EDF increase electricity and gas prices
You might want to buy yourself a belt-hook for your thinning wallet today because soon you won't even notice it's in your pocket anymore.
Électricité de France SA - or EDF in common parlance - is first out of the traps, announcing its second round of energy price rises this year.
Effective immediately, electricity prices increase by 17%, and gas by a whooping 22%. Uswitch, the price comparison site, is telling the media it estimates that the average annual bill for dual-fuel EDF customers will rise by £200, to just over £1,200.
EDF, a company controlled by the French Government, serves over 5 million UK customers and is currently in final negotiations to acquire nuclear-power generator, British Energy Group Plc, for around £12 billion. Gordon Brown is basically banking on EDF's nuclear know-how (it owns 58 nuclear power plants) to build more nuclear power stations in the UK which, the Govt. hopes, will reduce carbon emissions and fossil fuel reliance.
More coverage on the takeover at The Wall Street Journal.
Scottish & Southern Energy
Today's surprise news came shortly after Chief Executive of Southern & Scottish Energy (SSE), Ian Marchant, admitted that mounting pressure against the floodgates, brought on by higher oil, gas (+63%) and coal (+70%) prices, had his butt-cheeks quivering. He said: "We are continuing to resist the pressure to put up prices for domestic customers, but doing so is becoming more difficult by the day."
Clearly keen to avoid the headlines, he revealed how SSE is watching the other energy companies and would time their own price-hike accordingly - No doubt his cheeks have regained their normal posture since EDF blinked first.
Centrica
Last week Centrica, parent company to British Gas, released a report predicting energy prices would rise by more than 60% within 2 years.
Until today's announcement from EDF, some commentators were forecasting that British Gas would be forced out of the gate next week, when Centrica reports its half year results which analysts predict will show a sharp fall in profits.
Should EDF succeed in its acquisition of British Energy, it is thought a 20% to 25% stake will subsequently be sold to Centrica - partly for political reasons (to make it look "less French"), and partly so Centrica can distance itself from gas price volatility.
Good news then!
So whilst the Great British public brick-up their letterboxes in a bid to stop bills hitting the mat, energy assessors rejoice their increasing importance to society - except higher energy costs feed through to virtually all goods and services for everyone, and fees ain't moving up.
And whilst Energy Performance Certificates (EPCs) remain tied to a sinking housing market, business becomes even tighter during this traditional seasonal trough.
The public is clearly more receptive to energy efficiency these days, and they are set to become more so in the coming winter months, is it not time therefore, that Govt made the EPC a real force for change?
