Today, British Gas’s second price rise of 2018 comes into effect, impacting nearly 4 million UK households. In another week, ScottishPower’s second price rise will hit customer bills.
Soaring wholesale prices lead to double price rises
Four of the big six energy companies have announced more than one price rise in 2018 — EDF Energy, ScottishPower, E.On and British Gas — raising the cost of their standard variable tariffs (often their most expensive tariffs to begin with).
But small suppliers have raised prices, too. Competitively priced Bulb Energy has announced three price rises in 2018, impacting 800,000 households.
Energy customers ‘refuse to take this lying down’
Between the small and big suppliers, 12 million households have endured 43 price hikes and, from 8 October, the average big six standard tariff will be £300 more expensive than the cheapest deal currently on the market.
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Rik Smith, energy expert at uSwitch.com said:
“Rising wholesale costs have put serious pressure on energy companies in 2018, and they have responded by raising the price of their standard variable tariffs at the record breaking rate of more than one a week – adding £70 a year to bills on average.
“But many households have refused to take this lying down. Over three million have switched supplier already this year and saved up to £482 in the process. With no end in sight to increases in the cost of gas and electricity, now is the time to secure a better deal – wherever you live.
“The Government’s proposed cap on standard energy tariffs is expected to be in place by the end of 2018 December, but households stand to gain far more by switching away from these poor value plans than relying on the cap – which will change every six months and will be set at a higher level if wholesale energy costs continue to rise.”