EDF Energy's Price Cut Criticised
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EDF Energy's price cut has been criticised by a consumer watchdog for being "meagre" and totally ignoring its gas customers.
The company recently announced a price reduction from March 31 of up to 12.5%, with an average cut of 8.8%, affecting 2.3 million electricity customers.
However, Robert Hammond, of Consumer Focus, said: "Any energy prices drop is welcome but EDF's meagre 8.8% price cut is only good news to their electricity customers and only comes into effect at the end of the winter.
"We're also disappointed that their gas customers have been totally ignored.
"According to an Ofgem probe, three-quarters of the gross profits of the major suppliers and all of their net profits arose from the customers in their former monopoly electricity areas who had not switched.
"This cut appears to be more an attempt by EDF to address this criticism than a true reflection of the dramatic falls in both electricity and gas wholesale prices since July last year."
Energy and climate change minister Mike O'Brien said: "Any price cuts will be a relief for consumers. We've been pressing all the energy companies to pass on wholesale price cuts to their customers as far and as fast as they can."
The company recently announced a price reduction from March 31 of up to 12.5%, with an average cut of 8.8%, affecting 2.3 million electricity customers.
However, Robert Hammond, of Consumer Focus, said: "Any energy prices drop is welcome but EDF's meagre 8.8% price cut is only good news to their electricity customers and only comes into effect at the end of the winter.
"We're also disappointed that their gas customers have been totally ignored.
"According to an Ofgem probe, three-quarters of the gross profits of the major suppliers and all of their net profits arose from the customers in their former monopoly electricity areas who had not switched.
"This cut appears to be more an attempt by EDF to address this criticism than a true reflection of the dramatic falls in both electricity and gas wholesale prices since July last year."
Energy and climate change minister Mike O'Brien said: "Any price cuts will be a relief for consumers. We've been pressing all the energy companies to pass on wholesale price cuts to their customers as far and as fast as they can."
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