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EDF increases tariffs by 12% following price cap jump

Skyrocketing wholesale prices have pushed Ofgem to increase the price cap by £139. Image: EDF.

Skyrocketing wholesale prices have pushed Ofgem to increase the price cap by £139. Image: EDF.

EDF has become the first supplier to raise its energy prices, following Ofgem announcing an increase in the price cap at the beginning of this month.

From 1 October 2021, EDF’s standard variable tariff for dual-fuel will increase by 12% to £1,277. Customers can switch to an EDF fixed tariff to help avoid the jump, with the company stating that last year customers saved £12.5 million by switching.

Additionally, the supplier won’t charge customers exit fees if they move to another of its energy-only tariffs. All those customers whose tariffs are set to change will be written to, reminding them to check they are on the best tariff.

The raise follows wholesale energy prices growing 50% in the last six months, leading the regulator to increase the price cap by £139 from £1,138 to £1,277.

“As Ofgem has explained, it is global gas prices that have caused the unprecedented increase in wholesale energy costs and as a sustainable, long-term business we must reflect the costs we face,” said Philippe Commaret, managing director of customers at EDF.

“We will be directing financial assistance to those most in need through our £1.9 million support fund, helping customers reduce their bills, manage their debt and even helping with costs for things like more energy efficient white goods.”

The increase in the price cap follows a jump of £96 in the last period in April, reflecting a return to pre-pandemic levels following a reduction of £84 in the previous October.

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