Tuesday, 12 November, 2019

Npower blames policy, wholesale costs for new price hike

Npower blames policy, wholesale costs for new price hike Npower blames policy, wholesale costs for new price hike
Russell Knight | 11 May, 2018, 21:50

Npower will increase energy prices by 5.3 per cent next month which will add an average of £64 to the typical annual dual fuel bill.

From June 17 customers with a dual fuel energy bill will see a rise of 5.3 % made up of a 4.4% rise to gas and a 6.2% rise to electricity price.

British Gas, EDF Energy and Scottish Power also blamed their recent price rises on wholesale gas and electricity cost increases.

The company, owned by Germany's Innogy, said that more than 60 percent of its customers, such as those on fixed tariffs or using prepayment meters, would not be affected by the change.

Simon Stacey, Npower managing director domestic markets, said: 'The costs all large and medium energy suppliers are facing - particularly wholesale and policy costs, which are largely outside our control - have unfortunately been on the rise for some time and we need to reflect these in our prices'.

It has launched a new Price Freeze June 2022 tariff exclusively for those customers who will be affected, costing £1,166 on average. No one should pay such high prices for their energy.

"Energy suppliers haven't been afraid to increase prices in spite of the threat of an energy price cap - perhaps because they're confident that customers will mistakenly think a cap protects them, so they won't switch once it's in place", Osborne said.

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The CMA said it was referring the deal for a full-blown investigation because the two Big Six energy providers had not yet addresses its concerned.

We reveal what energy customers really think of their suppliers - best and worst energy companies.

It comes as Big Six energy firms face sustained political pressure over the issue of customers paying too much, which has prompted plans by the Government to impose a cap on standard tariffs.

Why are energy prices rising?

SSE is the only one yet to announce a price change.

Claire Perry, the energy minister, said the rise was extremely disappointing, unjustified and demonstrated why the government was capping prices. This further price increase will leave customers questioning why they're paying even more for their gas and electricity.

She urged customers to ditch Npower: "Consumers should vote with their feet".

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