Energy prices are set to rise for millions of customers after the energy regulator, Ofgem, revised the level of the energy price cap.
The move will add £117 a year on to the cost of standard variable tariff for an average* customer, taking prices from £1,137 to £1,254. The new prices are set to go live on 1st of April.
Ofgem announced the increase to the energy price cap last week. Since the beginning of this week, three of the “Big Six” energy suppliers in the UK have put up their energy prices, with many more suppliers expected to follow.
Which energy suppliers have announced an energy price increase?
If you are an Npower, E.ON or EDF Energy customer you can expect your energy bills to rise from 1st of April. British Gas, ScottishPower or SSE customer? Keep your eyes on the news as we expect your price increase to be announced shortly.
E.ON were the first energy supplier to announce they are putting prices up a whopping 10%, affecting 1.8 million of their customers currently on their standard variable tariff.
EDF Energy’s became the second energy supplier to announce a 10% price hike, impacting 1.3 million of their customers.
Npower is the latest energy supplier to announce the price increase. This will affect 1 million households – around 40% of Npower’s customer base.
How to avoid the energy price hike
If you are currently on a standard variable tariff or deemed tariff with your energy supplier, then you are paying too much. Right now, on the Energylinx website, our customers can sign up to a fixed-term energy deal with Utility Point that is £274 cheaper than the new price cap level for an average energy user.
Energylinx offers a free and impartial comparison and switching. You can compare energy suppliers online or by calling 0800 849 7077 and speaking to one of our lovely energy advisors. We are open Monday to Friday 09:00 to 18:00 and on a Saturday 09:00 to 15:00.
*An average energy user uses 3,100 kWhs for electricity and 12,000 kWhs for gas – as per Ofgem averages.