17 May 2018, 09:22

Energy price rises due to hit 7.3m UK households

Price hikes announced by the ‘big six’ are about to come into effect

  • Dual fuel standard variable rates set to increase by up to 5.5%;
  • Price rises compound misery for households following significant 2017 increases;
  • Customers switching gas and electricity supplier could slash bills by as much as £210*.

GoCompare Energy is reminding people to shop around for a better deal on their gas and electricity before the impact of recently announced the price hikes come into effect.

The latest price rises will be particularly painful for British Gas, ScottishPower and Npower customers, as they follow hot on the heels of significant increases announced last year by the same providers.  In total, British Gas has now increased its dual fuel price by 12.8% in the last eight months, while ScottishPower and Npower have ramped prices by 13.3% and 15.1% respectively in just over a year.

Georgie Frost, consumer advocate from GoCompare Energy, commented: “With brighter, warmer days to enjoy, the cost of heating and lighting our homes is probably the last thing on our minds. And no doubt that’s what the big energy providers are counting on, so that their recent price rises can slip by unnoticed. 

“That’s why, if you’re on a standard variable rate tariff (SVR) with British Gas, ScottishPower or Npower – or any energy supplier, for that matter – and you haven’t switched in the last 12 months, you should start now. Join the millions of other people who have switched and saved already, and shop around now so you don’t end up facing an inflation–busting increase to the cost of your energy bills

Big six supplier

Price increase announced

Effective date 

Price increase for

dual fuel

Number of customers impacted

British Gas

10 April 2018

29 May 2018

5.5%

4.1m

ScottishPower

20 April 2018

1 June 2018

5.5%

1m

EDF

12 April 2018

1 June 2018

1.4%

1.2m

Npower

11 May 2018

17 June 2018

5.3%

1m

Georgie continued: “The choice is yours: you can be up to 15% worse off by sticking with your existing energy supplier or, in just a few minutes online, you could save up to £210 by switching today.”

For more information on fixed energy rates, visit: http://www.gocompare.com/gas-and-electricity/fixed-energy-rates-explained/

-ends-

For further information please contact:


Anders Nilsson,Martyn John or Louisa Marsden at GoCompare on 01633 654 054 / 01633 654 725 / 01633 655 132

Gordon, Jason or Liz at MAW Communications on 01603 505 845

Keep up-to-date with GoCompare on Twitter: @GoCompare

Notes to editors:

* Based on 51% dual fuel customers who received a price for switching with GoCompare - 01 Oct - 31 Dec 2017 saved £209.80 or more

About GoCompare

GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.

GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.

GoCompare does not sell its customers’ data.

When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.

GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).

For more information visit www.gocompare.com and www.gocomparegroup.com

 

Contact Information

Gordon Maw

gordon@mawcomms.co.uk