The domino effect is kicking into action with the energy companies as npower becomes the latest to announce a price hike.
npower has become the next provider to increase its prices, announcing a rise of 9.1% in electricity and 8.8% in gas from Monday 26th November.
This will add an average of £109 a year onto the average dual fuel bill.
Earlier today British Gas also announced it was pushing up prices by 6% from 16th November.
In a statement the chief commercial officer for npower, Paul Massara, said the costs of statutory schemes, distribution charges and the price of gas are all being driven up by "external factors" such as new Government policies.
He explained that until now customers had been "protected" from price hikes but the time had come for these to be passed down to consumers.
Rising energy bills
The first provider this year to announce a hike was Scottish and Southern Electric back in August. Its prices will go up by 9% from 15th October.
Last year all of the ‘big six’ providers announced price hikes within a few weeks of each other. There are now three remaining companies - E.ON, EDF and Scottish Power - left to announce a hike. And it’s predicted this will happen imminently.
What can you do now?
As it’s only a matter of time before the other providers follow suit, the best thing to do right now is review your energy plan and try and switch providers, if you can.
Switching to a fixed deal gives you the security and peace of mind of having one payment each month which won’t change. However, before you do anything you’ll need to check details such as penalties for breaking a contract early.
Our comparison tables provide a full view of the energy market and will outline exactly how much you can save by switching and here are the cheapest fixed deals on the market.
Cheapest fixed energy deals on the market
|
Supplier |
Tariff |
Average cost |
Average saving* |
Fixed until |
|
iSave Fixed v4 |
£1,087 |
£283 |
31 March 2014 |
|
|
New energy Fixed |
£1,088 |
£282 |
12 months |
|
|
Online Fixed Price energy April 2014 |
£1,140 |
£230 |
31 March 2014 |
|
|
Blue+Price Promise May 2014 |
£1,143 |
£227 |
1 May 2014 |
|
|
Green Energy Fixed |
£1,147 |
£223 |
12 months |
|
|
Online Fixed Energy November 2014 |
£1,154 |
£216 |
31 October 2014 |
* based on average dual fuel tariff costing £1,370 (source: energyhelpline)
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