EDF first to increase prices since latest Ofgem price cap announced
- EDF announces a 12% increase in prices across all regions
- First provider to increase tariffs since the energy price cap increased this month
GoCompare Energy is once again reminding households to switch their energy tariffs this autumn, as EDF announces its price increases this week.
The energy giant’s customers will see their annual energy bills increase by 12.24% bringing their average annual cost up from £1137.99 to £1277.22, which equates to an increase of £139.23, which will come into effect from October 1st this year.
The variable default tariff increases generally follow the price cap change, which was announced on August 6th by Ofgem. August’s increase took the cap to £1,277, which was a £139 increase on the previous cap announced in April 2021.
The energy price cap was implemented by the Ofgem, the energy market regulator, to ensure that consumers always pay a fair price for gas and electricity and it is reviewed every six months.
EDF is the first provider to announce its price increases, but more are expected to follow in the coming weeks.
Gareth Kloet of GoCompare Energy commented:
“The Ofgem price cap sets the ceiling for the energy market, but it shouldn’t be relied upon as way to make sure you’re not paying over the odds.
“The energy cap is reviewed twice a year by Ofgem and while we knew these increases were coming, it will be a bitter pill for some bill payers who might already be struggling with a shortage of money following the pandemic, or may still be out of work.
“Each time the cap is reviewed, it should act as a reminder for people to switch and make sure they are getting the best possible price for their gas and electricity.”
For more information about switching energy, go to https://www.gocompare.com/gas-and-electricity/
For further information please contact:
Lynsey Walden or Kath Chadwick at Gocompare on lynsey.walden@gocompare.com or kathryn.chadwick@gocompare.com.
Keep up-to-date with GoCompare on Twitter; @GoCompare
Notes to editors:
*Based on Ofgem’s TDVC’s for a medium energy user based on change in prices from October 2020 to April 2021.
* This figure is based on a customer paying by Direct Debit with an Typical Domestic Consumption (TDC) for a medium user, set by Ofgem as 2900 kWhs electricity usage and 12000 kWhs of gas usage.
For further information please contact:
Lynsey Walden or Kath Chadwick at Gocompare on lynsey.walden@gocompare.com or kathryn.chadwick@gocompare.com.
Keep up-to-date with GoCompare on Twitter; @GoCompare
About GoCompare
GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
GoCompare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
More information can be found here www.gocompare.com or here https://www.futureplc.com/brands/.