There has been a buzz of price hikes in the energy market as the Big Six suppliers have started announcing energy price increases across the board. EDF energy was the first one to declare that it would be raising electricity prices by 8% from March while Npower shook the UK government and Ofgem by announcing a 15% hike in electricity as well as 8.4% in gas prices. Experts feared that rest of the Big Six brigade would follow suit and the prediction seems to come to life as British Gas joins the trend.
Although, there has been no confirmation from the supplier, it is supposedly planning to make a move in this direction. The biggest energy supplier of Britain is planning a 9% increase in energy prices causing the energy bills to inflate by £94. The company’s decision would affect more than 11 million customers, who will not be happy with a £100 increase on energy bills. The fact that British Gas is in the planning phase of a price hike was revealed by The Evening Standard, which also hinted that the final announcement would be made in a month’s time.
British Gas would be the third in line to announce price hikes as EDF and Npower have already announced theirs. Although, the government and the energy regulator Ofgem have showed their disappointment, the Big Six suppliers are showing no signs of slowing down. Most of them are announcing hikes with effect from March making the third month of the year quite significant for the energy market and shocking for the consumers. Few more small suppliers have also increased prices making things difficult for the customers.
Although, suppliers blame it on the fall of the pound post Brexit and the high wholesale energy prices, the government as well as Ofgem are not ready to take their reasons. They have displayed disappointment with the energy regulator clearing the air by saying that the Big Six suppliers cannot be affected by rise in wholesale energy prices as they buy energy before a year or two in advance. This lack of coordination between the government and the Big Six suppliers is leaving the customers helpless.
For now, customers can pay the high energy bills or switch to an affordable supplier. The second option needs a fair amount of effort as they need to compare all UK energy suppliers, check their tariffs and calculate which one is the cheapest and reliable of all. For this, energy comparison site FreePriceCompare can prove to the best assistance as we compare all UK energy suppliers and suggest the cheapest energy deals based on the area you live in. In addition, our services are free, independent and impartial, you simply need to visit our website https://freepricecompare.com/home-energy/, give some details and make a switch within few minutes.
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