You are here: Home - Household Bills - News -

British Gas hikes prices for 3.5m customers

0
Written by:
19/02/2019
More than three million British Gas customers will see their bills soar by 10% after the supplier announced an increase to its standard variable tariffs from 1 April.

British Gas is the latest supplier to increase prices. E.ON, EDF Energy and Npower all made similar announcements last week.

The hike means 3.5 million British Gas customers will pay an extra £117 a year on average, taking the cost of the average bill to £1,254.

Suppliers have raised prices in line with an increase to the energy price cap announced by the regulator Ofgem earlier this month.

Commenting on the British Gas news, Stephen Murray, energy expert at MoneySuperMarket, said: “The UK’s biggest energy supplier has the largest number of customers on standard variable tariffs and today’s announcement means it is instantly adding a cumulative £409m to those customers’ bills.

“There’s a lot of noise about the energy price cap at the moment and how it’s supposedly delivering a fairer price on energy bills and protecting people from getting ripped off by suppliers.

“But with the level of the cap set to rise by £117 at the start of April, that couldn’t be further from the truth and there’s really only one way for people to bring their bills down – and that’s by switching.”

Biggest energy price rise

When the new cap kicks in on 1 April, eight million households will face one of the largest energy price rises to happen on a single day, according to Richard Neudegg, head of regulation at uSwitch.

“With more suppliers expected to raise their prices to the new cap, over half the energy customers in Britain could affected. But they have a chance to escape being part of the grim statistics – instead they can save hundreds of pounds by switching away.

“Nine in 10 energy deals available today are cheaper than the new cap will be. Now is the time for energy customers to grab one of those cheap deals and find themselves up to £324 a year better off.”

 

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.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

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