EDF Energy has announced that it's raising its standard electricity prices for the second time this year, citing "a range of rising costs" behind its latest decision. The move sees electricity prices rise by 9% and gas prices by 5.5%, and means that typical duel fuel direct debit bills will increase by 7.2% from 21 June 2017.
The move follows EDF's previous price announcement in December, which saw it raise electricity prices by 8.4% while at the same time cutting gas prices by 5.2%. The electricity increase came into effect in March, which, combined with the latest price hike announcement, means the firm will have raised standard electricity prices by 17.4% once the new increase comes into effect, all in the space of a few months.
The supplier is at pains to point out that 55% of its customers have chosen fixed rate tariffs or have prepayment meters installed, none of whom will be affected by the change, but it'll come as little consolation to the 45% of customers who could see a dramatic increase to their energy bills in just a few months' time.
"EDF Energy, along with other suppliers, has faced a range of rising costs for some time, particularly in both wholesale energy and non-wholesale energy costs and obligations," the statement said. "We held off passing on these costs during winter, [but] we have a responsibility to strengthen our business for the benefit of our customers.
"This increase allows us to invest in innovation and smart metering, as well as supporting our initiatives to get more customers to fix their prices, [and] also helps us continue to provide a good service."
EDF added that it was working "to help customers better understand the energy market and will continue to offer competitive fixed-price alternatives," but for those impacted by the price hike, it may not be enough. Remember, you don't need to stay loyal to your gas and electricity provider – if you're on a standard variable rate tariff, you're under no obligation to stay, and you could save a small fortune by switching to a fixed rate tariff.
These deals are invariably far cheaper than their standard variable rate alternatives, and figures from energyhelpline.com show that you could save as much as £616 a year by switching. Start comparing gas and electricity tariffs to see the kind of options available, and avoid being hit by EDF's latest hike.
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