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Andrew Daniel

Andrew is the newest member of the team and is already making his mark with his insightful & cutting edge reporting on the latest news in the personal finance arena.

EDF Energy announce price increases of 10.8%

EDF Energy announced increases to their standard variable rate from 7th December. Their new Fixed Price tariff is over 18% more than their offering 2 months ago

EDF Energy announced their price increase and it's a big one of 10.8% from December 7th, though according to their press release, this will still leave their standard variable rates as the lowest of the major suppliers that have announced their price rises.

EDF have also removed their Blue +Price Promise May 2014 tariff replacing it with a Blue +Fixed Price March 2015 tariff. This product is around 10% more expensive than the product it replaces, but over 18% more than the short lived Blue +Price Promise April 2014 product launched on 3rd August 2012 and withdrawn on the 30th of the same month!

EDF have also dropped the price promise element of their tariff. Though this is hardly surprising given that the new tariff is over £120 more expensive than Scottish Power's Online Fixed Price Energy April 2014.

Early termination fees also make an unwelcome return, £35 per fuel if you change before the end of March 2013 reducing to £15 per fuel until the end of March 2014.

The tariff does have a very long fixed period, allowing you three winters of fuel before any further increases. Whether that means you make massive savings in 2015 or are simply paying 2015 prices for the whole period is harder to predict.

If the government actually manage to force energy companies to give us lower prices you may just be paying for a guarantee that is never of use. On the other hand, if government intervention actually reduces competition and adds costs, the energy companies will pass them on as usual.

For those looking for short term savings, First:Utility's iSave V12 is cheap and though they haven't announced price rises yet, the tariff has a 3 month price guarantee. Given that switching usually takes 6 weeks to complete, that could sort the worst of this winter out though we can't predict what tariffs will be available in the new year.

Whether you want longer term security or the best rates of the moment (EON have yet to announce their increase..), you should make sure you are on the best tariff for you and until 30th November we're even offering £20 cashback to those that switch – click here for more detail.

[]: http://www.moneymaxim.co.uk/energy []: http://www.moneymaxim.co.uk/news/energy-cashback-offer-save-on-gas-and-electricity