EDF Energy is cutting gas prices from January but will increase the cost of electricity from March, meaning dual fuel customers on its standard tariff will pay 1.2% more overall. If you're on its standard tariff you're almost certainly overpaying already, so check NOW if you can switch and save.
Around half of EDF's three million customers are on a standard variable tariff and so will be affected by the price changes if you're on a fix, you won't be.
Use our free Cheap Energy Club to see if you can save £100s by switching to a cheaper energy deal.
How prices are changing
Here's the detail of the price cuts and rises:
- Gas prices for those on a standard tariff will be cut by 5.2% from Friday 6 January.
- Electricity prices for those on a standard tariff will increase by 8.4% from 1 March 2017.
- If you're on a dual fuel standard tariff, you'll see gas prices fall in January and electricity prices rise in March. Overall the cost of a dual fuel standard tariff will rise by 1.2% to an average £1,082/yr based on typical use.
- Prepay customers on a standard tariff will see gas prices fall by 12.9% in January and electricity prices rise by 3.6% in March those with both will see an overall 5.1% decrease.
Today's announcement comes after SSE confirmed it was freezing prices until April, while British Gas and E.on have committed to freezing prices until March but it remains to be seen what will happen to their prices once freezes end.
A wave of rate rises for consumers has been on the cards for some time amid increasing wholesale costs what energy providers pay for gas and electricity and the weakened pound since the Brexit vote meaning it costs more to import.
Get Our Free Money Tips Email!
'No one should see this as good news'
Guy Anker, managing editor of MoneySavingExpert.com, says: "The March price hike for EDF standard dual fuel customers is lower than expected given what's happening to wholesale prices likely due to pressure from regulator Ofgem.
"By cutting gas and increasing electricity prices it's gone with a different strategy to other big six firms that have announced price freezes till spring. It may mean when they finally announce hikes, those rises are dampened down given energy firms are like sheep.
"Nevertheless, no one should see this as good news and it should sound as a loud clarion call to any customer of any energy firm on a standard tariff to urgently check if they can save by locking into a cheap fix, as other firms are likely to follow."
Urgently check if you can save up to £200/yr
If you're on a standard variable tariff it's likely you're paying far too much already, even before any price changes. The market's cheapest deal right now is an average £870/year on typical use £200/year cheaper than the EDF standard tariff.
Check urgently whether you can save by switching via Cheap Energy Club. Every day's delay could cost we've seen the price of the cheapest energy deal jump by £126/yr (on typical use) in the last two months, and the trend's likely to continue.
What does EDF say?
Beatrice Bigois, managing director of customers at EDF, says: "Many industry commentators have said that prices charged by energy suppliers will rise after the winter. We are being open about the fact our electricity prices will go up after our price freeze.
"But we also know it is right to pass on to loyal customers the fall in gas costs that energy suppliers have seen over recent months."