Energy price rise season begins as EDF hike comes into force
EDF Energy’s standard variable customers will be hit by a 8% electricity price rise taking effect today
Millions more households will face further hikes from npower, ScottishPower, Co-operative Energy and First Utility over the next few weeks
Across the country, over 4.6 million consumers will be paying an additional £290m for energy in the year ahead
There’s still time to switch supplier, with energy customers able to save up to £618 per year.
Customers on EDF Energy’s standard variable tariff could start paying more for their energy today, as the supplier imposes an 8% electricity price rise. The hike follows a 5.2% cut in gas prices for EDF’s standard variable customers, which was announced in December. Collectively, the gas cut and electricity rise will add 1.2% to a dual fuel customer’s bill.
The hike from EDF will be followed by a series of price increases over the next few weeks from other big six and smaller suppliers, including npower, ScottishPower, Co-operative Energy and First Utility. In total, there are over 4.6 million households who will be hit by these price hikes, which have a collective impact of adding £290m to the nation’s energy bill.
Table 1: Energy suppliers’ price rises in 2017 so far
| Supplier | Previous SVT price | New SVT price | Difference | No. of customers affected | Total impact on bills | Comes into effect from: | ||
|---|---|---|---|---|---|---|---|---|
| EDF Energy | £1,069 | £1,082 | £13 | 1,943,277 | £25.3m | 1st March | ||
| npower | £1,077 | £1,187 | £109 | 1,400,000 | £152.6m | 16th March | ||
| ScottishPower | £1,081 | £1,167 | £86 | 1,100,000 | £94.6m | 31st March | ||
| Co-operative Energy | £1,121 | £1,179 | £58 | 96,158 | £5.6m | 1st April | ||
| First Utility | £1,047 | £1,149 | £102 | 117,000 | £11.9m | 1st April | ||
| British Gas | £1,044 | £1,044 | – | – | – | Prices frozen until August | ||
| TOTAL: | 4,656,435 | £290m |
Source: Uswitch.com correct as of 28th February, 2017
Commenting on the news, Claire Osborne, energy expert at Uswitch.com, says: “EDF’s price rise marks the start of a season of unwelcome price hikes to energy bills. To make matters worse, it’s customers who have proved most loyal to their supplier who will be left counting the cost. These hikes, some of which will add over £100 to an annual bill, will be a huge blow to millions of households up and down the country, many of whom are already struggling to get by.
“These price rises are also unlikely to be the last, with several more suppliers expected to make similar announcements. However, consumers who are affected don’t have to settle for ever increasing energy bills. Rather than be stung by these hikes, they should vote with their feet and switch supplier. By switching to a fixed deal, not only could they save up to £618 a year, they will also be protected against further 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
1. http://media.edfenergy.com/r/1189/edfenergy_cuts_variableand_prepayment_gas_prices_this
2. npower: https://www.uswitch.com/media-centre/2017/02/bitter-blow-as-npower-announces-9-8-price-hike/ ScottishPower: https://www.uswitch.com/media-centre/2017/02/another-blow-for-consumers-as-scottishpower-announces-7-8-price-rise/ Co-operative Energy: https://www.uswitch.com/media-centre/2017/02/co-operative-energy-announces-second-price-rise-in-six-months/ First Utility: https://www.uswitch.com/media-centre/2017/02/consumers-face-another-hike-as-first-utility-announces-9-7-rise/
3. See Table 1 in body of press release
4. Between 1 June 2016 and 30 November 2016, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £618 or more.
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