EDF Energy has confirmed today (17 August) it is raising the cost of its standard variable tariff (SVT) in line with the next price cap level.
The large supplier’s SVT customers paying by direct debit will see their dual-fuel bill increase by 12 per cent to £1,277.
The move comes following Ofgem’s recent announcement it was raising the price cap to its highest level yet following a spike in global wholesale costs.
From 1 October, customers on default tariffs paying by direct debit will see an increase of £139 – from £1,138 to £1277. PPM customers will see an increase of £153 – from £1,156 to £1309.
Philippe Commaret, managing director of customers at EDF, said: “We know a price rise is never welcome, especially in tough times. In 2020, prices for our standard variable customers fell by an average of £100 a year, and we’ll cut prices again as soon as we’re able.
“As Ofgem has explained, it is global gas prices that have caused the unprecedented increase in wholesale energy costs and as a sustainable, long-term business we must reflect the costs we face.
“We will be directing financial assistance to those most in need through our £1.9 million support fund, helping customers reduce their bills, manage their debt and even helping with costs for things like more energy efficient white goods.
“Customers on tariffs that are due to change in October will be written to, reminding them to check that they are on the best tariff for them.”
Elsewhere in the sector Bulb said it was “keeping a close eye” on what the rise in wholesale costs means for its prices.
“We hold off passing on price increases for as long as we can and we’ll always give our customers 30 days notice,” a spokesperson said.
Octopus Energy said on average it has charged £130 less than the price cap and will continue to charge its customers as little as possible.