EDF Energy announced that it will cut its gas prices by 5% – becoming the first major supplier in 2012 to announce it will pass on falling wholesale prices to its customers.
The company was the last of the major suppliers to raise its energy prices in the autumn and is the first to announce a cut.
In addition, EDF Energy’s price rises last autumn were the lowest of the major suppliers.
Vincent de Rivaz, Chief Executive of EDF Energy , said: “ What customers want more than anything else is fair, clear and transparent prices. We know they want action rather than words. That is why we are the first major supplier to announce a cut and were the last to increase prices .
“ Today’s price cut is further evidence of our commitment to be fairer, simpler and more transparent. This is vital for consumer trust. We are working on a range of further steps as a responsible energy company to continue to build trust .”
The lower gas price will come into effect on February 7. The move will help customers over the winter when they use the most gas.
Since EDF Energy’s last price change on 10 November 2011, the one-year wholesale gas price has decreased by 9.2%. Industry analysis shows wholesale prices make up about half of the final domestic gas bill.
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LNG World News Staff, January 11, 2012