Npower Reveals 15% Electricity Price Hike
A recent highly publicised media backlash has seen Npower being criticised for pushing up the cost of living even more, as the company released info on a proposed energy price hike which seems almost unprecedented. Npower are looking to hike fees an average of 15% in electricity prices and a 4.8% rise for gas from the 16th of March.
As part of the group of massive energy companies that dominate the market in the UK known as The Big Six, Npower’s announcement could usher in a new wave of hikes across the board, following a similar move in December by EDF energy to slash gas prices 5.2% and raise electricity charges by 8.4% from 1 March.
This is a hugely difficult decision, and we’ve delayed the date this takes effect until after one of the coldest months of the year
said Simon Stacey, Npower’s managing director of domestic markets.
Experts are also forecasting additional energy woes for UK customers, with expert Ed Molyneux, head of research for consumer group TheBigDeal.com, saying:
1.74 million customers will be affected by this outrageous price rise costing a total of £190 million
More Big Six price rises are on the cards. If you’re on a Big Six standard tariff you need to switch as soon as possible
As long as you can delay your bills from soaring there might be salvation – as the government has already issued a crackdown warning to energy providers in response to this price crisis. A spokesman for the prime minister stated that ministers will intervene if the energy market was shown to be failing, and said the government was “concerned” by Npower’s move.