EDF to raise prices by 10.8%

EDF Energy is to increase gas and electricity prices for households by 10.8% from December 7. It follows British Gas, Scottish Power and npower

Fuel price rises could hurt economic recovery

by - Economics Editor

The size of today's increases are rather startling - 11 percent.

Rivals, on average, are 7 percent. It means that the typical EDF customer is going to be paying £122 more this year.

The company says that its charges are the lowest amongst its peers, and it's keen to explain that it's own costs have been rising.

It's having to make investments, the wholesale price of gas is increasing - we may hear more about that sort of thing next week.

Fuel price moves are a very important factor in inflation. The economy has had a boost as we heard yesterday with the GDP figures. In part, inflation has fallen from a peak last year at 5.2% down to 2.2% in september.

A large chunk of that fall was because of cheaper fuel bills, and as those fuel bills get more expensive again we could see inflation rise to 2.5% or more and that could hurt the recovery.

Twitter reaction to EDF price hike

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EDF have announced a 10.8% raise in domestic gas and electricity prices. Why do we stand for this?

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EDF Energy made profits of £1.6 billion last year. Now they are announcing "standard price rises" of average of 10.8%. How is this allowed?

Joe.murphy_normal

OUCH! A massive 10.8% price rise from energy giant EDF today. Bad news for families - and embarrassing for the PM after "pledge"

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No 10: EDF Energy price rises are 'very disappointing'

Downing Street has described EDF Energy's price rises as "very disappointing":

It is up to energy suppliers to explain their prices to their customers.

While we can't control world energy prices, we have been working very closely with the energy companies to make it easier for people to switch to find cheaper deals.

We want to ensure customers get the lowest tariffs.

That is why we are going to use the law to help people get the best deals.

Labour: 'Millions face a winter of misery'

Last week the Prime Minister promised to legislate to force the energy companies to put everyone on the cheapest tariff. Within 24 hours, this policy had completely unravelled and the public have been left to pay the price for David Cameron's incompetence.

Millions of people face a winter of misery as EDF clobber households with above-inflation price rises at the very time they can least afford it. People will not understand why EDF are hiking up their bills by so much when they made nearly £1.6 billion in profits last year.

– Caroline Flint, Shadow Energy and Climate Change Secretary

Average EDF dual-fuel customer to pay £122 more a year

Another three million households faced higher energy bills after EDF Energy became the latest supplier to increase tariffs.

The company will raise prices for domestic gas and electricity by 10.8%, meaning its typical dual-fuel bill for a direct debit customer will rise by £122 to £1,251 a year.

EDF, which is the fifth major supplier in recent weeks to announce higher prices, said the change will take effect from December 7.

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EDF: 'The most vulnerable will still benefit from best deals'

We know that customers will not welcome this news and do not want to see prices going up. Our new prices will however be cheaper on average than those of all the other major suppliers which have announced standard price rises so far this autumn. We’ve taken extra measures to make sure the most

vulnerable benefit from the best deals and we continue to help customers reduce their bills with energy efficiency measures.

It’s worth pointing out that one in five of our customers are already on competitive fixed priced tariffs and will not be affected by these price changes this winter.

– Martin Lawrence, EDF Energy Managing Director

EDF Energy: 'Our prices are still cheaper on average'

Following the announcement EDF Energy is to increase its gas and electricity prices by 10.8%, the energy supplier maintains its prices will be cheaper for the average customers, compared to other major suppliers. A statement on its website says:

  • EDF Energy’s new standard prices still cheaper on average for typical customers than all other major suppliers which have recently announced price rises.
  • Most vulnerable elderly customers to benefit automatically from cheapest available tariff prices.
  • New fixed price deal allows customers to fix prices for three winters.