British Gas, electricity price hikes | Compare the Market

British Gas, has announced that it will be raising electricity prices by 12.5% as of 15 September 2017 (gas is so far, unaffected). It means that customers on a standard tariff will face an increase of £76 on the average annual dual fuel bill, bringing it to £1,120. It adds yet more financial pressure to cash-strapped households – and all just a few months before Christmas.

The rise will affect 3.1 million people, with British Gas putting the blame on transmission and distribution costs, as well as the cost of some government policies, such as renewables and the smart meter initiative.

It’s a blow to loyal British Gas customers, who had so far escaped the hike in energy prices It’s the first price rise by British Gas since November 2013 – but that’s unlikely to make customers feel any better. And because Sainsbury’s Energy is a white label British Gas brand, any of their customers may also be affected.

The other ‘big six’ suppliers have already subjected customers to bigger bills. EDF Energy , was the first of the major players to announce increases way back in December 2016, they were swiftly followed by Npower in February 2017.

British Gas, had previously said that it would freeze energy prices until August – a hint that customers could expect post summer increases, which has now come to fruition. However, Britain’s biggest energy supplier, has vowed to protect its most vulnerable customers eligible for the government’s Warm home discount scheme, by crediting them with the £76 increase.

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Peter Earl

Head of Energy

“After British Gas inadvertently let slip that a price hike was on the horizon, the inevitable has been confirmed. As the final member of the Big Six completes the ‘full house’ of price rises, the big loser is, once again, the hard-pressed British consumer. This will be a big disappointment to British Gas customers who would have been relieved to be with the only Big Six provider not to hike prices this year. Loyalty in the energy market does not pay. It’s an indication of a dysfunctional market that savvy customers willing to take action could save over £290 simply by switching provider.”

It’s been proven time and again that switching energy supplier is an easy way to save money on your energy bills. And if you think that switching’s complicated, and simply too much hassle – then think again, because it’s not. In fact, the majority of switches happen within 17 days and with the Energy switch guarantee, you can be confident you won’t be messed around or end up sitting in the dark.

So, if you’re fed up of constantly reading about energy price hikes, then do something about it and use our energy comparison service – what are you waiting for?

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