Energy prices hiked again by EDF
August 25, 2008
Over recent months there have been many predictions that the cost of gas and electricity usage is to rise again following an earlier hike at the start of this year. Some had predicted that the energy suppliers would increase the cost of energy usage in the autumn, but it seems that the hikes have already started, with EDF Energy already announcing prices hikes for its customers. The rises have come into effect from 25th July, and EDF officials have said that the reason for the price hikes is the high cost of wholesale energy.
Domestic customers with EDF will now be hit with increases of 22% on the cost of gas usage and 17% on the cost of electricity bills. Other energy giants are expected to quickly follow suit and raise their energy usage costs for domestic customers, which will add additional strain to household that are already struggling with their finances due to rising fuel, food, and living costs, as well as tighter credit conditions. Officials have estimated that dual fuel customers with EDF will see their annual bills rise by around £200 a month on average.
One official from EDF said: “Record world oil prices have continued to drive up wholesale gas prices. Alongside unprecedented rises in wholesale coal and electricity costs, this has impacted hugely on the cost of supplying energy to our customers.”
However, the energy firm also said that it has extended its social tariff scheme, and that around 100,000 of its most vulnerable customers will benefit from discounted prices as a result of this.
One official said that this was unlikely to be the last of the price hikes, and that some consumers may benefit from capped price schemes. He said: “Fixed or capped price plans could be a lifeline for those who are more vulnerable to price rises. These plans carry a premium, but if you’ve never switched before you will probably still save money immediately by moving to one. However, the best fixed and capped deals are disappearing fast so consumers need to act quickly.”
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