Supplier hits households with 30% price rise as wholesale energy costs soar
Customers face up to 30% price increases this winter, as wholesale energy costs soar
There are fresh signs this week that energy price rises could occur this winter, after small energy supplier GB Energy Supply hiked their prices by 30 per cent.
GB Energy Supply, who are a relatively new supplier, have now raised the cost of their standard tariff twice since July, with some households having seen their bills increase by over £300 in such a short space of time.
The latest increase means dual fuel households with average usage, who are on their standard variable tariff will now pay £1,060 per year instead of £820.
Mark Todd, co-founder of Energyhelpline, says: ‘GB Energy appears to be playing a clever game: luring in customers with a cheap deal to then raise prices at a rip-off rate. It shows the risks of signing up without a price guarantee.’
GB Energy customers are able to switch away from both their fixed and variable tariffs without incurring cancellation fees, so there is still time for households to get a cheap fixed deal this winter and ensure that they are not needlessly overpaying.
Although GB Energy have increased prices the most, a number of other suppliers have also increased their rates.
Households who have been hit by price rises can still get a good deal this winter. energyhelpline compares the whole energy market and has a number of exclusive deals that could save households up to £616* on their energy bills.
* energyhelpline compares all publicly available energy tariffs under the OFGEM Confidence Code. 10% of customers switching their gas and electricity bills with energyhelpline (and their partners) between 18th Feb 2016 and 23rd Jun 2016 saved £616 or more. Survey of over 10,000 switches.