Link to this page: http://www.socialistparty.org.uk/issue/544/6322
EDF - taking the rise
FOLLOWING CENTRICA'S huge price increase for its gas customers, yet another energy company - EDF - is ramping up its prices.
EDF's five million customers are facing gas bills 22% higher and electricity bills 17% up, with immediate effect. This will increase an average annual household bill by £204, taking the total bill to £1,211.
These price hikes are despite the wholesale price of oil, to which gas and electricity bills are closely linked, having fallen by 13% in the last few weeks. Moreover, energy giants like EDF have investments in energy production as well as retail sales. Therefore, they are making huge profits as both wholesalers and retailers.
Every other energy utility company will be following Centrica and EDF in ratcheting up their domestic tariffs. However, their blatant profiteering could be stopped overnight if they were renationalised as part of a socialist economic plan. But when it comes to protecting ordinary people's interests or fat cat shareholders, the government will inevitably side with the latter.
In The Socialist 31 July 2008:
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