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Sarah is our insurance specialist, reporting the latest important developments in the industry.
**E.ON's announcement last week on its price increases has left many consumers worried about how much it is going to cost them to heat their homes this winter. E.ON is the fourth major British energy supplier to raise their prices this year. **
The energy supplier E.ON is putting its prices up by an average of 18.1% or £114 for gas, and 11.4% or £56 for electricity from 13th September. Because of this, the average household bill for a dual fuel E.ON customer will now go up from £1,123 to £1,293, resulting in a total increase of £170 or 15%.
The company had already increased its prices by 3.3% or £20 for gas and 9.3% or £42 for electricity last February. Therefore, E.ON customers will experience a rise by £232 or 22% this year, taking them from £1,061 a year to £1,293.
Average price increases
After these increases are implanted the average bill is expected to jump from £1,132 to £1,250. According to the different energy suppliers, these rises will play out as follows:
British Gas raised its average bill from £1,096 to £1,286; SSE's clients experience a rise going from £1,094 to £1,265 and ScottishPower supplier put its prices up from £1,211 to £1,391. EDF Energy and Npower are the only two companies to remain unchanged over pricing.
"Yet another price rise will leave the average energy bill weighing in at £1250 a year. Many consumers worry how they will afford to keep their homes warm this winter given other price rises and flat or falling incomes,” said Mike O'Connor, Chief Executive of Consumer Focus.
"Customers need to know whether these increases are warranted. Customers will feel they didn't get the benefit when wholesale costs were low. Wholesale costs are around a third lower than their 2008 peak yet consumer prices have reached an all-time high;” O'Connor added.
If you are concerned about the current increase in energy prices, comparing gas and electricity prices by using the energy monitor can help you to choose the best supplier according to your needs.