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Energy suppliers Scottish Power have announced their second price hike in just 9 months.The cost of gas will rise by almost 20 percent, which could result in a domino effect when the six other leading energy providers opt to increase their prices, too.
Scottish Power is pushing up its prices by on average 19 per cent for gas which is the equivalent to £124 and 10 per cent for electricity or £56. These will come into effect from 1st August .
This surge in pricing will affect an estimated 2.4 million households across the UK. This is bad news for all those buying dual fuel from Scottish Power as the average household bill will go up from £1,211 to £1391 with difference of £180.
In November last year Scottish Power upped their prices by 2.9 per cent for gas and 8.5 per cent for electricity.
It is the first of the six big suppliers to announce a second price hike, and it is more than likely that they will follow suit. The message is clear that energy bills are on the rise again, blaming the rising wholesale cost.
Speaking to STV,a member of the Scottish Government said,
"Time and again the Scottish Government's efforts to lift people out of fuel poverty are being undermined by high fuel prices.Energy companies choose to pass price fluctuations on in full to the consumer, meaning that those least able to do so are the ones bearing the full brunt.”
The move to hike prices comes only months after Ofgem announced its review of the industry. Ofgem found that energy prices energy prices rise faster to the cost of wholesale fuel than they fall when it decreases. Fuel prices were predicted to rise after the disaster in Japan and crisis in Libya earlier this year.
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