EDF Energy has announced a 15.4% rise in gas prices and a 4.5% rise in electricity prices. Both increases will take effect from 10th November.
This announcement means that all six energy suppliers have now raised prices for the second time this year.
EDF Energy said that it had absorbed the rising cost of wholesale energy for as long as possible but now 'reluctantly' had to pass this cost on to the customer. It is estimated that this increase will effect 3.2 million customers.
Last winter EDF Energy announced a freeze on prices, only to put them up in March this year.
Energy suppliers are being investigated by the regulator Ofgem after accusations that market is operating in an anti-competitive manner.
Critics say that all suppliers move prices en masse leaving customers little choice to switch suppliers to avoid increases.
Earlier this month EDF Energy was crowned the worst energy supplier for complaints after the watchdog Consumer Focus highlighted a 19% rise in the number of complaints over the last three months.
In August EDF Energy admitted overcharging 100,000 customers over £200,000 during a seven year fault on the company's automated telephone meter reading system.
Summary of the latest energy company prices rises
The recent average price increases are as follows:
- Scottish Power - Gas: +19%, Electricity: + 10%
- Scottish & Southern - Gas: +18%, Electricity: +11%
- British Gas - Gas: +18%, Electricity: +16%
- Npower - Gas: +15.7%, Electricity: +7.2%
- E.On - Gas: +18%, Electricity: +11%
- EDF Energy - Gas +15.4%, Electricity +4.5%
Why do electricity and gas prices keep going up?
During the last round of price increases I wrote an article on How electricity and gas prices are calculated and why they keep going up. The article is just as relevant now as it was then.
How to combat the price rises
It still pays to vigilant when it comes to how much you pay for your energy bills and there are ways to cut your bills which don’t involve switching off the lights or turning down the thermostat. To find out how read my post Lunchtime Money Makeover – Top 6 ways to reduce your energy bills.
The large energy companies are acting in an anti-competitive manner. All of them raise prices at the same time and just prior to winter, when customers don’t have a choice. The suppliers also make it difficult for consumers to compare prices by having lots of different deals with a great deal of fine print. Also, the providers offer the best deals to new customers; this is meant to keep out new competitors. The regulators really should look deeper into the practices of these companies.