EDF announces biggest energy price rise yet
EDF becomes the fifth of the main energy providers to announce a price increase.
EDF will push up prices by 10.8% from 7 December, making it the fifth of the big six providers to announce a rise.
Gas and electricity customers will see their average dual fuel bills rise by £2.35 a week, or £122 over a year.
This is the largest rise we’ve seen so far this year and the company has blamed it on the rising costs in the wholesale market as well as having to pay a higher amount for its gas and electricity networks.
Price rises across the market
The news today doesn’t come as a great shock as four other providers have all announced hikes already, but it is the largest rise we've seen yet.
First to move was Scottish and Southern Energy (SSE) back in August, while British Gas, npower and Scottish Power all followed in a matter of weeks.
The only remaining provider to announce a hike is E.On and it’s expected this will happen imminently.
Why are prices rising?
EDF has followed the same line as the other providers in blaming rising costs. It also said the cost of paying out for "mandatory energy efficiency and social schemes" has forced it to raise prices.
Martin Lawrence, spokesperson for EDF, said: “We know that customers will not welcome this news and we do not want to see prices going up.”
EDF says that, on average, its prices still remain cheaper than the other leading providers but, in a time when incomes are being squeezed from almost every angle, it’s unlikely that will be much consolation for its customers.
Ironically, this announcement comes at the end of Big Energy Saving Week, an initiative launched by Citizens Advice to help people save on their energy bills.
Where can you get the cheapest deal?
Our comparison tables have a full view of the market but here are the cheapest remaining fixed-rate deals. After today's news it's expected more customers will move to a fixed deal to avoid further hikes.
However, before switching make sure you're eligible to do so and you won't be faced with a leaving penalty and always compare the prices across the market to make sure you're getting the best deal.
The cheapest fixed-rate deals
|
Supplier |
Tariff |
Average Cost |
Average Saving* |
Fixed until |
Cancellation Penalties |
|
OVO Energy |
New Energy Fixed |
£1,139 |
£253 |
Prices fixed for 12 months |
£30 per fuel until end of fix |
|
ScottishPower |
Online Fixed Price Energy April 2014 |
£1,140 |
£252 |
Fixed until 31 March 2014 |
None |
|
e.on |
Age UK 1 Year Fix |
£1,148 |
£244 |
Prices fixed for 12 months |
None |
|
e.on |
1 Year Fix |
£1,158 |
£234 |
Prices fixed for 12 months |
£10 until end of fix |
|
OVO Energy |
Green Energy Fixed |
£1,195 |
£197 |
Prices fixed for 12 months |
£30 per fuel until end of fix |
|
EDF |
Blue +Price Promise March 2015 |
£1,251 |
£141 |
Fixed until 31 March 2015 |
£35 per fuel if you leave before 31st March 2013; £15 per fuel before 31st March 2014. No cancellation penalties if you leave after 31st March 2014 or if you move home any time |
*based on average dual fuel tariff costing £1,392. All calculations are for an average usage dual fuel household paying by monthly direct debit. Average usage as defined by OFGEM is 16,500 kWh pa of gas and 3,300 kWh pa of electricity (source: energyhelpline)
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