EDF Energy has become the first of the Big Six energy suppliers to reduce its energy prices with a 5% cut to gas bills. The company follows closely on the heels of independent supplier Ovo Energy, who slashed their prices following a drop in wholesale costs.
Vincent de Rivaz, Chief Executive of EDF Energy said: “What customers want more than anything else is fair, clear and transparent prices. We know they want action rather than words.”
The price drop will come into effect on February 7. EDF say that an average bill on their standard dual fuel contract will cost £1,137 a year compared to their nearest competitor British Gas, whose £1,218 average bill is £89 more expensive.
However consumer groups say power companies need to cut their prices further. Adam Scorer, Director of Policy and External Affairs at Consumer Focus said:’This is an overdue but nonetheless welcome move. EDF Energy is the first of the major suppliers to reduce prices and the others will need to respond. The cut is not enormous given the scale of increases last year but it creates some important momentum in the market.”