EDF Energy goes for another price rise

Combined impact of March and June hikes will be 8.5 per cent

EDF Energy has announced it will implement a 9 per cent increase to the price of electricity for customers on its standard tariff from 21 June.

Standard tariff gas prices will also increase by 5.5 per cent. The overall impact for customers on EDF Energy’s standard variable dual fuel tariff will by an increase of 7.2 per cent.

The hike comes hard on the heels of an earlier price rise from the firm which came into effect in March.

EDF Energy says the combined impact of both increases on dual fuel direct debit customers will be an 8.5 per cent uplift in bills – equating to around £91 more a year.

Breaking the news, EDF Energy chief executive Vincent de Rivaz said: “I know price rises are never welcome, but the industry is facing significant cost increases.”

To be a “sustainable and responsible business” he said that EDF must make a “fair margin” which allows the company to “invest for the long term”. 

The energy supplier’s managing director of customers Beatrice Bigois added that the “majority of our customers will not be affected by today’s announcement and we have delayed this increase until the summer when energy consumption is lowest.”

EDF Energy claims to have done “more than most” energy suppliers to encourage its customers to switch away from its standard variable tariff (SVT) with 42 per cent of its customer base already being on fixed tariffs. This rises to 60 per cent for vulnerable customers, it says.

At the same time as announcing its most recent price rise, EDF Energy also assured that around 67,000 vulnerable customers who are on its SVT will receive a £100 rebate to mitigate the impact on their finances.

In addition, it launched a new three-year fixed deal to give customers another alternative to the SVT price, though, at £1,155 per annum, the new offer is just £5 cheaper than the increased rate for the SVT. The fixed rate deal also includes a year’s free boiler insurance which EDF Energy says is worth £130.