As EDF announces a 1.3% cut to its energy bills, which takes effect on 11 February, Citizens Advice has said that the latest round of energy bill prices cuts are nothing more than a tick box exercise.
EDF’s price cut will only reduce bills by £9 but analysis from Citizens Advice reveals that moving to its cheapest tariff could save current customers £165 annually on a dual fuel deal.
Citizens Advice Chief Executive Gillian Guy said:
“Energy price cuts seem to be nothing more than a tick box exercise. While the larger suppliers have now all reduced their prices; the savings consumers will make from these reductions are tiny compared to the drop in wholesale prices.
“EDF’s minimal price cut will leave people just £9 better off whereas there is a £165 difference between the firm’s standard and cheapest tariffs.
“The energy market needs to work for all customers not just those who shop around. The Competition and Markets Authority needs to look seriously at the behaviour of firms around these recent price cuts to establish whether the industry is competitive and if households are getting a fair deal.”