npower has confirmed it is raising its standard dual fuel variable tariff price by 9.8%, from £1077 to £1187 a year. With 1.4 million of its customers on its standard variable tariff, the price hike means npower customers’ bills will be increasing by a total of £152m per year.
This latest price rise is compiled of separate gas and electricity rate increases both coming into effect on bills on March 16th: those on electricity only will be hit the hardest by a 15% increase to their yearly bill. The increase to gas being introduced is at 4.8%.
It's the largest single rise from a big six supplier since 2013.
"Npower has blamed the rise on the increased cost of buying energy in global markets – but they weren’t so quick to reduce energy bills when wholesale prices were low.
"Take advantage of one of the more competitive tariffs on the market so that you pay less for the energy that you do use. Energy customers could save up to a staggering £618 by switching to a fixed deal– and would also be protected against any other potential price rises."
EDF was the first big six supplier to give detail of its price rises, which are also to take effect in March following their winter price freeze.
Speculation of the strain on suppliers because of wholesale costs led many to believe that more price rises would be on the way — and they weren't wrong.
And now, even more could follow believes uSwitch energy expert Claire Osborne:
"With the other big six suppliers likely to follow suit in the near future, this raises the spectre of yet more households falling into energy debt over the coming months.
"One in three working families already struggles to pay their energy bills, so the prospect of yet higher prices could be a devastating blow."
Check your bill to see if you're on a supplier's standard variable tariff, as there are likely to be better deals available for your household.
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