EDF Energy to increase electricity prices, cut gas tariffs

EDF Energy has announced it will cut gas prices from January but increase electricity tariffs in the spring. Variable gas prices will be reduced by 5.2% from 6th January, knocking […]

Register now!

By Priyanka Shrestha

EDF Energy has announced it will cut gas prices from January but increase electricity tariffs in the spring.

Variable gas prices will be reduced by 5.2% from 6th January, knocking £29 a year from the average bill.

Power prices will be frozen until 1st March, following which it will rise by 8.4%.

That means EDF’s dual fuel customers will pay 1.2% more a year, taking the average bill to £1,082.

Around 200,000 prepayment customers will also see a 12.9% reduction in gas prices from 6th January, which comes three months ahead of an official price cap on these tariffs.

From March, dual fuel prepayment customers on standard variable tariffs will be 5.1% lower – at £1,081.

Those customers on fixed tariffs – 44% or 1.5 million – will not be affected by the price changes.

EDF Energy said electricity costs “have been rising for some time but gas prices are not facing the same pressures”. The company believes “it is right that prices reflect this”.

Managing Director of Customers Beatrice Bigois added: “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.”

EDF Energy’s cheapest fixed dual fuel tariff costs £967. 

It is the first of the Big Six to announce an increase in prices is in the pipeline. British Gas and SSE have so far frozen the cost of their standard tariffs over the winter months.

This week Ofgem’s new league table revealed consumers could save as much as £261 a year without having to move to a different supplier.