EDF is urging Britons to consider its “market-leading” energy tariff ahead of a predicted increase to Ofgem’s price cap in the later half of 2024.
The energy supplier suggested households “act now” before the Essentials 1Yr Apr25 tariff is withdrawn from sale tomorrow.
Under current estimates, Cornwall Insight has projected a fall to the price cap by eight per cent in July to £1,560 for the third quarter of the year. This figure is based on a typical dual-fuel household paying by direct debit, and people who use more will have to pay more.
However, they also forecast Ofgem will raise the default tariff cap to £1,631 in the following quarter and hike it once again in early 2025.
Households have been saddled with fluctuating energy bills in recent years amid the ongoing cost of living crisis.
To prevent families being impacted detrimentally once again, EDF is recommending families take advantage of its tariff to bring costs lower.
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EDF is urging customers to "act now" before its too late
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Through EDF’s Essentials 1Yr Apr25 tariff, annual household energy bills are priced at £1,581 for a one-year fix.
This allows new and existing customers to fix under the projected price cap until April 2025 which will likely protect them against possible energy price hikes.
As part of this deal, customers are projected to save an average of £50 on their energy bills over the space of 12 months.
Furthermore, consumers will not be charged exit fees if EDF launches a cheaper fixed deal which means a cheaper deal could be possible.
Since EDF launched this energy tariff, wholesale prices have already increased which has led to Britons paying more.
This deal from the energy supplier is only available until 4pm on April 4, leaving households with just over 24 hours to get it.
The tariff is available to both new and existing EDF customers, however customers are required to either have or agree to have a smart meter installed.
Installing a smart meter will allow customers to have access to the energy supplier’s exclusive Energy Hub platform which tracks energy usage.
Rich Hughes, the director of Retail at EDF, said: “Wholesale energy prices have been falling for several months now, bringing welcome relief to consumers and means we have been able to offer our best fixed price tariff since 2021.
“However, given the recent rises in energy prices, if consumers want to secure our most affordable energy tariff they need to act now.
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Despite falling this quarter, the price is expected to rise once again later this year
GETTY“By fixing onto what we believe is the market-leading tariff – which is priced £109 below the current price cap - customers can mitigate the impact of potential future price fluctuations and see savings on their energy bills against the anticipated price cap rise.”
According to EDF, consumers using Energy Hub to understand their usage are able to actively reduce their bills by up to £41 annually.
The hub is accessible to customers through their MyAccount portal or via the EDF app.