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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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

Read previous post:
Should you follow a star fund manager?

It can be worth following a star fund manager, according to new research from Willis Owen that shows performance drops...

Close