EDF is the first of the big 6 suppliers to raise their standard variable tariffs in three years.
They are first reducing gas prices by 5.2% on the 6th of January, but then they are raising electricity prices by 8.4% on the 1st of March, leading to an overall increase of 1.2% to EDFs customers on a dual fuel standard variable tariff.
These price rises come in the wake of steep wholesale price rises, pushing up the costs of energy tariffs. Many small suppliers have been raising their prices for several months now, while the big suppliers have been able to maintain their prices for some time, as they are already several hundred pounds more expensive than the cheapest tariffs.
Mark Todd of energyhelpline says, “We expect this to be the smallest price rise of the season and the first of many. We expect rises to average out closer to 5%. The cheapest rates have risen 18% since the summer so there is much greater impetus for hikes than just 1%. We urge consumers to take this as proof that price rises are definitely coming and to use it as a catalyst to get off the horrible standard tariffs that make so many cold and penniless and get onto a nice low cost fixed rate that makes heating your home affordable.”