Price Rises Likely in the New Year
Price Rises Likely in the New Year, as wholesale prices rocket
Wholesale prices have been rising rapidly, with gas prices up 44% since March and electricity up 59%. This cuts into supplier profits and suppliers are likely to pass this on to customers.
Small suppliers have already been raising their prices, and sources at a big 6 firm have now apparently leaked to the Daily Mail that electricity bills will be rising by 6% - 10% from the 1st of January.
At the same time the Chief Executive of SSE, Alistair Phillips-Davies has reported to analysts that, as well as increases in wholesale prices, they are also being hit by £40 cost increases from smart meter roll out costs and subsidies for green energy.
Mark Todd of energyhelpline has said “No supplier wants to be first to increase prices. But the minute one does, the rest will follow within a matter of months. We expect bills to increase by £25-£50 this winter and around £100 over the next year.”
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