EDF Energy issues 'good or bad' warning ahead of new seven-day change

EDF has launched a new weekly price forecasting service for consumers. Every Tuesday, EDF will update its website with their latest projections and what Ofgem’s price cap is expected to cost for the coming year for an average household, allowing consumers to compare up-to-date costs against fixed deals in the market.

EDF’s current predictions for the UK’s energy price cap show a decrease for the upcoming Q3 2024 price cap to £1,568, with an increase throughout Autumn (Q4) and Winter (Q1) to £1,684, £1,707 respectively, and falling by £2 in Q2 2025 to £1,705.

“The uncertainty of energy prices has highlighted the need for tools that offer consumers clear, regular clarity and guidance,” said Christopher Dalley, Wholesale Market Services Director at EDF. “Energy prices change day by day, not once a quarter, so we are proud to launch this new service which gives customers up-to-date information to help them understand whether a deal is a good or bad one, and see the potential savings they could make by switching tariffs.

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"We want to make energy simpler, cheaper and cleaner so by combining our energy market and forecasting expertise, this service will support customers in making the best decisions for their household.”

Prices are 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. EDF predictions are based on using Ofgem’s price cap methodology.

This will combine market prices and EDF forecast of other costs, to predict future quarter price cap levels. Predictions shown above are based on weekly snapshot and will be updated every Tuesday. The prediction could rise or fall, based mostly on changes in the wholesale cost of energy for future periods, EDF said.

The service is available to all consumers, not just EDF customers, on the EDF website.