You are here: Home - Household Bills - News -

EDF Energy hikes prices again for 1.3 million customers

Written by: Paloma Kubiak
EDF Energy has announced dual fuel customers on its standard variable tariff will see bills rise by £70 a year.

The 6% dual fuel increase will add £1.32 on average per week to bills from 31 August. This will take standard variable tariff bills to £1,228 a year.

This is the second time EDF has hiked prices, after announcing in April that electricity prices would increase by 2.7% from 7 June, adding £16 to dual fuel bills.

Both times, the supplier cited rising wholesale energy prices behind the unpopular move.

It said wholesale energy prices have increased 18% since the start of the year, and 13% since it last hiked prices in April. The ‘Beast from the East’, reduced gas storage stocks over the winter and global oil markets have all played their part in the increased costs.

EDF Energy managing director of customers, Béatrice Bigois, said: “We know that another price rise will not be welcome, and we had hoped our limited changes announced in April would be enough. However, energy costs have continued to rise significantly and despite our best efforts to absorb some of these by reducing the costs within our control – sadly we can no longer sustain this.

“Customers who wish to avoid this increase will be encouraged to choose one of our fixed price tariffs when we write to them later this month.”

It added that 40% of customers are affected by the changes (1.3 million), while the remaining 60% (1.9 million) comprise those on fixed tariffs, pre-payment tariffs or the safeguard tariff for vulnerable customers so are unaffected.

‘Hitting customers while they’re already down’

Kevin Pratt, consumer affairs expert at MoneySuperMarket, said: “Wholesale costs have been increasing but this is the second price rise from EDF in less than three months and pushes their standard variable tariff right to the top in terms of most expensive – at £1,228 just a fraction cheaper than Npower.

“The previous rise was relatively small compared to the other Big Six suppliers, but it was still a rise and by announcing another one today, it is hitting customers when they’re already down.

“We’re in the height of summer and enjoying a massive heatwave, but this announcement shows that price rises, either from Big Six or emerging suppliers, can happen at any time, and usually when customers least expect it.”

Pratt said customers should take control of their energy bills by switching, helping to save £250 or more. See’s Energy switching guide for more information.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • What are some things to be aware of in choosing property to fund your retirement? Find out from our pension special…
  • RT @Defaqto: With many nervous about taking an overseas trip, Brits are booking up holidays closer to home. But should you buy travel insur…
  • RT @Defaqto: With many nervous about taking an overseas trip, Brits are booking up holidays closer to home. But should you buy travel insur…

Read previous post:
Majority of millennials would consider a ‘group mortgage’

The majority (60%) of millennials said they would consider taking out a mortgage with family or friends if it meant...