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EDF energy to cut prices by just 1.6%


EDF energy has announced that it will be cutting its gas prices from the 11th February, joining the other “Big Six” energy firms in the UK.

EDF will cut gas prices by 1.3%, a move which they said will benefit one million customers. The price cuts come after a fall in wholesale gas and oil prices, as slowing economic growth dented demand. EDF has now said that if there are any further falls in energy prices, more cuts would be passed on to consumers.

EDF energy has reduced their prices by the smallest percentage compared to the other “Big Six” energy companies, but the company said that its standard dual fuel price was cheaper than all but one of its rivals. This is likely to anger some consumer groups who had already complained about the 5% cut of some energy companies.

E.On cut prices 3.5% with immediate effect two weeks ago while reductions from British Gas of 5%, ScottishPower of 4.8% and Npower of 5.1% are all coming into effect in either mid or late February. SSE announced a 4.1% cut that does not come into effect until April 30.

EDF's chief executive, Vincent de Rivaz said:

"We continue to look for ways to bear down on costs for customers and will offer more help to the most vulnerable, for example encouraging them to switch to fixed tariffs,"

"If wholesale gas prices create costs reductions which allow further price cuts these will be passed on as soon as possible."

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