EDF Energy response to Ofgem’s announcement on a Competition & Markets Authority investigation
EDF Energy CEO Vincent de Rivaz has been calling for an independent investigation like this since 2011. Today he said: “We will approach the investigation with an open mind, and will not be defensive. This inquiry should help identify where the market can work better for customers and strengthen areas in which it already works well.
“I do not expect the investigation alone to rebuild trust; that remains our responsibility. We will continue to take action to help customers, giving them greater simplicity, better service and competitive and fair prices. We will listen carefully to what they have to say now and during the investigation, and ensure that they have a strong voice during this process.
“The CMA investigation will allow us to show how companies like EDF Energy, that both generate and supply electricity, are able to take a long-term view that is focused on customers and serves their interests.
“We are investing in new electricity generation and will continue to make significant investments in skills, research and development, and new technology for business and residential customers.”
The energy market is increasingly complex and energy bills are made up of many different costs in addition to current wholesale prices. EDF Energy is committed to explaining these costs and the structure of its business in an open and transparent way to customers. It also believes that the regulator has an important role in explaining this in a simple and clear way.
EDF Energy believes that this investigation is an important moment for the energy industry and for customers. It is committed to playing a full and constructive part in the investigation.
EDF Energy has invested, and will continue to invest, in projects to give customers the secure, reliable and low-carbon energy they need for the future and the levels of customer service that they expect.
- Continuing the work to extend the lives of its 15 existing nuclear reactors so they can safely continue to produce low carbon electricity for longer.
- Preparing for the UK’s first new nuclear power station in a generation at Hinkley Point C, providing 7 per cent of the UK’s electricity needs, 400 apprenticeships and 25,000 job opportunities.
- A new gas power station at West Burton in Nottinghamshire, which generates enough electricity to supply 1.5m homes and opening its first offshore windfarm at Teesside.
- Keeping its two coal power stations in operation to help keep the lights on until new forms of low carbon energy are ready to take their place.
- £170m in a new integrated billing system which allows it to better serve its customers and grow its customer base.
- Announcing that it will make fixed price tariffs available to its 600,000 prepayment customers for the first time.
- Offering a full annual refund to any direct debit customers who are in credit on their accounts.
- Not charging exit fees, while the company’s Blue+Price Promise tariff tells customers if they can save money with a competitor.