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HomeRenewablesEconomy 7 ratesEDF faces backlash for 91% increase in Economy 7 rates

EDF faces backlash for 91% increase in Economy 7 rates

Economy 7 users, who traditionally benefit from lower rates during off-peak hours, are expressing concern over an increase in off peak electricity rates by EDF.

This change comes at a challenging time, with the Ofgem energy price cap reaching nearly £2,000 for average usage in January.

EDF implemented a 91% increase in its Economy 7 night-time rate, raising worries among customers, as some report experiencing a doubling of their bills.

Tim Burton, residing in rural Norfolk, told the Guardian: “Each year 75% of our electricity is used for heating our home. So our recent price rise is not the routinely reported 5% but a massive hike of 38%.

“We feel as minority energy users living in a rural area our plight is being overlooked and our situation is being exploited by energy companies.”

An EDF spokesperson told Energy Live News: “We recognise the impact of the energy crisis on our customers and strive to maintain competitive prices. Our standard variable prices are regulated by Ofgem’s price cap, which Ofgem sets based on its view of the cost to supply.

“The cost to supply has increased significantly in recent years and during this time we’ve worked hard to keep our prices as low as possible for our customers. We recently took the difficult decision to increase the overnight rate of our Economy 7 tariff to reflect current supply costs, with updated prices still being within Ofgem’s price cap, and as part of this change, decreased the peak/daytime rates from January.

“We’ve also implemented various schemes and incentives to reward electricity customers that shift their consumption from peak times. This includes EDF’s demand flexibility service ‘Beat The Peak’ where customers can earn up to £3 for every kwh of electricity that is reduced within the allocated time. Customers have been paid £560k already this winter as part of the scheme.”

An Ofgem spokesperson told Energy Live News: “As long as the rates comply with the price cap, it is a commercial decision for suppliers as to how they set their tariff prices.

“Customers can rest assured that we do assess compliance with the price cap each time the level is changed, and have taken strong action where we find suppliers to be in breach.

“Multiple suppliers offer Economy 7 tariffs and customers might benefit from shopping around to determine if another tariff will be more suitable to their circumstances.”

Energy Live News
Energy Live Newshttps://www.energylivenews.com
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
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