Last two of Big Six energy companies hike bills

The last two of the Big Six energy firms have announced the price hikes that everyone knew would inevitably come.

French firm EDF has announced price hikes of 3.9%, and German owned firm E.On is set to raise prices by 6.6% in the next fortnight.

The price hikes mean that all of the large energy companies have raised bills far above the rate of inflation announced yesterday, which at 2.2% was lower than expected.

However, EDF’s price rise is the smallest. The company says it will save customers around £80 a year compared to the other firms. The move could result in a price war between the energy firms that may be beneficial to consumers.

Energy secretary Ed Davey said that energy bosses could become “consumed” with greed if they continued to treat their customers as “cash cows”, and added that they may face a “Fred the Shred moment”, referring to the backlash against RBS chief Fred Goodwin after the banking crisis.

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