Helen Nugent

EDF hikes energy prices for second time this year

EDF hikes energy prices for second time this year
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I'm really tired of being ripped off. Whether it's council tax hikes, parking charges or bus tickets (a ten minute journey to the nearest town costs more than £4 where I live), I've had enough. And don't get me started on the size of chocolate bars.

So it's with a weary sigh that I read of another rise in energy bills for EDF customers. It's proof, if proof were needed, that big companies feel they can do exactly what they want, and sod their customers.

Under the changes, people on EDF's dual-fuel tariff will pay £1,160 a year, substantially more than the cheapest deal on the market. This is a whopping difference, and it's the second round of increases imposed by EDF on its base this year.

Although it cut gas prices in January, EDF increased electricity prices by 8.4 per cent in March. Today's announcement means that, from June 21, EDF customers will see electricity prices increase by 9 per cent and gas prices go up by 5.5 per cent. Put it all together, and 1.5 million EDF customers face paying 18.1 per cent more for their electricity this year.

It's only April, which makes me wonder what else the energy giant has got in store for 2017? And they're not the only ones: Npower, E.On and Scottish Power have also announced double-digit price rises this year. Only British Gas has pledged to freeze prices - until August.

Archna Luthra, head of energy at MoneySavingExpert.com, said: 'EDF has hit millions with a second shock price hike. If you haven’t compared and switched already see this as a final red alarm bell to take action – what are you waiting for?

'After this price rise, an EDF customer will typically be paying £1,160 a year – our cheapenergyclub.com shows the cheapest tariff on the market would cost £842 for exactly the same, and all the cheap deals are one-year fixes, so you’re guaranteed no price hikes. The best thing for everyone to do is a five-minute whole-of-market comparison, but if you really don’t want to do that, ring your provider and ask to be put on its cheapest deal. One phone call could save hundreds.'

Helen Nugent is Online Money Editor of The Spectator