Energy Price Hikes – urgent action required!

finger switching off a light switch on a wallAfter SSE announced in September that they would be raising their energy prices by 9% we knew it wouldn’t be long before the rest of the industry followed suit. On Friday two more companies, British Gas and Npower, announced they are raising their prices too. Yesterday Scottish Power also followed. As we have seen historically it won’t be long before the remaining companies also do so, so now is the time to take action and make sure you have the cheapest possible energy rates.

How much are they going up by?
British Gas announced their 6% rise to gas and electricity prices on Friday morning, taking effect on the 16th of November – this follows SSE announcement last month that their prices are to rise by 9% from Monday. By Friday afternoon Npower decided to get in on the action with a massive 9.4% rise for dual fuel customers and 8.8% for gas and 9.1% for electricity. This means an average £80 rise for British Gas customers and over £100 for Npower customers.

Scottish Power also announced that their prices for gas and electricity will rise on average 7%, with these rises coming into play on the 3rd of December.

New Update! - EDF has now announced price hikes coming into effect on the 7 December with the average hike being an enormous 10.8%. This now means that 5 out of the 6 energy giants have increased their prices as we head into the Winter months. Act now to save as much as you can!

What can you do?
You must therefore take action now to investigate if you could be getting a better deal by fixing your tariff with a different energy provider. It is fast and simple to do and you can compare all you need to here: . This could save you hundreds of pounds over the next few years and if the trend for rising prices continues, as it looks set to do, you will be glad you fixed your rates today!

Not keen on commitment? If you are not willing to fix your prices then it may well be advisable to see what the next few days bring before making a decision – you can then look at who has/hasn’t hiked their prices and who is offering the best deal for you.

‘Energy providers are notorious for following each other when it comes to prices rises, once one goes they all go! It is extremely important, especially in these cash strapped times that customers search around to get the best energy deals for them.’ said Will Becker, Chief Executive of Totally Money. ‘For some this could mean the difference between a saving of hundreds of pound or not being able to heat their homes in the winters to come. We want TotallyMoney users to get the best deal for them and avoid paying energy companies any more than they have to.’

Remember a simple comparison here has the potential to save you hundreds of pounds! What are you waiting for?