SSE Price Rise
Final Big Six Supplier Raises Prices
SSE is the final supplier to raise their standard tariff prices in line with the energy price cap increase.
This means a full house of price hikes from the ‘Big Six’ energy suppliers. In the past couple of weeks, E.ON, EDF, Npower, British Gas, and Scottish Power all raised their prices between the £117-£119 mark.
The price rise will come into effect from April 1st this year. Those on the standard tariffs will see an increase in their bills.
Tony Keeling, Chief Operating Officer and Co-Head of Retail, said: “We regret having to raise prices but with wholesale costs having steadily increased, as shown by Ofgem’s calculations, we need to pass these on in our prices.”
This price increase follows the likes of E.ON, EDF, Npower, and British Gas, which have all upped their prices in the past week.
All of these price hikes are in line with the recently raised level of the energy price cap, taking their standard tariffs up to £1254^.
Smaller suppliers are also likely to be increasing their prices much like the Big Six have done.
Victoria Arrington, spokesperson at energyhelpline, stated: “The Big Six – E.ON, EDF, Npower, Scottish Power, British Gas and SSE – have approximately 2 million more customers who will see their standard variable tariffs go up by around £117, all at the same day. This approximately equals a staggering £1.27bn extra revenue per year for the UK’s biggest energy suppliers. The cap for pre-payment meter customers will also increase, by £106 to £1,242 per year.
“The turbulent past two weeks make you wonder where it will end. Three main factors are taking their toll on energy suppliers big and small: wholesale prices, the price cap and economic uncertainty. We expect to see many smaller suppliers follow the Big Six with price rises in the next couple of weeks, which could be accelerated if a potential new “Beast from the East” kicks in.
“Customers are not going to put up with these ongoing hikes for much longer, and with the increasingly popularity of switching quickly and easily online, they simply don't have to. If you are one of those affected by costly energy bills, please take a moment to find the best energy deal you can. It could make a worthwhile difference in your finances, with those who switch saving £300* on average.”
You can compare and switch your energy bill here.
^Averages are calculated for a typical usage home taking gas and electricity and paying by monthly direct debit. Usage for a typical home as per OFGEM guidelines: Gas 12,000 kWh pa and Electricity 3,100 kWh pa.
*Average saving of £300 per year calculated with average usage and after the price cap increase to £1254 on April 1st 2019. Usage for a typical home as per OFGEM guidelines: Gas 12,000 kWh pa and Electricity 3,100 kWh pa, based on paperless billing paid by monthly direct debit.