EDF hikes prices £117

An average variable tariff bill from EDF will now cost £1254 per year – over £100 per month

EDF hikes prices £117

EDF have become the second energy company to raise their prices, following E.ON’s price rise yesterday.

Both of these price rises are expected to be followed with many more hikes from ‘Big Six’ energy companies, who are raising their default bill cost to the maximum allowed by the price cap (£1254^).

The £117^ hike from EDF (the exact amount the price cap will be raised by) will affect everyone on their default tariff.

Despite the price cap originally coming in to protect customers from higher bills, these recent price hikes mean the average bill is now higher than when the price cap was introduced which was £1221 at the time.

This is expected to be just the second in a wave of price rises across energy suppliers, particularly the ‘Big Six’.

EDF commented, “Ofgem’s announcement confirmed that costs increased significantly last year and this was further evidenced by the collapse of several small suppliers. As a responsible and long-term business, it is important that we reflect the costs we’re facing. These changes for standard variable tariffs will not come into effect until 1 April and we will write to customers before then, highlighting the other tariffs available that they can switch to.”

Victoria Arrington, spokesperson at energyhelpline, says, “An average variable tariff bill from EDF will now cost £1254 per year – over £100 per month.”

“The first price cap cut into profits, and now suppliers are hoping to make some of this back by raising their prices. The price cap still does offer some protection to consumers, but you can do so much more in order to potentially lower your bills. The best way to save money on your energy bill is to compare and switch suppliers regularly. On average switchers at energyhelpline save £300* per year.

“Energy is the easiest big bill to switch, as it takes only a few minutes and some basic information to calculate your potential savings. Consumers must vote with their feet and switch to show suppliers they expect a good deal for their custom.”

You can compare and switch your energy bill here.

*Average saving of £300 per year calculated with average usage and after the price cap increase to £1254 on April 1st 2019.

^Averages are calculated for a typical usage home taking gas and electricity and paying by monthly direct debit. Usage for a typical home as per OFGEM guidelines: Gas 12,000 kWh pa and Electricity 3,100 kWh pa.

 

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