EDF offering 'cheapest tariff' out of big suppliers ahead of price cap rise: 'Great time to lock in!'
Energy bills continue to be expensive for millions of households
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EDF has launched the "cheapest" fixed rate energy tariff out of the latest suppliers and is urging the Government to take action as soon as possible.
Households have been forced to contend with record high energy bills in recent years amid the ongoing cost of living crisis.
As part of the EDF Essentials 1Yr Aug25 tariff, the deal is priced at an average of £1,567 for a 12 month fix.
Unlike tariffs from other energy firms, this tariff is available to both new and existing customers.
Based on EDF's own energy price cap forecasting Service, it is predicted Ofgem will hike threshold in the months to come.
As such, this latest EDF tariff is projected to remain competitive for the foreseeable future rises in the months to come.
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The energy supplier is offering customers competitive deals
GETTYOfgem's energy price cap is the maximum amount energy suppliers can charge households for each unit of energy and standing charge if they are on a standard variable tariff.
As it stands, the price cap is set at £1,568 per year for a typical household who use electricity and gas and pay by direct debit.
This is in place between July 1 to September 31 and is £122 lower than previous quarter's cap.
Through EDF's forecasting service, consumers are able to look at weekly cap predictions which can be useful in determining what the best deal for them is.
According to the latest forecast, believes prices could rise to an average of £1,714 from October 1st, potentially increasing further to £1,733 on January 1st 2025.
Rich Hughes, the director of Retail at EDF, urged families to take advantage of this deal while it still on the market.
He explained: “At EDF we are always looking to keep our prices as cheap as possible to help our customers save cash and carbon.
"Current falling wholesale market prices mean we can lower our prices for a limited period of time and offer customers a deal which matches the current cap, which has dropped to its lowest level since winter 2021.
"However, our price cap forecasting service predicts rises in the coming months, making this a great time to lock in.”
It should be noted that anyone gets this tariff has to meet EDF's qualifying criteria.
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The cost of living crisis has pushed energy bills to new heights in recent years GETTY All households need to have a smart meter installed to receive this deal.
Through the smart meter, customers can access a range of benefits, such as EDF’s exclusive Energy Hub platform, which is available through MyAccount or via the EDF app.
According to the supplier, the energy firm has found that customers who are using Energy Hub to understand their usage are able to actively reduce their bills by up to £4 a year as well as helping to cut their carbon footprint.