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.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week