EDF statement on changes to its prices
Following Ofgem’s announcement yesterday about the rise in energy bills caused by soaring global gas prices, EDF is confirming that its prices for customers on standard variable tariffs will rise in line with Ofgem’s new cap price from April 1. We know this news will not be welcome and we want to be fully transparent, giving our customers as much notice as possible. We will be writing to customers on standard variable tariffs in the coming weeks to explain how these changes affect their own household bills. We’re working with the Government on how the support schemes announced yesterday will be implemented. Customers with questions about these schemes should check our website where updates will be provided, helping to keep our phone lines free for those in need of urgent support.
At EDF, we have continued providing support to customers, delivering £2.1million of support to customers last year. We are helping customers monitor and reduce how much energy they need through provision of smart meters and online tools and donations of energy efficient white goods such as washing machines and fridges. Customers who are worried about their bills can find more information about the support available here: https://www.edfenergy.com/for-home/help-support/personalised-support-services.
However, all suppliers are struggling in the face of unprecedented energy market conditions with global gas prices having increased by 500% over the past year1. Since last summer around 30 energy suppliers have failed. EDF stepped in last year to rescue more than 500,000 customers of failed suppliers, at a significant financial cost.
Philippe Commaret, Managing Director of Customers at EDF, said: “We know that these changes, driven by global gas prices, will not be welcome news for customers, but we want to be fully transparent and give our customers as much notice as possible. We’ve never stopped offering our customers help and will continue to do so, although the scale of the global problem means we are constrained in how much we can do.
“It is good to see Government acting now to take some of the sting from the forthcoming rise in April, although we know many customers will continue to struggle. We will work with Government to implement the schemes in the best way possible for customers.
“The market also needs longer term reform to ensure we don’t end up here again and Britain needs more of its own nuclear and renewable power generation and greater energy efficiency to reduce reliance on gas from other countries.”
1https://www.ofgem.gov.uk/publications/raft-new-measures-boost-financial-resilience-energy-sector: Jonathan Brearley, chief executive of Ofgem, said: “Ofgem has worked hard to protect consumers as gas prices have risen by over 500% in under a year.”
Notes to editors:
- Customers on EDF’s standard variable tariff paying by direct debit will see their dual-fuel bill increase by 54% to £1,971.
- Wholesale prices, which increased by 500% over the past year, make-up around 40% of an energy bill, and this is impacting all energy suppliers, with around 30 suppliers collapsing in the past year.
- For customers that may need additional support, we’ve been working hard to invest in additional measures to assist customers. Our dedicated Customer Support Fund provided support totalling £2.1million during 2021, and of the customers helped with energy debt 83% of them remained debt free after at least six months. We also offer other measures such as the Warm Home Discount Scheme, our Priority Services Team, and the continued rollout of smart meters and energy efficiency measures to help customers reduce their energy usage. More information on our Customer Support Fund and our partnerships with Citizens Advice and Income Max is on our website https://www.edfenergy.com/for-home/help-support/personalised-support-services.
For more information contact:
EDF Energy Media Team
24-hour press line: +44 (0)1452 652233
EDF is helping Britain achieve Net Zero by leading the transition to a cleaner, low emission electric future and tackling climate change. It is the UK’s largest producer of low-carbon electricity, meeting around one-fifth of the country’s demand and supplying millions of customers with electricity and gas.
It generates low carbon electricity from six nuclear power stations, more than thirty onshore wind farms and two offshore wind farms, and operates one of Britain’s biggest battery storage units, one gas and one coal power station, EV charge-points, and combined heat and power plants.
EDF is leading the UK's nuclear renaissance with the construction of a new nuclear power station at Hinkley Point C, and plans for new power stations at Sizewell C in Suffolk and Bradwell B in Essex. Hinkley Point C will provide low carbon electricity to meet 7% of UK demand. The project is already making a positive impact on the local and national economy as well as boosting skills and education.
EDF also invests in a range of low carbon technologies including renewables, solar and battery storage. The company’s largest offshore wind farm is currently being built in Scotland and the 450 MW Neart na Gaoithe project will be ready in 2023. It is applying research and development expertise to improve the performance of existing generation and developing the potential of new technologies.
EDF is helping its customers, both in business and at home, take their first steps to sustainably powering their lives. Whether it is buying an electric car, generating and storing electricity or selling energy back to the grid. EDF is one of the largest suppliers to British business and a leading supplier of innovative energy solutions that are helping businesses become more energy independent. In addition, the company’s energy services business, Imtech, is one of the largest technical service providers in the UK and Ireland.
EDF is part of EDF Group, the world’s biggest electricity generator. In the UK, the company employs around 13,000 people at locations across England and Scotland.