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npower price changes 2020

npower price changes 2020

The latest price change announcement from npower saw the big six supplier dropping its standard variable tariff rates to £1,042 to match energy regulator Ofgem's price cap.

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The price drop, which equates to a 7% average annual reduction for around 1 million npower customers, came into effect on 1 October 2020.

The npower price drop affects those on a standard variable rate energy tariff from the big six supplier — including those who have let their fixed energy plans lapse and have been placed on npower's default tariff.

npower's last price change was also in reaction to a drop in the energy price cap. The supplier reduced its prices on standard variable tariffs in line with the cap change in April 2020.

Prior to this, in October 2019, npower reduced the cost of its standard variable tariff by 6%, also in reaction to a drop in the price cap rate.

Though prices have dropped, npower has tended towards raising its prices in recent years:

  • In February 2019, npower raised its prices for those on standard variable tariffs to the initial price cap level of £1,137
  • In June 2018, npower raised its standard variable tariff dual fuel rates by 5.3%, which constituted a £64 rise for customers

What can I do about the npower price change?

If you're currently on an npower standard variable rate plan — either dual fuel, gas only or electricity only - your prices should have dropped by an average of £84 from October 2020.

It's always a good idea to compare the energy market on a regular basis and ensure you're on the cheapest deal possible. Standard variable rate tariffs are often more expensive than fixed plans, meaning it can pay to check you're always on the best possible deal.

You can stay up to date with the latest news from the energy market here and compare energy deals to find the cheapest rate for you.

Which suppliers have changed their prices in 2020?

Most of the major energy suppliers have reacted to the reduction in th price cap level by dropping their prices slightly. The reduced price cap means that suppliers can't charge more than an average of £1,042 for their standard tariffs.

You can read about previous price changes from the big six below:

Will npower change its prices in 2020?

It's difficult to predict how any energy company will act when it comes to raising or freezing its prices.

However, Ofgem is not due to review the price cap again in 2020. When the energy price cap is next reviewed in February 2021, suppliers will need to amend their prices to make sure they don't exceed the maximum level set by the cap.

If you have been affected by an energy price change, then run a energy comparison to see if you can save on your bills.

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