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Creditfix LB 03-2017

Energy Prices on the Rise

Energy prices look to be on the rise as two of the biggest UK suppliers have announced plans to increase costs for millions of UK customers.

The country’s largest supplier, British Gas, has announced a rise of 5.5 per cent due at the end of May for its 4.1 million customers on duel fuel deals.

EDF Energy have announced a rise of 2.7 per cent in its average electricity tariff from June, whilst E.on have already raised prices in March.

The other three energy suppliers of the ‘big six’ have yet to announce increases but are expected by experts to follow suit.

Claire Osborne of comparison website uSwitch said: ‘It looks like price rise season is now well underway. There have been some increases in costs, but we were not expecting the Big Six energy suppliers to react with such sudden price hikes.’

She continued: ‘E.on, British Gas and EDF have all increased the cost of their Standard Variable Tariffs now, and it’s likely the rest of the Big Six will follow.’

British Gas has blamed increased wholesale prices for its price rises, as well as the ongoing costs of the smart meter rollout and the implementation of other policies intended to reduce carbon emissions.

However, it is generally thought that the energy firms are in fact increasing prices ahead of the cap on Standard Variable Tariffs due to be introduced by the Government later this year.

Consumers have been encouraged to ensure that they give suppliers accurate regular meter readings, as many consumers paying by direct debit are in credit with their energy company according to Moneysupermarket.

Stephen Murray from Moneysupermarket said: ‘Estimated energy bills are often wide of the mark, so it?s vital people get into the habit of providing regular meter readings to ensure they?re not overpaying.

‘But while it?s tempting to reclaim the money owed by your supplier immediately, make sure that there?s enough to cover current usage as the last thing you want is for your supplier to increase your direct debit.’

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