If you are a customer of a ‘big six’ energy firm then you likely be in on the receiving end of a price increase over the next couple of weeks (if you’re on a variable tariff of course). Today SSE announced early summer price rises, with an average increase of 6.7%. Gas prices will rise by 5.7% and electricity prices will go up by 7.7%. In monetary terms, this will mean an average rise of £76 per year for 2.36 million customers.
If you are a British Gas customer then you would have already been on the receiving end of 5.5% increase yesterday, which adds an average of £60 to each customer’s bill.
Those two are just the tip of the iceberg, with Scottish Power increasing prices by an average of 5.5% for almost 1 million customers from 1st June. EDF increasing prices the least but still by 2.7%, meaning an increase in customer bills of £16 per year. This will affect 1.2 million customers and come in on 7th June.
Npower are increasing their prices by 5.3%, which is an average increase of £64 for each of the one million people it will effect from 17th June.
Finally, E.On already made some changes in April which will see an increase on average of £22.
These price increases are being blamed on the increasing costs of supplying energy, especially in terms of wholesale price increases.
If you’re effected by these changes, then it’s a good time to look at how much money you could save by switching. It’s also worth considering whether you would be better changing to a fixed tariff (if you aren’t already) as this will stop you being affected immediately by further price increases in the future.