Cap claims four million more victims as British Gas announces 10% hike
Bill hike of 10% confirmed for another four million customers as British Gas joins E.ON, EDF Energy and npower in raising prices from 1 April
Three in ten (30%) households are now facing a collective £950 million price rise on 1 April
The £119 hike, up to the new price cap level, means British Gas’ standard plan will cost £1,254 on average
Prepayment meter customers will also face a £107 (9%) price rise
But cheaper deals are available: nine in ten (91%) energy deals are currently cheaper than the new cap
Uswitch urges households to take action now before hikes kick in.
Richard Neudegg, Head of Regulation at Uswitch.com, said: “British Gas’ confirmation that it is hiking bills up to the maximum permitted by the price cap should surprise no one, but that doesn’t mean their customers should fall for the price cap trap. Bill payers on standard tariffs cannot be ‘protected’ by a cap that will change every six months – these customers sit at the mercy of a spreadsheet.
“Eight million households already know they’ll be part of possibly the largest energy price rise ever to happen on a single day when the new cap kicks in on 1 April. With more suppliers expected to raise their prices to the new cap, over half the energy customers in Britain could be affected. But they have a chance to escape being part of the grim statistics – instead they can save hundreds of pounds by switching away.
“Nine in 10 energy deals available today are cheaper than the new cap will be. Now is the time for energy customers to grab one of those cheap deals and find themselves up to £324 a year better off.”
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
Source: Uswitch.com
Source: Ofgem - number of non-price protected domestic customer accounts, July 2018. British Gas had 3,908,957 SVT customers in July 2018 x £119 = £465,165,883 cumulative price increase
Total standard variable customers with E.ON, EDF, npower and British Gas in July 2018 = 8,083,417. Customer numbers are then multiplied by the price rise for each supplier = £954,940,643
On 19 February 2019 there were 190 deals cheaper than the level of the price cap. 190/208 (total number of tariffs) = 91%
Cheapest deal as of 19 February 2019 is £930. £1,254 - £930 = £324
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