EDF Energy has announced a 6 percent increase on its standard variable tariff this week, affecting an estimated 1.3 million consumers.
The company said the change, which comes into effect from 31 August, will affect 40 percent of its customers.
EDF isn’t the first supplier to hike up their prices, in fact, most of the big six have already done the same. It’s the second price hike this year and we’re only in July!
The large utility company blamed rising wholesale fuel costs for the increase, citing an 18 percent price rise since January 2018. This as well as a number of factors, including the Beast from the East storm, which reduced gas storage stocks over winter, and a continuing surge in oil prices.
EDF managing director of customers Béatrice Bigois said: “We know that another price rise will not be welcome, and we had hoped that 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.”
If your electricity or gas is currently being supplied by EDF, we’d recommend you compare your current deal to whats available on the market with other suppliers. EDF’s fixed offering is a lot more competitive than their variable, so it’s if you are keen to stay with EDF, the fixed deal is a ‘good shout’
If you’re short for time and want us to recommend a supplier for you, get in touch with us and we’ll be more than happy to recommend a much cheaper alternative. Or check out our blog on how to compare prices and offers here.