Bitter blow as npower announces 9.8% price hike
npower is putting its prices up by 9.8% or £109 for gas and electricity from 16th March – the highest single price rise from a big six supplier since 2013
Average household bill for Direct Debit npower dual fuel customers will go up from £1077 to £1187 a year – the equivalent of £152m across the country
npower blames increasing cost of wholesale electricity, which has risen by 36% since the start of April[3]
npower is the second big six supplier to raise prices since EDF announced it is hiking electricity costs from 1 March 2017
The move follows price increases from smaller suppliers including Co-operative Energy and Flow
Energy customers could save up to £679 by switching to a fixed deal.
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. Commenting on the news, Claire Osborne, energy expert at Uswitch.com, says: “This price rise – the largest single rise from a big six supplier since 2013 – is a bitter blow for consumers who have just come out of a very chilly winter.
“Adding £109 to an already high energy bill could leave many people buckling under the pressure. 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. The fact that the price rise comes after the winter months is also little comfort to consumers who still need to power their homes.
“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.
“Consumers shouldn’t sit back and watch their energy costs soar. Firstly, make sure your home is as energy efficient as possible. Secondly, 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 £679 by switching to a fixed deal– and would also be protected against any other potential price rises.”
Find out how you could save over £1,000 a year with Uswitchhere.
FOR MORE INFORMATION
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
Notes to editors
http://www.npowermediacentre.com/r/5417/npower_changes_domestic_standard_energy_prices_impacting
1.4 million npower customers are on its standard variable tariff. 1.4m x£109 = £152.6m
Figures from ICIS Power Index. Wholesale cost of energy was £34.604/MWh on 1st April 2016, compared with £47.134 on 2nd February 2017 = 36% increase
Between 1 March 2016 and 31 May 2016, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £679 or more.
About us
It’s all about “U”!
Thank you for indulging us over the last 20 years by using a small ‘u’ and a big ‘S’ when writing about our brand in your articles.
We are delighted to let you know that you are now off the hook - it’s big U’s all the way (and small s’s) as we undertake our biggest ever rebrand - so let your autocorrect go wild!
About Uswitch
Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.
Uswitch is part of RVU, a new business that also owns Money.co.uk and Bankrate.
If you would no longer like to receive our press releases please email prteam@uswitch.com with 'unsubscribe'.