EDF follows British Gas and announces £19 million price rise
EDF is putting its electricity prices up for nearly 1.2 million customers from 7 June
Direct debit bills will go up by £16 from £1,142 to £1,158 a year – the equivalent of at least £19 million across the country
However, dual fuel customers paying by cash or cheque will see an increase of £28 (2.3%) – meaning they will be charged £1,248 per year
EDF blames an increase in the fixed cost of supplying electricity
Threat of widespread price cap may be giving suppliers the cover to raise prices without fearing they will lose customers
EDF’s standard tariff will be £362 more expensive than the current cheapest deal on the market
Energy customers could save up to £491 by switching supplier.
EDF has quickly followed in British Gas’ footsteps and is increasing the price of its standard electricity tariff, effective from 7 June this year. The increase of 1.4% will add an average of £16 a year to dual fuel bills. Today’s news will affect nearly 1.2 million customers, adding a total of at least £19 million per year to household bills. This is accompanied by an increase of £6 per fuel for customers who pay when they receive their bill rather than by monthly direct debit, meaning dual fuel households paying by cash or cheque will pay £28 more per year on average.
Commenting on the news, Claire Osborne, Uswitch.com energy expert, says: “Following a shock price rise from British Gas, it is incredibly disheartening to see EDF jump at the opportunity to hike prices – exactly a year after they last announced an increase. While EDF may be playing down the size of the increase, their standard tariff is now one of the most expensive on the market. This is another kick in the teeth for EDF customers, who must be wondering whether this is going to happen every April.
“It’s also important to consider whether suppliers are taking advantage of the threat of a price cap being introduced – raising prices before it comes in and banking on consumers not switching away because they mistakenly assume they will be protected.
“Now that two of Britain’s biggest suppliers have raised prices, we are starting to see the uncomfortably familiar pattern where one company follows another. The question is whether it will be a trickle or a stampede. Either way, households should join the 5.5 million energy customers who switched away from rip off tariffs last year and show the suppliers who really holds the power. There are savings of up to £491 on offer for only ten minutes online and consumers can fix their tariff to protect against future price rises.”
Table 1: Best Buy Table
| Supplier | Plan name | Average bill size | Tariff type | Cancellation fees | ||
|---|---|---|---|---|---|---|
| Utility Point | Flexi Online Tracker 18 Wk15 Direct | £796 | Variable | |||
| Outfox the Market | Zapp! December Tariff (medium consumption) | £807 | Variable | |||
| One Select | Secure Spring 1 Year Fixed 2018 | £810 | Fixed | |||
| Avro Energy | Simple and Flow | £823 | Fixed | |||
| Usio Energy | Lite 0.1 | £826 | Variable | |||
| Economy Energy | Online Saver | £831 | Fixed | £25.00 per fuel | ||
| Tonik Energy | Positively Green v16 | £839 | Fixed | |||
| People’s Energy | The People’s Tariff | £864 | Variable | |||
| Solarplicity | Solarplicity’s 12month Fixed April 2018 | £866 | Fixed | £30.00 per fuel | ||
| Igloo Energy | IGLOO PIONEER | £871 | Variable |
Source: Uswitch.com correct as of 12 April 2018
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Tim Dunford
Phone: 020 3872 5612
Mobile: 07785 552666
Email: tim.dunford@uswitch.com
Twitter: @uswitchPR
Notes to editors
EDF has 2.89 million SVT non pre-payment customers (source: Ofgem SVT trends September 2017)). 41% of 2.89 million customers = 1,185,000 customers. £16 x 1,185,000 households = £18.9 million.
Cheapest tariff as of 12 April is Utility Point at £796. £1,158 - £796 = £362.
Between 1 April 2017 and 30 Sep 2017, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £491 or more.
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