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Energy news leaves heads spinning
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Energy News Round-up
Writes Hazel Cottrell hazel.cottrell@consumerchoices.co.uk
With so much happening in the UK’s household energy market over the past few weeks, it can be hard to keep up. To help, we have put together a summary of events…
Energy prices are rising at alarming rates, with both British Gas (www.britishgas.co.uk) and EDF (www.edfenergy.com) customers suffering from price hikes in the last two weeks:
Both suppliers blamed higher wholesale costs for the rise, with Phil Bentley, Managing Director at British Gas saying: “The simple fact… is that we have entered an era of unprecedented high world energy prices” and Eva Eisenschimmel, chief operating officer of EDF Energy adding: “we now have to pass on some of the resulting rises in wholesale costs to our customers.”
It is expected that price rise announcements from other major suppliers are imminent.
Many people have dashed to cap their energy prices in anticipation of further increases but now, the last few remaining fixed rate tariffs which would have protected customers from these recent price rises have been pulled from the market, including:
The only fixed rate tariffs currently available are new post-increase tariffs with the prices are capped at a much higher rate. These are:
Chris Eagle, Commercial Manager at Energy Choices says: “If you haven’t already, fixing your energy tariff will protect you from round two of the predicted price hikes, which are expected to hit consumers in December or January. However, it is quite likely that the other main energy suppliers will announce their own fixed rate tariffs at newly increased rates. Inevitably, some will be cheaper than others and although it’s a gamble, it’s advisable to wait for their launch.”
He continues “Alternative ways to save money on your energy bills include paying by Direct Debit, managing your account online and importantly, reviewing and improving your energy efficiency.”
With millions of households struggling with their rising bills, MPs have spoken up about their fears of fuel poverty hitting the vulnerable. The Government is said to be considering a windfall tax on energy companies, as well as a number of green energy measures, including a £2.75bn home insulation programme funded by energy companies to protect the country’s poorest from the impact of gas and electricity price increases.
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