Good news from EDF as plans are revealed to cut gas prices by 5%
EDF Energy, one of the UK’s biggest energy suppliers announced today it plans to reduce gas bills to its customers by 5% from 7th February 2012.
A mild winter and a weak economy have resulted in a sharp fall in the wholesale price of gas throughout the last 3 months.
The company announced the wholesale price they pay for gas had dropped 9.2% since it had increased its gas bills by 15.4%.
Martin Lawrence, Managing Director, Energy Sourcing and Customer Supply stated on Radio5 that transmission and distribution costs meant that they could not lower the bills further at this stage.
There has been no announcement from the company to cut its electricity bills at this stage, which rose by 4.5% in November 2011.
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 action rather than words. That is why we are the first major supplier to announce a cut and were the last to increase prices”.
Whilst EDF are the first major supplier to announce a cut they are following the lead from smaller UK power and gas suppliers Ovo Energy and Co-operative Energy who cut their retail prices earlier this month.