Npower Reveals Electricity Price Hike

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, 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

Npower Reveals Electricity Price Hike Image 2What this means is if you’re on a standard energy tariff you would be best off switching to one which has some sort of “price freeze” or “price protection” clause, which should help you avoid any hikes for as long as possible, although it might not be forever.

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.