There is set to be a large increase in fuel prices for 1.4 million customers, reports are predicting a 9.8% rise!
Npower is pushing their prices up for over 1 million customers. They could expect to see a £109 increase on their yearly bills.
The energy provider has stated that more than half of their customers will be affected by the price changes. From 16 March, electricity prices will rise by an estimated 15% and gas prices by 4.8%.
The company’s managing director for their domestic markets Simon Stacey stated: This has been a difficult decision, and we have hesitated with the price change for some time and are pushing it back until the coldest months of the year are over. We have also made sure that the customers who are most vulnerable won’t experience any changes until May.”
Delaying the date that the changes take place is of no comfort to their customers, the bottom line is whether it happens today or next year people are going to have to find an extra £109 to put towards their bill. These extreme changes could see customers switching providers.
Three of the other big six energy suppliers SSE, British Gas and E.ON recently announced that their prices will remain the same until the end of March.
EDF is increasing their electricity prices but cutting their gas prices, changes will go into effect in April.
Energy expert Stephen Murray stated: “This is a steep price increase, and it will have a negative effect on the finances of Npower customers if they choose to stay.”
Npower has yet to disclose the reason for their price increase, their customers deserve an explanation. Only time will tell how many of them will switch to another energy provider.