EDF to hike energy prices AGAIN - dual fuel bills to rise by further 7.2%

Former_MSE_Faye · 12 April 2017 at 12:01PM

The change comes into effect on 21 June...

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'EDF to hike energy prices AGAIN - dual fuel bills to rise by further 7.2%'

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ruperts · 12 April 2017 at 1:45PM

Dermot Nolan the chief executive of ofgem says it's "further evidence that the energy market is not working in all consumers' interests".

Well spotted, Sherlock, but hold on a minute, isn't it actually your job to make sure the market is working? Will your admission of abject failure be accompanied by your swift resignation? Somehow I doubt it.

Scams on top of scams on top of scams.

robin58 · 13 April 2017 at 12:51AM

When are we the public going to stopped from being ripped off.

For once Ofgem stop talking and start doing something or you aren't worth the money the government pays to fund you.

whattochoose · 13 April 2017 at 10:12AM

http://www.dailymail.co.uk/news/article-4406668/Crackdown-energy-rip-offs.html

Kim_13 · 13 April 2017 at 1:49PM

So does this mean that electricity only customers aren't getting a hike, or are they getting the 9%? A relative is an electricity only customer and wants to know where she stands.

If electricity only customers aren't included in this rise and dual fuel customers didn't get the last one, it isn't as bad. Finding it hard to tell though having read a few different articles and a quick look on the EDF site. I would have thought they would be shouting about it if different customers were impacted, as it would make the hikes look more reasonable (and that might not have prompted an article about the goverment looking at a cap.)

Victor_the_Gink · 13 April 2017 at 2:15PM

If price caps were imposed, I have no doubt that this would all end up in state ownership before too long.

It is almost impossible to make any money selling energy. I know the media like to go ape !!!! about energy companies profiteering, but they are wrong and I am right. None of the smaller companies make any money. OVO have NEVER made any money - they reported their first ever profit recently for a 6 month half year. It was entirely made up by them flogging their smart meter business. Operationally, they are continuing to make a loss.

The big 6 do make money, but it is on wafer thin margins. You or I would simply not go into business for a reward of 4-5%. It's too high risk-low reward. As soon as there is a significant movement in cost base, you have to have these very public price rises.

Imposing price caps will lead to shortages. That is about as settled an economic fact as you will get. It doesn't matter if it is apartments in Stockholm, or bog paper in Caracas - if business believes it will not make money doing something they will stop trying altogether.

I am not saying a return to state ownership is necessarily a bad thing, but I do think we need to have an honest discussion about all this before pandering to the Daily Mail.

csgohan4 · 13 April 2017 at 2:31PM

people will vote with their wallets, so EDF really are not helping themselves.

Haven't been with EDF for over 5 years, never was the cheapest for me on the Energy club.

Kim_13 · 13 April 2017 at 2:53PM

duncansoton wrote: »

"The combined effect of BOTH March and June’s changes will be to increase bills for a dual fuel direct debit customer on a standard tariff by an average of 8.5%, or £91/year. For the 800,000 electricity-only standard customers, the hike will be even steeper - on 21 June you'll be paying on average 18.1% more than you were at the end of February.'

Clearly stated in the article...

Apologies, I must have missed that when I read MSE's article yesterday.

Thank you.

metrobus · 13 April 2017 at 3:04PM

I have switched to EDF today for a one year fix they are by far the cheapest for my useage 13500kwh gas and 1350kwh electricity out of the companies that are in the warm home scheme which is worth another £140 to me.

PaschalFun · 13 April 2017 at 4:02PM

csgohan4 wrote: »

people will vote with their wallets, so EDF really are not helping themselves....

Whilst I would like to think us small band of MSEers would, the reality nationwide is that it is not generally the case

Large numbers think switching energy provider “isn’t worth it”

and even

About 20 million households are languishing on the 11 biggest suppliers' standard variable tariffs for dual fuel (both gas and electricity), despite all of the companies offering other deals that are significantly cheaper, according to the Ofgem data.

http://www.telegraph.co.uk/business/2016/12/14/energy-suppliers-shamed-high-cost-standard-tariffs/

as just a couple of examples.

The energy suppliers all know that.

Wasn't it Eon who earlier this year played similar games, even introducing low cost 'inducement' tariffs only available to those not currently supplied by them.

molerat · 13 April 2017 at 4:25PM

I have just fixed my gas again with EDF for another 13 months from my current end of 31 May until 30 Jun 18 with no exit fee. Cheapest out there for me, same for my daughter, £30 cheaper than Zog for me and £68 for her. Still a 26% increase in unit price though :eek:

EDF to hike energy prices AGAIN - dual fuel bills to rise by further 7.2%

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