Customers urged to consider fixed tariff as price cap forecast to rise in Autumn 2024

EDF is recommending customers check its market-leading¹ energy-only tariff, which is being withdrawn from sale this Thursday, following updated projections for how the energy price cap will rise in Autumn 2024.

Cornwall Insight has projected a fall to the Default Tariff Cap (price cap) by 8% in July for Q3 2024 (£1,560²). However, an increase is forecasted in Q4 2024 (£1,631), as well as Q1 2025 (£1,634).

EDF's Essentials 1Yr Apr25 tariff, priced at £1,581³ for a 1-year fix, allows new and existing customers to fix under the projected price cap until April 2025, safeguarding themselves against potential price hikes to the energy price cap.

Based on current projections, customers will save an average of £50 on their energy bills over the year and won't be charged exit fees if EDF launches a cheaper fixed deal. Wholesale prices have already increased since the tariff's launch and the deal is only available until 4pm on Thursday 4th April.

"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," said Rich Hughes, Director of Retail at EDF. "However, given the recent rises in energy prices, if consumers want to secure our most affordable energy tariff they need to act now.

"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."

The tariff is available to new and existing EDF customers and requires customers to either have or agree to having a smart meter installed.

By installing a smart meter, customers can access a range of benefits, such as EDF's exclusive Energy Hub platform, accessible via MyAccount or via the EDF app, where they can access a personalised view of their energy usage. EDF has found that customers who are using Energy Hub to understand their usage are able to actively reduce their bills by up to £41⁴ a year as well as helping to cut their carbon footprint.
Getting a smart meter installed is simple, with no upfront extra cost for the meter or for the in-home display it comes with.

To sign up to EDF Essentials 1Yr Apr25 existing customers can do so via MyAccount online or via the EDF app, or new customers can sign up here.

1. Rated as the 'cheapest deal' by Money Saving Expert
2. Prices based upon Ofgem's Typical Domestic Consumption Values (TDCVs) which are now set at 2,700 kWh per annum for electricity, and 11,500 kWh per annum for gas.
3. Prices based upon Ofgem's Typical Domestic Consumption Values (TDCVs) which are now set at 2,700 kWh per annum for electricity, and 11,500 kWh per annum for gas.
4. Save around £41 with Energy Hub. Savings estimated on a sample of 2000 customers who started using Energy Hub between January 2022 and March 2022 and logged in 5+ times between April 2022-April 2023. Costs based on Ofgem's typical annual consumption positioned against projected Standard (Variable) consumption costs of April 2024 to March 2025. Ofgem estimates the typical household in Britain uses 2,700kWh of electricity, 11,500kWh of gas.