Martin Lewis says EDF’s second energy price rise could signal "the start of another round of hikes"

As EDF announces its second price hike this year, costing its standard rate customers an average £70/yr extra for energy, Martin Lewis warns that this could signal another round of price hikes from the big six.

Martin Lewis, founder of MoneySavingExpert.com said: "This is of course a hard hit for millions of EDF customers. It is sneaking this one through while the sun’s shining hoping most people’s focus will be on the football and the weather rather than its price hike.

"This potentially has an impact far beyond just EDF’s own customers. All the big six companies have already increased prices this year. This is EDF’s second rise. So the big question is: is this the start of another round of hikes?

"We have very rarely in the past seen one company increase prices and the others not follow, as they’re like sheep. And certainly the fact that EDF is blaming this on the wholesale price (what the energy companies pay for gas and electricity) indicates that it’s likely. If that’s true, we could see some people paying 10% more this winter for their energy than last winter.

"So this is a clarion call to everybody who is on a big six standard rate, not just EDF customers. You are ripping yourselves off, and if you do not act it is likely to get even worse. Typical savings of £300 a year are easily possible. Go and do yourself a comparison on a site that is automatically whole of market, like MoneySavingExpert’s Cheap Energy Club, as some comparison sites hide tariffs that don’t pay them. And if you choose a firm with decent customer service you can get the best of both worlds; far cheaper prices, and a much easier company to deal with. Do nothing and frankly your energy bill is just burning money."