Home Business News EDF increases prices to meet new Ofgem cap

EDF increases prices to meet new Ofgem cap

by LLB Reporter
12th Feb 19 3:02 pm

Energy giant EDF has become the second big six company to increase their prices to meet new Ofgem price cap starting from 1 April.

Comparison site uSwitch.com has reported that gas and electricity bills are to rise by an average of £118 to £1,254, to the level of Ofgem’s price cap, for 1.3m existing customers who are on EDF’s variable standard tarrif.

Rik Smith, energy spokesman at uSwitch, said, “As soon as Ofgem increased the price cap level it became almost inevitable that most customers on standard deals would see their bills rise right up to the cap.

“EDF Energy are the second of the Big Six suppliers to increase their prices, and we wouldn’t be surprised to see a domino effect with other energy companies following suit.

“EDF Energy customers will see their bills rocket by £118 on average a year from April 1, and their standard tariff will be £286 more expensive than the cheapest deal available today.

“But some households on standard tariffs will be hit harder than the average if their supplier prices up to the cap, which could push their bills to the edge of affordability.

“People who are already struggling with their bills are the ones who will suffer most if they are conned by the idea that the price cap represents a ‘fair’ deal.”

Monday E.ON announced an average 10.3% price hike from 1 April.

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