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EDF is latest energy firm to increase prices EDF is latest energy firm to increase prices
(about 1 hour later)
EDF has become the latest energy company to raise prices for its customers, announcing an average price rise of 3.9% on its dual fuel tariffs.EDF has become the latest energy company to raise prices for its customers, announcing an average price rise of 3.9% on its dual fuel tariffs.
The firm said that from 3 January 2014, customers would see bills rise by £49 a year, to an average of £1,300, but it claimed it was "holding back rising costs" from government schemes to limit price rises. The firm said that from 3 January customers would see bills rise by £49 a year, to an average of £1,300, but it claimed it was "holding back rising costs" from government schemes to limit price rises.
The increase is less than half those announced by rival firms British Gas and Scottish Power, but are unlikely to be welcomed by the two-thirds of EDF's 5.8 million business and residential customers not on fixed tariffs.The increase is less than half those announced by rival firms British Gas and Scottish Power, but are unlikely to be welcomed by the two-thirds of EDF's 5.8 million business and residential customers not on fixed tariffs.
The firm said the extra £49 on bills was made up of the following:The firm said the extra £49 on bills was made up of the following:
• £24 to meet a 9% rise in transmission and distribution costs.• £24 to meet a 9% rise in transmission and distribution costs.
• £10 to meet smart metering costs. • £10 to meet smart-metering costs.
• £6 to meet a 22% rise in cost of meeting renewable obligations. • £6 to meet a 22% rise in the cost of meeting renewable obligations.
• £1 to meet rising wholesale costs.• £1 to meet rising wholesale costs.
• £8 to meet other rising costs including VAT, Warm Home Discount, Feed in Tariff. • £8 to meet other rising costs including VAT, warm home discount, feed-in tariff.
The price rise includes the removal of a 70p a month discount for dual fuel customers.The price rise includes the removal of a 70p a month discount for dual fuel customers.
EDF said it had taken action ahead of the outcome of the government's review of the costs of the ECO scheme to help vulnerable households and other green schemes, designed to bring down costs for consumers. EDF said it had taken action ahead of the outcome of the government's review of the costs of the Eco scheme to help vulnerable households and other green schemes, designed to bring down costs for consumers.
It said if the government makes bigger changes to the costs of its social and environmental schemes than it has anticipated, it would pass these savings on to customers, but if the changes were smaller there could be further price rises. It said if the government made bigger changes to the costs of its social and environmental schemes than it had anticipated, it would pass those savings on to customers, but if the changes were smaller there could be further price rises.
The chief executive of EDF Energy, Vincent de Rivaz, said: "The best way to help customers is for us to keep our prices as low as possible. I know that price rises are always unwelcome, but we have taken the first step to show what can be done if rising costs are tackled head-on."The chief executive of EDF Energy, Vincent de Rivaz, said: "The best way to help customers is for us to keep our prices as low as possible. I know that price rises are always unwelcome, but we have taken the first step to show what can be done if rising costs are tackled head-on."
De Rivaz said he supported social and environmental programmes, but that the cost and affordability of them had to be challenged.De Rivaz said he supported social and environmental programmes, but that the cost and affordability of them had to be challenged.
"Energy firms, politicians and consumer groups need to be part of the solution and stand on the side of customers to give them energy at an affordable price. That means operating as efficiently as possible and designing the most cost-effective social and environmental programmes," he said."Energy firms, politicians and consumer groups need to be part of the solution and stand on the side of customers to give them energy at an affordable price. That means operating as efficiently as possible and designing the most cost-effective social and environmental programmes," he said.
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