EDF Fails To Cut Electricity:

Catalyst Commercial Services Ltd — Mon, 30 Apr 2007 07:54:30 +0000

Fresh calls for a competition inquiry into Britain’s energy market were made today as watchdogs slammed a “cynical” price cut from French-run supplier EDF Energy. Just days after being named and shamed by industry regulator Ofgem, EDF last night announced it would be bringing gas prices down by 10.2 per cent. But the group is refusing to implement the cut until the middle of the summer June 15th and stunned industry experts by saying it will be leaving electricity prices unchanged. The majority of its five and a half million customers only take electricity. A spokesman added: “We believe this is a good, competitive offer that our customers will be pleased with.” EDF’s average annual dual-fuel bill will drop by £63 to £908, making it one of the cheapest on the market. But the move was immediately attacked by pressure groups, who claimed average bills for homeowners across the UK should be closer to £750. Wholesale prices have fallen by 50 per cent since last summer. British Gas has already cut prices two times and reductions from npower and Powergen in February take effect today. Karen Darby, head of Simply Switch.com, said EDF’s move was a “kick in the teeth” for its customers. She said: “After weeks of waiting EDF announces a price cut during an April heatwave and its customers will not see the benefit until the height of the summer. “It’s cynical at best and frankly I’m amazed.” Adam Scorer, campaigns director for Energywatch, urged the Competition Commission to investigate the market. He told The Times: “EDF Energy is doing the minimum you would expect to keep them in the pack. “None of the these companies are going out on a limb to attract customers or give them a really good deal. “There is no one here like a Tesco or a Ryanair who’s saying ‘I’m going to lead the market’. They are too comfortable, too cosy and it’s just not good enough.” Originally, 14 regional electricity supply companies were privatised in the early 1990s along with British Gas. A consolidation spree has seen this number shrink into a Big Six. EDF’s move leaves only Scottish Power, owned by Spanish power giant Iberdrola, as the sole supplier yet to pass savings onto its customers. The EDF spokesman insisted the company was not short-changing customers as it had implemented the lowest price increases last year when bills soared across the industry. He added June 15 was the soonest EDF could implement its planned reductions. “This is good news,” he said.

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EDF Fails To Cut Electricity:

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