UK Energy Price Hikes Double EU

New research shows UK gas and electricity bills have risen at twice the rate of the European Union average.

Earlier this week I wrote about a survey that revealed UK customers are becoming increasingly dissatisfied with their energy suppliers as a result of poor communication and price hikes.

Since then, I have discovered further evidence to support the case for unhappy utility customers, after I found out just how fast UK energy bills have risen this year in comparison to the rest of Europe.

According to the latest figures from the Organisation for Economic Co-operation and Development (OECD), over the past year, gas and electricity prices in the UK have risen 29.7% compared to 15% in the European Union (EU).

Germany has witnessed price hikes of just 12.2%, while France has seen increases of 14%. Only Norway has pipped us to the post, with a whopping 35.8% increase in energy prices.

Part of the problem for the UK is that it does not have sufficient gas storage capacity. Currently, the UK can only store around 4% of our annual gas consumption. In comparison, Germany and France have the capacity to store more than 20% of their needs. So this means it's harder for the UK to buy gas when it is cheap and store it.

In addition, our reliance on gas imports is continuing to rise as our own reserves decline, with the government forecasting that 80% of gas will be imported by 2015. As a result, we are more exposed to volatile global gas prices.

So what can you do?

If you are happy with your current energy supplier, there are a few little things you can do to make sure you are paying the right price. For a start, it's always a good idea to check your bill or statement thoroughly to make sure your account number, details and tariff are accurate.

If you have an estimated reading, call up your supplier and ask if you can supply a customer reading as the supplier should then recalculate the bill based on your reading and re-issue it. That way you know you are paying the correct amount.

You might also like to consider capping your tariff if you feel you are paying too much for your energy and are worried prices might rise further. This means opting for a tariff that will lock you in to fixed prices (charged per unit of energy) for a finite period.

However, if you feel this is too risky, or if you are a tad confused about what to do, why not compare your current tariff to the rest of the market to see if there is a better deal out there for you?  And don't forget to also check if you are eligible for a social tariff, as explained in Get Help With Your Energy Bills!

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