Energy price rises and cuts in full
Following npower's price cut, here's how the Big Six energy companies' prices will now be changing this year.
Npower is the last of the Big Six energy companies to announce a price reduction for its customers.
This follows the Government’s announcement last month that it was reducing the cost of the Energy Company Obligation (ECO), and offering a rebate, that it is funding for two years, plus a one-off reduction on electricity bills.
However, npower and Scottish Power are not passing on their reductions to all their customers, with customers on fixed tariffs only receiving the £12 rebate.
EDF and E.On, who are not reducing bills, argue that they prepared for this change by announcing considerably lower tariff increases last year – 3.9% and 3.7% respectively, compared to an average of 9% from the other four.
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Rises and falls
Here are last year’s price rises and the subsequent price reductions in full. All figures are based on an average dual fuel customer's bills.
|
Company |
Average annual price rise (%) |
Average annual price rise (£) |
Average price reduction (%) |
Average price reduction (£) |
Date of price reduction |
Revised average price rise (£) |
|
9% |
£123 |
3.2% |
£53 (£41 reduction + £12 rebate) |
1st January |
£70 |
|
|
8.6% |
£113 |
3.3% |
£42 |
31st January |
£71 |
|
|
10.4% |
£137 |
2.6% |
£50 (£38 reduction + £12 rebate) |
28th February (reduction)/autumn (rebate) |
£87 |
|
|
8.2% |
£104 |
3.5% |
£50 (£38 reduction + £12 rebate) |
24th March |
£54 |
|
|
3.9% |
£49 |
- |
- |
- |
- |
|
|
3.7% |
£37 |
- |
- |
- |
- |
Companies have also pledged to hold prices for as long as possible this year, barring any major increases in the wholesale prices of energy.
Switch and save money on your energy bills
It’s impossible to totally avoid rising costs when it comes to energy bills, but you may be able to save some money by switching providers. If you’ve not done it in a while you could save an average of £300 per year.
Right now the cheapest fixed tariff comes from First Utility at £1,037 per year, which is £286 cheaper than the average dual fuel bill.
|
Supplier |
Tariff |
Average cost |
Saving vs typical bill* |
|
£1,037 |
£286 |
||
|
£1,042 |
£281 |
||
|
£1,061 |
£238 |
||
|
£1,077 |
£229 |
||
|
£1,081 |
£218 |
*Saving calculated against an average bill of £1,323 Source: Energyhelpline, 07/01/13
See if you can switch your energy supplier and save money
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How to switch energy supplier
How to beat BT's price rise
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Comments
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Yeap, as long as the quality of the majority of the housing stock is sub-continental standard and crowd funded renewable energy generation is not taken up, the energy companies keep laughing... RWE, the parent company from Npower, has decided to move away from energy generation and delivery to system integrator in Germany, due to the high uptake of renewables there. (see http://cleantechnica.com/2013/10/24/rwe-dramatically-changing-business-model-making-radical-departure-conventional-utility-model/) As the U.K. has far more wind energy than Germany, (and therefore cheaper to produce per kWh than conventional coal burning power stations, I don't have a clue why off-shore wind is so promoted in this country) I don't understand the resistance against wind turbines. There are vast business parks, which a wind turbine or two would fit nicely, without disturbing any horizon. Also good to read if you want to discuss the energy policies: without the hot air ( http://www.withouthotair.com/ ) free to download and I would say a must read for everybody interested in energy.
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Those on a fixed tariff should get looking to change if they are not satisfied. It is incredible the difference between ,say, the variable British Gas and the fixed OVO. Still , many people are driven by inertia and the fuel companies will laugh to the bank. I am sure that the effect of massive insulation programmes over the last 15 years or so are working and people are cutting down on usage. That , of course, means fuel companies increase their prices to maintain their profits! It is so simple that it was obvious. British Gas also make a killing from their sales of new-fangled boilers that will need constant repair which is another way of keeping cash flowing into their shareholders and directors.
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EON / Age UK have taken away my future loyalty cash credit of £21. I am now to receive reward vouchers to spend at High Street stores. I prefer the cash discount from my bill I have been on a good tariff until now so shall be doing a comparison.
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11 January 2014