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EDF Energy cuts electricity bills | EDF Energy cuts electricity bills |
(20 minutes later) | |
EDF Energy has announced it is cutting bills by an average of 8.8% for most of its electricity customers. | |
Gas tariffs will remain unchanged, EDF Energy said, arguing its prices were still competitive. | Gas tariffs will remain unchanged, EDF Energy said, arguing its prices were still competitive. |
The reduction in electricity bills will come into effect on 31 March and will affect 2.3 million of the firm's customers. | The reduction in electricity bills will come into effect on 31 March and will affect 2.3 million of the firm's customers. |
E.On cut its electricity bills by 9% on average on Thursday. It also decided to keep gas prices unchanged. | E.On cut its electricity bills by 9% on average on Thursday. It also decided to keep gas prices unchanged. |
"These reductions will apply in London, South East, South West, Wales and Scotland, benefiting the vast majority of our standard rate customers across the country," EDF said in a statement. | |
"In other regions, EDF Energy is already offering some of the lowest tariffs on the market". | |
'Volatile wholesale prices' | |
Apart from EDF and E.On, competitors British Gas and Scottish & Southern Energy have also announced price cuts. | |
British Gas is to cut its gas prices by 10%, effective from 19 February while Scottish & Southern will cut the price of electricity by 9% and gas by 4% from 30 March. | |
The cost of wholesale gas is linked to the price of oil, which has fallen significantly from the peak it reached in summer 2008. | |
"Although wholesale prices have fallen recently, the market remains volatile. As a result, the outlook for retail prices is still challenging," EDF said. | |
"Forward annual wholesale prices for electricity and gas remain at relatively high levels." |
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