Major international utility EDF has launched a new price cap forecasting service providing weekly updates for consumers.
The new tool, which is available to all UK consumers and not just EDF customers, will be updated with the latest projections for the UK energy price cap for the average household.
This will allow consumers to compare up-to-date energy costs when searching for fixed-rate tariffs, as opposed to relying on potentially outdated information from regulator Ofgem’s quarterly price cap updates.
“The uncertainty of energy prices has highlighted the need for tools that offer consumers clear, regular clarity and guidance,” said Christopher Dalley, wholesale market services director at EDF. “Energy prices change day by day, not once a quarter, so we are proud to launch this new service which gives customers up-to-date information to help them understand whether a deal is a good or bad one, and see the potential savings they could make by switching tariffs.
“We want to make energy simpler, cheaper and cleaner so by combining our energy market and forecasting expertise, this service will support customers in making the best decisions for their household.”
Energy prices still hitting hard
The dramatic variability of energy prices in the UK has caused many households to suffer in recent years. While the energy price cap is currently the lowest it has been since the winter of 2021/2022, the cap remains 49% higher than before the energy crisis began in 2021.
Local authorities and even energy companies are offering to support customers struggling to pay their bills; last month, Devon County Council announced it had received £5 million of funding to support households in fuel poverty.
Meanwhile, British Gas is launching a scheme to 100% match bill payments made by customers in or at risk of entering energy debt. The scheme will allow customers to pay off arrears faster or even prevent them from accruing arrears in the first place.
The appetite for the best deal on energy has been proven by an increased desire to switch suppliers; a recent report found that the number of consumers switching between large energy suppliers has hit a 30-month high.
