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Co-operative Energy announces price rise for new customers

Pioneering new supplier, Co-op Energy, is putting its prices up today for new customers.

Co-operative energyThe price hike, 8.7% or £101 for gas and electricity, will take its average dual fuel bill up to £1,258 a year.

The move will see it fall to the bottom of the energy best buy tables and behind Britain’s big six suppliers, however existing Co-operative Energy customers will not be affected.

The news comes as ScottishPower makes a welcome return to the  competitive market. It has launched a new online plan called Online Energy Saver 21, which costs £1,164 a year, making it the third cheapest supplier on the market behind SSE and First Utility.

The news follows The Co-Operatives shock price cut in November last year which saw it storm to the top of best buy energy tables.

Best buy energy plans

Supplier

Plan Name

Price

SSE

Discount Energy Bonus April 2015 (with paperless billing)

£1,134*

First Utility

iSave v14

£1,150

ScottishPower

Online Energy Saver 21

£1,164

Sainsbury’s Energy

Online April 2014

£1,165

Ovo Energy

New Energy Fixed

£1,172

EDF Energy

Blue + Price Promise June 2014

£1,182

npower

Energy Online August 2014

£1,184

British Gas

Online Variable Feb 2014

£1,193

Spark Energy

Standard

£1,197

E.ON

E.ON Energy Discount (with online reward)

£1,209

The Co-operative Energy

Pioneer

£1,258

Source: uSwitch.com

 Short-term blip

Tom Lyon, energy expert at uSwitch said“Co-op Energy has become a familiar and welcome sight in the best buy tables. Today’s move will be a blow as it has been offering consumers a great alternative to the traditional big six, while still being a brand that consumers know and trust.

“However, true to its word, this price hike will not affect existing customers, but it will hamper its ability to attract new customers any time soon. Hopefully this will just be a short-term blip as it is good for consumers and for the market to see a wide-range of suppliers competing hard.

“It’s interesting too that as the Co-op takes a bow, big six rival ScottishPower has come storming back onto the stage. Its new tariff makes it the third cheapest supplier on the market and sees the big six flexing their muscles just a month after small suppliers seemed to have the competitive end of the market in a stranglehold.

“And this is why smaller suppliers and new entrants are so important – not only do they mean that consumers have a better choice of tariffs from a broader range of suppliers, but they also force the big six to slug it out on the competitive field.

“With the average household energy bill now hitting £1,352 a year[2] and winter fuel bills on their way, I would urge consumers to take advantage and reduce their bills by shopping around for a better deal today.”

Learn more

Co-operative Energy – Read about the Co-Operative’s philosophy in this ‘in their own words’ piece.

Ditch the big six – why smaller energy suppliers are storming the market

  • HORRIFIED

    I started the switch to co=op in early January. I have a contract and a start date of 14 Feb. They have my meter reading but have just sent the e-mail regarding price rise. Where do I stand? Needless to say, no reply at co=op customer service

  • fedupwithenergyprices

    @horrified – My switch over to the co-op (from nPower) happened today (12th Feb). I was also worried that the price increase would hit me on day one of the switch (I couldn’t stomach that at all). I managed to get through to them via phone and the call centre agent advised that the email was badly worded and the new prices only affect people wanting to switch from today onward Those already in the middle of the switching process will be unaffected until at least the 15th April when the price increase kicks in as they are classed as existing customers. I’m now wondering if I should switch again before that date to yet another supplier though.

  • horrified

    Thanks, I failed on the phone so e-mailed instead. They confirm your story but it was exceedingly poor communication. No bonus for the comms director!

    • http://www.uswitch.com/gas-electricity/news/author/maya-robert/ Maya Robert

      Hi guys,

      We can also help if you have any issues or questions about your switch, drop me an email on energyeditors@uswitch.com and I can respond to you personally.

      Best,

      Maya, uSwitch

  • confused

    I signed up on the 5th Feb hopefully no price increase until the 15th April like existing customers,I was aware it was one price for all,it doesnt appear to be and will see how it goes.

  • Bottom of the tables now…

    Same here, completely confused, no way of greeting thru on phone and made worse by Scottish Power advising that price rise would affect us as not switched until the 19th Feb. Also, how can you claim one price for all as your appear to have numerous tariffs?

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