Npower’s has announced that it is raising prices for approximately 1 million standard variable dual fuel customers by 5.3%. Npower is the fourth of the ‘Big Six’ energy suppliers to raise the price of its standard variable tariff (SVT) in recent weeks, following similar moves from British Gas, EDF and Scottish Power.
Responding to price rise Gillian Guy, Chief Executive at Citizens Advice, said “At a time when many energy customers are struggling with their bills, this price rise will be hard to stomach for the approximately 1 million customers affected. The price rise won’t affect customers who have switched to a fixed rate deal. But our research shows that vulnerable customers, including the elderly and people with mental health problems, are among those least likely to switch. This means that many vulnerable customers could be disproportionately affected by this hike.
Ben Wilson, from GoCompare Energy comments on today’s energy price hike from Npower “Around one million, or two out of every five loyal Npower customers, will be hit with a price rise of 5.3% – or £64 a year – to their dual fuel energy bills from 17 June this year. Npower is one of the UK’s ‘big six’ energy suppliers, who together supply gas and electricity to almost 90% of UK homes. So when one of these companies hikes its prices, the effects are felt far and wide.