Greedy energy giant’s 2nd price rise in 3 months
Crackdown time, says watchdog
ENERGY giant EDF fuelled calls for rip-off prices to be capped after imposing its second rise in three months.
Watchdog Ofgem weighed in against the French-owned supplier after its new round of inflation-busting increases.
More than 1.5 million EDF customers – many of them loyal for years – will receive 9% higher electricity bills from late June. Gas prices will rise by 5.5%.
In some areas power prices will surge 13.5%. Households are still reeling from an 8.4% jump in electricity on March 1.
Most of the Big Six suppliers have now introduced punishing rises – just as the Government prepares to tackle them.
Theresa May vowed last month to control prices, saying the market was “manifestly not working” for customers.
One idea is to cap standard tariffs, which most households are on.
REFORMS
Tory MP John Penrose said: “A cap will protect 20 million or so of us who are being systematically ripped off by the Big Six.”
Ofgem’s Dermot Nolan said: “We’re working on a raft of reforms with the Government. Today’s announcement is more evidence of the need for change.”
EDF – who won the controversial £18billion contract to build the Hinkley Point nuclear plant in Somerset – said its standard dual fuel tariff for direct debit users will rise by £78 to £1,160 a year on June 21.
With the March increase, the average combined gas and electricity will have jumped £91.
Combining both increases will mean customers will pay 18.1% more for their electricity.
The firm made £86million profit from supplying in 2015. It said wholesale electricity prices had jumped a third in a year.
It tried to soften the blow by announcing a £100 rebate for 67,000 vulnerable customers.
But EDF is offering deals to entice new customers with a fixed rate £199 cheaper.
EDF chief Vincent de Rivaz said: “We aim for a fair margin in supplying customers.”