Npower Increases Gas & Electricity Prices
Npower has become the latest energy provider to increase prices after increases by E.ON, British Gas, Scottish Power and Southern Electric.
Npower has announced today that it will increase gas prices by 15.7% and electricity prices by 7.2% from the beginning of October. From the 1st October the standard dual fuel tariff will increase by 12.2%.
The chief commercial officer at RWE npower, Kevin Miles said ““I know it hurts everyone when we put up prices and I wish we didn’t have to. Although our half year profits were better than last year they do not begin to match the £billions we are investing in energy for the future”.
He continued “With reduced quantities of North Sea gas, we are now forced to buy energy on the volatile global wholesale market. World events have pushed up prices and we believe this trend will continue. In the UK we have also seen rising distribution and network charges, and further environmental costs but we have still managed to keep our increases lower than those announced by any other major supplier”.
It looks like it may only be a matter of time before we see an increase in business electricity prices and business gas tariffs but Utility exchange will report on any changes.
The price increases are not as high as those we have already seen. British Gas, E.ON and Scottish & Southern Energy (SSE) have all increased gas prices by around 18% while Scottish Power increased gas prices by 19%. Electricity price increases have all been lower with British Gas increasing electricity prices by 16%, SSE and E.ON around 11% and Scottish Power by 10%.
At the same time as announcing price increases npower has also announced a new deal which will fix the new rates until March 2013. This means that customers who sign up for the next two years will be protected from future winter price hikes.
New and existing customers will also get a one off bonus of £20 per fuel (£40 for dual fuel) which will be credited on their first bill.
Customers who are on the Spreading Warmth Tariff will get free loft and cavity wall insulation until the end of November.