Abacus Daily Debt News

Debt relief at hand as energy costs fall?

Consumers struggling with their debt may find a bit of financial relief is on the way as EDF Energy announced it is to trim its gas prices by five per cent from February 7th.

The move follows the recent announcements by Co-operative Energy and OVO Energy of price cuts due to falls in wholesale prices, with this being the first move by one of the big six providers.

And EDF noted that this comes after it was the last of the six to announce a large increase last year.

The news was welcomed by price comparison sites, with site editor at MoneySupermarket.com Clare Francis calling it a "welcome boost" for consumers.

But uSwitch director of consumer policy Ann Robinson said there is no cause for rejoicing just yet.

"Look through the fizz and the bubbles and we're left with the cold reality that prices are still substantially higher than they were just over a year ago," she noted.

By Amy White