You are here: Home - Household Bills - News -

2018 worst year on record for energy price rises

Written by: Danielle Levy
The new energy price cap, which came into force on 1 January, appears to have sparked one of the worst years on record for price rises.

Research from auto-switching service Look After My Bills found that 57 price rises took place in 2018, which compares to 15 the previous year. Collectively, this equates to £840 million and means that an average of £74 was added to a household’s bill.

These price rises were introduced ahead of the price cap, which applies to default tariffs and aims to prevent energy providers from charging more than £1,137 for a typical duel fuel tariff. The cap will be in place until 2020.

Economy Energy introduced the biggest individual hike in September. It equated to 38% and added £311 to a customer’s bill. Meanwhile amongst the Big Six energy firms, Scottish Power introduced two price rises. This added £109 to a customer’s bill.

As we enter 2019, Look After My Bills pointed out that three more prices rises are on the cards in 2019 for Fischer Energy, Outfox the Market and Pure Planet.

Lily Green, head of research at Look After My Bills, commented:2018 has been a kick in the teeth for British households. It seems energy companies are spooked by the impending price cap and are setting prices high while they can.”

The table below outlines the top five price rises in 2018:

Energy supplier Tariff Previous Standard Variable Tariff (SVT) price New SVT price Difference Total Difference
Economy Energy* Switch Saver £811 £1,122 £311 38.30%
Solarplicity** Solarplicity’s Standard Variable £887 £1,141 £254 26.90%
Flow Energy** Flow Variable £1,027 £1,213 £185 17.65%
Green Star Energy** Rate Watch £1,038 £1,219 £181 16.70%
Igloo Energy*** Igloo Pioneer £845 £1,021 £176 18.70%

* Economy Energy raised prices once

** Solarpicity, Flow Energy and Green Star Energy raised prices twice

*** Igloo Energy raised prices three times

Source: Look After My Bills


Meanwhile, this is how the Big Six fared:

Supplier Previous SVT price New SVT price Total difference
British Gas* £1,101 £1,205 £104 9.30%
EDF Energy* £1,142 £1,228 £86 7.50%
E.ON* £1,123 £1,208 £85 7.50%
npower** £1,166 £1,230 £64 5.30%
Scottish Power* £1,147 £1,257 £109 9.40%
SSE** £1,109 £1,185 £76 6.70%

* Two price rises for British Gas, EDF Energy, EON and Scottish Power

** Npower and SSE had one price rise each

Source: Look After My Bills

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week