139 per year.
EDF's price rise will only affect customers on the supplier's Standard (Variable) tariff. If you're on a fixed tariff from EDF or any other supplier, the price you pay per unit of energy will remain fixed until the plan ends - after this you'll be automatically rolled onto a standard variable tariff.
In February 2021, EDF increased prices on its standard variable tariffs by 9% to £1,139 - this came into effect on 1 April 2021. In October 2020, EDF reduced prices on its standard variable tariffs by 7%. The price drop was in response to energy regulator Ofgem's price cap reduction from £1,127 to £1,042.
EDF's standard variable tariff customers previously saw a 1% price drop in April 2020, also as a result of the falling price cap. Additionally, those on prepayment meters saw their bills fall to an average of £1,199, again due to Ofgem's price cap drop.
Prior to these reductions, EDF has usually raised its prices, especially over the past couple of years:
In August 2018, EDF raised its prices by 6%, around a £70 increase for those on standard variable tariffs
In June 2018, EDF raised its standard variable tariff dual fuel rates by 1.4%, which constituted a £16 rise for customers
All customers with a standard variable tariff plan from EDF will be impacted by this change (the majority of its current customer base). Unfortunately, there's very little you can do about it - the few fixed deals that are on the market are priced above the cap rate, so even though standard variable tariffs are at their highest ever price point, they're largely the cheapest available option.
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.
Following the most recent price cap review in August 2021, many energy suppliers are expected to raise their prices in line with the new cap level.
EDF was the first of the big 6 energy suppliers to announce a price rise after the announcement of the new cap level.You can read about previous price changes from the rest of the big six below:
If you’re with any of the above suppliers, you should consider switching your energy now to help you save on your energy bills.
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