Published: Fri, May 11, 2018
Markets | By Otis Pena

Energy company in MASSIVE price hike affecting one MILLION Brits

Energy company in MASSIVE price hike affecting one MILLION Brits

Npower has become the latest big energy supplier to raise its prices after announcing that dual-fuel bills for one million households would increase by an average of £64 a year.

The energy giant said the typical dual fuel annual bill will rise by an average of 5.3% with the hike taking effect on 17 June.

Under the £64 price rise, average electricity prices will go up 6.2% and gas 4.4%.

Those customers on fixed-term energy deals, have prepayment meters or on the safeguard tariffs will not be affected.

"The price change largely stems from increases in policy and wholesale energy costs, which are widely acknowledged to have continued to rise since npower implemented its last price change in March 2017", npower said in a statement.

The company has also today (11 May) launched "Price Freeze June 2022" exclusively for these customers, which it claims is the "longest fix on the market".

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Npower has become the latest Big Six supply firm to announce a price hike, squaring the increase exclusively on growing policy costs and wholesale prices.

Energy firms across the board have been facing pressure for some time over the way they treat customers, with controversy over pricing and the use of standard variable tariffs, which have been deemed poor value for consumers.

While Scottish Power is hiking prices by 5.5 per cent adding £63 onto bills for almost 1m customers from June 1.

The deal, which would reduce the Big Six to five, is being investigated by the Competition and Markets Authority (CMA), which this week referred it for an in-depth inquiry which will report in October. Baseload power prices are broadly higher this month than a year ago too. The message is clear - ignore all the price rise announcements, take matters into your own hands and switch today.

Npower joins in the footsteps of ScottishPower, British Gas and EDF Energy which have all recently announced price hikes for customers.

Today's price hike comes as Npower and SSE face an investigation about a possible merger.

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