EDF Energy Announces 5% Cut In Gas Prices
EDF Energy has announced it’s to cut gas prices by 5% from February.
EDF Energy has announced it is to cut gas prices by 5% from February after it increased prices by 15.4% in November. The decision comes on the back of the recent falls in wholesale gas prices.
Utility Exchange has reported recently that both OVO Energy and Co-Op Energy have cut prices but EDF Energy is the first of the Big Six energy companies to announce a price cut. The move is likely to have an effect on business gas prices too and will be welcomed by many at a time when energy costs have been hitting businesses hard.
Chief executive of EDF Energy, Vincent de Rivaz, said “What customers want more than anything else is fair, clear and transparent prices. We know they want action rather than words. That is why we are the first major supplier to announce a cut and were the last to increase prices”.
He added “Today’s price cut is further evidence of our commitment to be fairer, simpler and more transparent. This is vital for consumer trust. We are working on a range of further steps as a responsible energy company to continue to build trust”.
EDF said that wholesale gas prices have fallen 9.2% since it increased prices in November last year. It was the last of the Big Six energy companies to increase prices in the autumn and last year held its prices until March after most of the other energy companies had increased prices over the winter.
EDF said that by lowering price on 7 February the move would help customers over the winter period when gas consumption is highest.
EDF Energy is not making any changes to its electricity prices and in a press release said its “standard electricity prices continue to be the cheapest among the major suppliers based on a national average of regional prices”.
EDF Energy has increased the pressure on the other major energy suppliers to cut prices. There are reports that British Gas is set to cut prices but it remains to be seen which energy provider will be next.