2017 has seen numerous price hikes hit energy customers. The latest is from British Gas, which announced it will increase electricity prices by 12.5% from 15 September, though gas prices will remain frozen.
British Gas says this is the first dual fuel tariff increase since 2013, and has blamed increased costs resulting from government policy and the price of transmitting electricity.
Switch and fix
Anyone on a ‘standard variable’ tariff from any energy supplier is potentially overpaying, especially as hikes are happening.
If you are in this position, consider switching to a fixed rate deal. They are considerably cheaper than variable tariffs, and let you lock in the same rate for up to three years.
And if you’re already on a fixed tariff, keep a close eye on when it’s due to end and make sure you move to another fixed deal to avoid sliding onto your existing supplier’s standard variable rate.
You will not have to pay any exit penalties in the 42 days up to the end-date of your fixed tariff.
You can run an energy quote, see the cheapest prices and switch by using out free energy price comparison.
Here’s a run-down of what we know about price rises across the energy market:
The UK’s biggest provider announced a hike to their standard tariff, by £76 to a whopping £1,120, an increase of 7.3%. All of this increase is down to an electricity price hike of 12.5%, as gas prices have stayed flat. British Gas will be providing £76 credit to protect 200,000 of their most vulnerable customers.
EDF is cutting gas prices by 5.2% in January, but it will increase the cost of electricity by 8.4% from March. Typical dual fuel tariffs will pay 1.2% more over all, up to £1,082.
Freezing prices on their standard variable tariff until March 2017.
Eon is freezing its standard tariff prices for this winter.
We’ve yet to hear a pricing announcement from Npower.
We’ve yet to hear a pricing announcement from Scottish Power.
SSE is freezing its standard tariff prices until April 2017.
Announced two new tariffs:
First Fixed September 2017 v3 Online
First Fixed September 2017 v4 Full Service
Ovo has announced changes to its PAYM Simpler (variable) tariff, with an average increase of £50 per year. Customers who are only on gas tariffs will notice a decrease to their prices, and standing charges will be reduced for both gas and electricity.
We’ve yet to hear a pricing announcement from the Coop.
Extra Energy’s Fresh Fixed Price tariff will see an increase of more than 40%, an average increase of around £331.59 per year.