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Summer of price rises continues: E.ON announces second increase this year with further £55 million hike

  • E.ON is raising gas and electricity prices for approximately 1 million customers on standard variable tariffs from 16th August

  • Bills will increase by £55 (4.8%) from £1,153 to £1,208 – the equivalent of £55 million nationwide

  • Those customers already affected by E.ON’s removal of online discounts earlier this year will have seen an increase of £85 (7.6%) so far in 2018

  • However, this is E.ON’s third price rise in 18 months – with bills rising £171 (16.5%) since March 2017

  • E.ON blames rising wholesale and policy costs for the increase

  • E.ON’s standard tariff will now be £411 higher than cheapest deal on the market

  • Households are urged to show energy companies they won’t be taken for granted and save up to £491 by switching supplier**.**

E.ON has raised the price of its Standard Variable Tariff by £55. The price hike will come into effect from 16th August and will hit an estimated 1 million households.

Commenting on the news, Claire Osborne, Uswitch.com energy expert, says: “Customers will be forgiven for thinking they had seen the last of the big six price rises this year so yet another increase from E.ON is a kick in the teeth for the million customers affected.

“Wholesale prices have soared recently, putting pressure on energy companies. For customers with other suppliers who are worried they will also suffer a second price rise, now is the time to say enough is enough. Some E.ON customers have now seen three increases totalling over £170 in the last 15 months, and now face bills £411 higher than the cheapest on the market.

“The sun may be shining and you may be starting to plan your summer holiday but if you don’t want to come home to a sky high energy bill then switch and fix your tariff now. Five million homes switched last year and it looks like even more are taking control of their bills in 2018. No matter who you’re with, there’s no need to pay more than you need to for exactly the same gas and electricity.”

Table 1 – changes to ‘big six’ Standard Variable Tariffs 2018

Table 2 – changes to ‘big six’ Standard Variable Tariffs February 2017 to June 2018

Find out how you could save over £1,000 a year with Uswitch here.

FOR MORE INFORMATION

Tim Dunford

Phone: 020 3872 5612

Mobile: 07785 552666

Email: tim.dunford@uswitch.com

Twitter: @uswitchPR

Notes to editors

  1. https://www.eonenergy.com/About-eon/media-centre/eon-announces-48-dual-fuel-increase-effective-16th-august-2018/

  2. 1 million households estimated based on: https://www.ofgem.gov.uk/publications-and-updates/standard-variable-tariffs-latest-trends-september-2017 and E.ON release stating 21% of accounts have moved off SVTs. 1 million x £55 = £55 million

  3. Source: Uswitch.com, for more information contact ailene.barr@uSwitch.com

  4. Cheapest tariff data, correct as of 19 June 2018

  5. Between 1 April 2017 and 30 Sep 2017, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £491 or more.

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