EDF Energy’s has announced that it is raising the price of its Standard Variable Tariff (SVT) by 6%. This follows a previous price rise of 1.4% announced in April
Responding to the news Gillian Guy, Chief Executive at Citizens Advice said “This price rise is a bitter blow for loyal EDF Energy customers, who will be dismayed to hear their bills are going up yet again. Anyone would struggle to afford two price hikes in three months. But groups including the elderly, people on low incomes and those with disabilities will be particularly hard hit as they are least likely to switch supplier.
“While the government’s proposed price cap should protect customers from the worst of these tariffs, anyone who isn’t happy with their energy company should think about switching tariff or supplier.”
Peter Earl, Head of Energy, comparethemarket.com, said “You’d be forgiven for thinking that the Big Six, and EDF particularly, were addicted to hiking prices. This hike – yet another in a string of them – will affect 1.3 million customers across the UK. When you bear in mind that EDF raised their prices twice in 2017 aswell by a substantial 9%, this second move in as many months is shocking!”
“As the energy market seems intent on squeezing every last drop out of household finances, the best way for customers to combat these relentless price hikes is to shop around for the best deal and ensure they’re not on an expensive standard variable or other default tariff. Currently, households can save on average over £200 on their energy bills just by switching – which can go a long way at a time when household bills continue to rise.”