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EDF becomes first of ‘Big Six’ to signal price cut

EDF becomes first of ‘Big Six’ to signal price cut

Category: Gas and electricity

Updated: 11/01/2012
First Published: 11/01/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

EDF Energy has become the first of the UK 's 'Big Six' energy firms to announce a cut in prices

The firm has said that it is to cut its gas bills by 5% from 7 February, although the price of electricity will not change.

EDF Energy customers were hit with a 15.4% price rise on their gas bills in November, while electricity costs rose by 4.5%.

All of the major energy suppliers put their prices up this winter, citing soaring wholesale costs.

However, EDF Energy said that the wholesale price of gas has fallen by 9.2% since it announced price hikes last November.

While being the first of the major companies to announce a cut in prices, both Ovo Energy and The Co-operative have both reduced their gas and electricity prices in recent weeks.

It is now expected that the UK 's other energy suppliers will announce price cuts of their own.

"We know customers are finding it difficult, particularly during winter," said Vincent de Rivaz, chief executive of EDF Energy.

"So I am pleased we have been able to make this announcement now and help our customers at a time when they use more gas, just as we did last winter when we were the only major energy supplier to freeze prices."

Meanwhile, a Which? survey has revealed that 40% of people have had a problem with a gas and electricity company in the last two years

The most common problems people reported were billing and meter problems, including mistakes on bills, inaccurate meter readings and missing bills.

Four million complaints were received last year by the 'big six' energy companies – British Gas, EDF Energy, Eon, Npower, SSE and Scottish Power - and tens of thousands were still unresolved after eight weeks

But almost a quarter (23%) of those who had a problem with an energy supplier did nothing about it, and it is estimated that they could be missing out on around £4 million a year in unclaimed payments.

"These findings reveal shockingly high levels of complaints and low levels of customer satisfaction in the energy industry, at a time when domestic bills have gone through the roof," Which? executive director Richard Lloyd said.

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