EDF cut gas prices

The energy company, EDF, has recently announced it is going to be lowering the price of its gas by around five percent. Last year, many people from the UK complained about the cost of the company’s gas and it is expected that this reduction is going to alleviate some of the high costs they were experiencing.

The price of gas fell significantly in the last few months because the weather was much warmer than expected. This has led the company to announce that they will be making the price reduction on 7 February, and it is expected to affect nearly 1.5 million of the company’s customers located all across the UK.

This is the first energy company to lower its prices since the massive percentage increase that took place in November which meant customers were being charged an average of over 15 percent more. It is expected that other energy companies are soon going to be lowering their prices as well.

For many consumers, the announcement of lower energy costs couldn’t come at a better time. Consumers in the UK are feeling more financially squeezed than ever before and the expensive bills that energy companies were charging made the situation even worse. The consumer company Which? released a report last year which showed that the larger six energy companies in the UK received over 4 million complaints in the last year.

Most of these complaints were about bill mistakes and meter readings being inaccurate. These are the sorts of things that mean customers are being significantly overcharged and often direct debits are set up so the money comes straight out of their bank account.

Richard Lloyd is the Chief Executive of Which? and he commented that the watchdog in the industry should be increasing the amount of effort put into making sure that customers are satisfied with their energy companies.

He commented, “The energy regulator, Ofgem, should make sure that they publish information about how many complaints are being reported to them. Energy companies must be accountable for putting right the problems that their consumers seem to be regularly having.”