Energy company Npower has announced an increase in gas prices by 15.7% and electricity prices by 7.2%. The increases will take effect from 1st October.
Npower , owned by RWE, is the fifth of the 'big six' energy firms to announce increases in recent weeks, and blamed the increases on the 'volatile global wholesale market' .
Npower last increased their prices in January with increases of 5.1% for both gas and electricity. These latest increases come on the back of Npower announcing improved half-year results.
EDF is the only 'big six' energy company yet to announce price increases but it is predicted that an announcement will be made soon.
Summary of the latest energy company prices rises
The recent average price increases are as follows:
- Scottish Power - Gas: +19%, Electricity: + 10%
- Scottish & Southern - Gas: +18%, Electricity: +11%
- British Gas - Gas: +18%, Electricity: +16%
- Npower - Gas: +15.7%, Electricity: +7.2%
- E.On - Gas: +18%, Electricity: +11%
Why do electricity and gas prices keep going up?
During the last round of price increases I wrote an article on How electricity and gas prices are calculated and why they keep going up. The article is just as relevant now as it was then.
How to combat the price rises
It still pays to vigilant when it comes to how much you pay for your energy bills and there are ways to cut your bills which don’t involve switching off the lights or turning down the thermostat. To find out how read my post Lunchtime Money Makeover – Top 6 ways to reduce your energy bills.