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EDF price increase: Make sure you’re not paying more than you need to for energy

Posted 19 April 2017

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EDF raises its prices for the second time in a year. Switching tariff can mean you protect yourself from energy price increases.

One of the biggest energy providers, EDF, has announced that it will raise its energy prices for the second time this year. After 21st June, EDF customers who are on standard tariffs will see their electricity bills increase by 9% and gas prices go up by 5.5%. This means that the average customer will be paying £78 more a year – £1,160 in total.

All this follows EDF’s previous price increase in March this year, as well as price increases from the other major suppliers, Npower, Eon, Scottish Power, SSE and British Gas.

This move has drawn criticism from Ofgem, the energy regulator. They say there hasn’t been a significant rise in wholesale prices which makes the price hike hard to justify. EDF pointed out that they actually cut gas prices in January, so even with this new rise the prices have, in reality, remained flat. Also the majority of their customers are on fixed rate deals, so won’t be affected by the increases.

EDF have also said that they will be contacting all their customers on a standard deal to talk through what they’ll be charged. They have also just announced a new three year fixed rate deal.

How to make sure you’re not paying too much

All this may come as worrying news for people on a standard tariff. Even if you’re not an EDF customer if you’re on a standard tariff with someone else, there’s no guarantee that you won’t see your bill go up. And when you consider that the standard of living has fallen as inflation rises faster than wages, it’s not hard to see why some people might be worried about affording their essential bills.

Paying for electricity and gas is always going to be a priority bill and you should put it before other unsecured payments if it comes down to a choice. Although there’s no getting around paying for this, there are ways you can cut your energy bill and make sure you’re not paying over the odds.

First of all you can look to switch to a fixed tariff rather than a standard one. This means you’ll be protected from price increases like the one mentioned above. Your price will normally stay the same for at least 12 months and you’re likely to save money in the long term.

You might be able to save even more by switching energy suppliers at the same time. Have a look at some price comparison sites like Moneysupermarket  and Comparethemarket and see whether there are any other suppliers offering better deals. Switching might seem like a chore, but when you could potentially save on an important bill it’s definitely worth looking into. Just double check whether you’ll have to pay a fee for cancelling your current energy deal.

by Christine Walsh

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