EDF under fire for second price rise this year
A SECOND price rise in four months by EDF is “difficult to justify”, say energy regulators.
The head of Ofgem said the new tariffs, which follow increases by other leading energy firms, are further evidence that the market is not working in all consumers’ interests.
French-owned EDF are to increase their dual fuel tariff by 7.2 per cent from June, gas prices by 5.5 per cent and electricity by nine per cent.
About 1.5million of the firm’s 3.3million customers will be hit.
Dermot Nolan, chief executive of Ofgem, said: “EDF’s second price rise in four months, when there has not been a dramatic rise in wholesale energy prices since they last put up prices, is difficult to justify.
“It is is further evidence that the energy market is not working in all consumers’ interests.”
EDF said the industry is facing “significant” cost reductions.
They announced a 1.2 per cent increase in dual fuel tariffs in December.
EDF’s standard variable dual fuel direct debit tariff will increase to £1160 a year – up £78 – from June 21. The standard variable gas tariff will rise by £29 and the standard electricity tariff will go up by £49.
The firm said: “The announcement will still leave EDF Energy with the lowest variable gas tariff of all major suppliers. The gas increase follows three price reductions over the last two years.”