EDF Energy reports 36% increase in customer debt since start of 2023
EDF Energy have just confirmed that they have seen a 36% rise in customer debt since the beginning of 2023 as households continue to struggle to keep up with their energy bills.
They are classifying debt where a customer does not have a confirmed means of repaying the amount they owe EDF Energy back.
With prices dropping to below £2000 in October 2023, this will help reduce the amount households have to pay going forward but this will be little rest bite as analysts are predicting that bills will rise again in January 2024.
This translates to a rise of 8% rise when compared to the October price but the the precise figure for the January 2024’s price cap will be announced later this year.
New research conducted by EDF also confirmed that 77% of the general public that were asked backed the proposed social tariff where certain sectors of the population will receive extra help affording their bills.
Despite a recent reduction in the energy price cap, concerns about covering energy bills during the upcoming winter persisted among a substantial 84% of bill-paying respondents when asked, with 35% confirming that they were very concerned.
What should I do it I am struggling to pay my business energy bill?
Businesses retail prices follow the wholesale market more keenly so we have been seeing cheaper than price cap levels for business electricity and business gas for the last 3-6 months.
This will help businesses pay the cheapest possible price available rather than having the wait 3 months for the government to amend the price cap level.
Shopping around and switching or negotiating the best possible price on renewal is the biggest win when trying to save money on energy bills.
Do not fall onto out of contract rates at the end of your fixed term as these could be more than 30% higher than a contract rate.
Another way of trimming your bill is to save as much money by taking steps to reduce the amount of energy your business uses.
Switch off your lights when not in the room, open the window as opposed to using the air con and look into changing your opening hours to meet peaks in demand. This has been common place in the hospitality sector for a while now.
Track the wholesale levels of electricity and gas
Business energy prices change every day based on the movement in the wholesale price of electricity and gas. As a business, it is really important that you track this to make sure you make a confident decision on your next energy contract.
You can track the latest price trends by clicking here.
Compare the market
If you are out of contract or approaching the end of a fixed term contract, it is really important that you check the current retail rate of business electricity and business gas.
You can do this completely online. All you need is your business postcode to see the latest business electricity and business gas prices for your meter.