EDF finally agree price cut but it's 'too little, too late'
EDF Energy has become the last of the Big Six energy firms to announce a cut in its standard gas price – by just 1.3%.
The company said the cut, which critics have labelled "too little, too late" and doesn't come into effect from February 11, is linked to the falling costs of wholesale gas and will benefit around one million of its customers.
However, the cut means EDF's average standard variable gas price will only fall from £646 to £637 and its dual fuel prices from £1,164 to £1,155 a year - a difference of just £9 in both cases.
The firm insists the reduction means its standard dual prices have been the cheapest of the of the major suppliers for 143 weeks during the past three years and other price cuts announced in December saw its short-term tariffs fall from £1,098 a year to £999.
All of EDF's rival firms have announced price cut in recent weeks but experts have questioned whether the small reductions are actually worth it for customers.
Not a fair deal
Ann Robinson, director of consumer policy at uSwitch.com said: "With the final price cut announced, it's now official that standard tariff customers simply aren't getting a fair deal. These meagre reductions are too little too late and must be increased to help hard-pressed consumers struggling with their energy bills this winter.
"And, with wholesale electricity costs also falling over the past year, why hasn't a single Big Six supplier pledged to cut electric bills for its customers?"
She added: "To tackle high energy costs, consumers should take matters into their own hands and shop around for a better deal. With a £347 a year difference between the average Big Six standard tariff and the cheapest fixed deal on the market, consumers would be better off making their own price cut by switching."
Meanwhile, some of the Big Six firms have also been criticised for waiting to pass on the cuts until the warmer spring weather arrives.
Here's a summary of the gas price cuts announced:
E.ON, 3.5% from 13 January
British Gas, 5%, 27 February
ScottishPower, 4.8%, 20 February
Npower, 5.1%, 16 February
SSE, 4.1%, 30 April
EDF, 1.3%, 11 February