EDF Energy has announced a cut in its prices for its standard rate electricity customers of up to 12.5%. The average change is a reduction of 8.8%.

The decrease will take effect from 31 March 2009.

These reductions will apply in London, South East, South West, Wales and Scotland benefiting the vast majority of our standard rate customers across the country.

Although wholesale prices have fallen recently, the market remains volatile. As a result, the outlook for retail prices is still challenging. Forward annual wholesale prices for electricity and gas remain at relatively high levels, being approximately 69% and 80% respectively higher in February 2009, compared with February 2007.

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The price decrease means the average dual fuel EDF Energy household will see a reduction of £21 per year from energy bills. This makes EDF Energy on average up to £63 cheaper than British Gas for a combined gas and electricity bill.

Eva Eisenschimmel, Chief Officer, People, Organisation and Brand Performance at EDF Energy, said: "In this time of extremely volatile energy markets, EDF Energy continues to ensure very competitive prices for our customers. In 2008, we passed on the lowest gas price rises of any of the major utility suppliers.

"We were also able to ensure the lowest overall dual fuel increases last year with customers seeing savings of up to £75 compared to British Gas customers. This announcement confirms our ongoing commitment to providing our customers with more competitive prices during these difficult economic times."

(CD/JM)