Co-operative Energy to hike bills by 5% this summer
The supplier is raising gas and electricity prices by 5.2% for approximately 65,000 customers on its default standard variable tariff.
These customers, including those of failed GB Energy which have been supplied by Co-op since it collapsed in late 2016, will see bills rise by £61.
This will take average bills from £1,158 to £1,218 effective from 20 August.
According to comparison site uSwitch, Co-op and GB Energy customers will now be paying £373 more than the cheapest deal on the market.
Rik Smith, uSwitch’s energy expert, said: “The news from Co-operative Energy today is the 25th overall increase announced this year. We have now seen at least one price rise from Britain’s ten biggest energy suppliers in 2018 as well as hikes from numerous smaller providers.
“Despite the warm weather it has been a tough year for energy customers who have seen their bills skyrocket by an average of £58 (5.6%).
“But in the face of this relentless barrage of price rises taking standard tariffs to nearly £400 above the cheapest deals on the market, bill payers have been fighting back in record breaking numbers. According to the latest data, 2.7 million customers have switched so far this year, with record numbers of people going to small suppliers. Now is the time to switch, save up to £482 and protect yourself against future rises.”
A spokesperson for Co-op Energy, said: “As the largest member-owned energy supplier in the UK, our customers are at the heart of everything we do. That is why we do our best to protect them from price fluctuations wherever possible.
“For that reason, we were the first major energy supplier to automatically move customers onto a new fixed-price default tariff rather than our variable tariffs, and why we have sought to absorb the significant increases in wholesale energy costs this year.
“However, this is not sustainable indefinitely and we have therefore reluctantly taken the decision to pass on some of these costs to customers on our Green Pioneer tariff from August 20.”