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EDF hikes gas and electricity prices

The move will increase the cost of customers' average energy bill by £123 a year, according to price comparison website uSwitch.

 
EDF hikes gas and electricity prices

EDF Energy will hike its gas prices by 15.4% and electricity prices by 4.5% on 10 November. This will increase the cost of an average standard energy bill by £123 from £1,118 to £1,241 a year, according to price comparison website uSwitch.

The news comes just one day after Scottish and Southern Energy (SSE) increased its gas prices by 19% and electricity prices by 12%, and just two days after E.ON customers saw their average dual fuel bill increase by £170.

The energy giant, which is the last of the ‘Big Six’ to join in the latest round of price hikes, maintains however that it is still the nation’s cheapest dual fuel energy supplier – with the average standard dual fuel bill up to £53 a year cheaper than some competitors.  EDF adds that its increase in electricity prices is in line with inflation only.

Vincent de Rivaz, chief executive of EDF Energy, said: ‘We have absorbed rising wholesale energy, network and other costs as long as possible but must reluctantly now pass some of these through to consumers’.

‘However, unlike some other suppliers we have been able to give protection to our customers, particularly for their electricity consumption, because of our choice to invest in low carbon nuclear generation, which enjoys stable costs compared to gas and coal and has had a strong performance this year,’ he explained.  

De Rivaz also acknowledged that while EDF stood out from other suppliers by freezing prices last winter and sparing customers a price hike for three months longer than other major suppliers now, trust in the energy industry needs to be rebuilt.

‘Despite numerous regulatory enquiries, we recognise there remains a widespread lack of understanding and suspicion of the industry as a whole, among the public, customers in general, politicians, regulators and others,’ he said. ‘If a Competition Commission inquiry is necessary to build this trust, then it is a step that should be taken’.

British Gas, Scottish Power and npower have all also announced double figure increases to their energy prices in the last four months.

Tom Lyon, energy expert at uswitch.com, said: ‘The sad fact is that you cannot have two consecutive rounds of energy price hikes in less than a year without seeing casualties. The visible victims are the 6.8 million or a quarter of all households now living in fuel poverty, but they are more than matched by those for whom energy is rapidly becoming unaffordable’.

‘People need to adjust quickly and there are two key steps to this – making sure we pay the lowest possible price for our energy and learning to use less of it by becoming energy efficient rather than energy deficient, which could put your health and well-being at risk,’ he added.

Last week EDF Energy became the third major supplier to suspend un-solicited door to door selling pending a review.

2 comments so far. Why not have your say?

Alan Tonks

Sep 15, 2011 at 12:34

Well the Government will not do anything about the hideous increases, because they gain extra tax from it.

It really is a no win situation for the consumer, they get a pathetic rate of interest on their savings. ‘The Bank of England’ will not increase their base rate from a stupidly low 0.5%. Yet the leeches of our society can charge what they will with impunity.

They are just totally and absolutely immoral; there is a difference between profit and extortion.

report this

barry watson

Sep 16, 2011 at 08:49

the high street is struggling,people arent spending oh what a surprise

i wonder if its because we are all spending so much on just keeping the lights on that we dont have anything left to spend on anything else.

dont the leading politicians get it or is it they just dont damn well care.

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