The Energy Price Rise Wave: British Gas and EDF increase bills on standard tariffs

Two major suppliers - British Gas and EDF - have announced price hikes this week

The Energy Price Rise Wave: British Gas and EDF increase bills on standard tariffs

The energy price rise wave is on - First E.ON, yesterday British Gas, and now EDF.

EDF are hiking electricity prices by 2.7% and increasing their standard tariff to a cost of £1,158 a year. That’s £351 a year more than the cheapest tariff customers can switch to.

This comes after British Gas announced yesterday that they were implementing a standard price rise for many of their customers from the 29th May 5.5%, meaning the average annual bill will rise by £60. This is expected to affect 4.1 million people across the UK.

As an additional blow, EDF customers who pay by Cash or Cheque are confronted with an even higher price rise: 2.3% (£28) on a typical dual fuel bill with their average bill rising from £1220 a year to £1248 a year.

Energy price rises serve as a wakeup call to consumers that Standard Variable Tariffs often are a losing game all around. These “default” tariffs are extremely expensive in comparison to other options on the market, but thankfully they are easy to escape from. All consumers need to do is switch to a cheaper tariff. The market offers a number of great deals - all it takes to access them is a few clicks, or a quick phone call.

The price rises will start arriving next month and if consumers switch today, they could be live on a new cheaper tariff before they have the chance to affect their finances.                                                      

Notes                                                  

  1. Source: energyhelpline.com, 12/4/2018
  2. All calculations are for an average usage dual fuel household paying by monthly direct debit.
  3. Average usage as defined by OFGEM is 12,000 kWh pa of gas and 3,100 kWh pa of electricity
  4. Calculations include E.ON, BG & EDF Standard price changes

 

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