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£590m added to energy bills so far in 2018

19 suppliers have heaped 21 price rises on their customers in the first half of 2018

price rise

Whilst the most prominent price rises in 2018 have been from the big six, 19 energy suppliers have issued 21 price rises in total this year.

These price rises are set to affect 11 million households by an average of £52, adding £590 million to the nation’s energy bills.

Smaller suppliers add £36m to energy bills

Challenger energy brands have been issuing price rises yet, due to lower customer numbers, haven’t had the same level of media coverage as the big six.

2018 has already seen price increases from suppliers such as First Utility (5.3%), OVO (4.8%) and Utility Warehouse (4.4%).

Collectively, the price rises from non-big-six suppliers affect more than 700,000 customers, adding a further £36 million to bills across Britain.

Small energy supplier Bulb is one of two suppliers to have already issued more than one price rise in 2018.

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Will there be ‘a price rise from every supplier’?

Rik Smith, energy expert at uSwitch, believes that all standard variable tariffs will be affected at some point this year, and some suppliers may even follow Bulb and E.on’s lead:

“Price rises have been affecting customers of both large and small energy suppliers large since the tail end of 2017 and unfortunately there seems to be no end in sight.

“I wouldn’t be surprised if we see a price rise from every energy supplier before the end of the year and maybe a second price rise from a few more – wholesale prices have simply skyrocketed over the past few months.”

Take action against the increased costs

“With more price rises, more households are switching away to better tariffs, forcing suppliers to continue to compete by offering cheaper fixed deals,” Smith says.

Now is the time to lock in as cheap a deal as possible and protect yourself against rising wholesale costs. Whether you’re with a big brand name or small challenger supplier it’s definitely worth checking your bill to make sure you haven’t rolled onto a standard tariff.

“This is even more important with a price cap due to come into force later this year, potentially lulling people into a false sense of security that they are on a good deal when in fact they are still on a poor value standard variable or “temporary” tariff.”

Is your energy tariff £205 more than it needs to be?

Eleven million households will be affected by these price rises because they are on Standard Variable Tariffs, which act as a supplier’s default tariff. Fixed energy deals are not affected by price rises.

The average standard variable energy tariff is now a whopping £1,062, which is £205 more expensive than the cheapest deal on the wider market.

Supplier SVT Tariff Name Previous SVT price New SVT price Difference Comes into effect from:
Ebico Ebico Zero £1,101 £1,161 £60 5.5% 16th January
Octopus Energy* Flexible Octopus £908 £931 £23 2.5% 15th February
iSupply iVariable £1,014 £1,090 £76 7.5% 1st March
Pure Planet** 100% Green £860 £872 £12 1.4% 31st March, 1st May
ENGIE Safe And Easy £980 £1,038 £58 5.9% 4th April
Our Power Our Best £848 £939 £91 10.7% 4th April
Ecotricity Green Electricity + Green Gas £1,201 £1,258 £58 4.8% 14th April
Igloo Energy IGLOO PIONEER £845 £871 £26 3.1% 16th April
E.ON*** E.ON Energy Plan £1,123 £1,153 £30 2.7% 19th April
Bulb Vari-Fair £855 £878 £24 2.8% 28th April
British Gas British Gas Standard Variable Tariff £1,101 £1,161 £60 5.5% 29th May
Scottish Power Standard £1,147 £1,211 £64 5.6% 1st June
EDF Energy Standard (Variable) £1,142 £1,158 £16 1.4% 7th June
Ovo**** Simpler Energy £1,097 £1,150 £53 4.8% 8th June
npower Standard SC £1,166 £1,230 £64 5.5% 17th June
First utility First Variable £1,131 £1,191 £60 5.3% 23rd July
Utility Warehouse Vaue £1,125 £1,175 £50 4.4% 1st July
SSE Standard £1,1089 £1,196 £87 7.9% 11th July
Bulb Vari-Fair £878 £923 £45 5.1% 12th August
E.ON E.ON Energy Plan £1,153 £1,208 £55 4.8% 16th August
Bristol Energy Standard Variable £997 £1,079 £82 8.2% 9th September
Average £1,037 £1,089 £52 5%

 

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Read more

E.ON announce price rise of 4.8%

British Gas 5.5% price rise comes into effect

How to switch energy: step-by-step

Source: uSwitch data, correct as of 26 June. Prices based on average annual usage for a dual-fuel tariff, paying by monthly direct debit. *Existing SVT customers would have no price change, new SVT customers would receive the higher tariff **Pure Planet issued two price changes, a price rise and price cut, the table gives the net outcome ***E.On price change represents removal of £15 per fuel online discounts. ****OVO’s white label suppliers also raised their prices, due to regional variations the price rise will differ per region. Details available upon request.

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