NPower to hike bills for 1million customers by £118 a year making it the third supplier to up prices in just three days
The move will add £117 a year on to the cost of the average standard variable tariff, taking prices from £1,137 to £1,254
MILLIONS of Npower customers are to be hit with price hikes of 10 per cent from April 1, making it the THIRD supplier to up bills in just three days.
The move will add £117 a year on to the cost of the average standard variable tariff (SVT), taking prices from £1,137 to £1,254.
This will hit 1million customers - around 40 per cent of Npower's customer base.
Around 300,000 pre-payment meter customers on the Big Six provider's SVT will also see their prices rise by 9 per cent - or £106 a year.
This will take the average annual tariff price from £1,136 to £1,242.
Npower is the third energy supplier to announce hikes in just three days following energy regulator Ofgem's announcement that it would be increasing the level of its standard variable price caps.
E.on is hiking gas and electricity bills for 1.8million customers by £117 from April 1, taking its SVT to £1,254 a year.
While, EDF is upping prices for 1.3million customers by £118 a year from April 1, which will also see its SVT rise to £1,254 a year.
The hikes mean these tariffs are nearly £300 more expensive than the cheapest deal, which currently costs £960. See our guide for a rundown of the top 10 cheapest tariffs.
But sadly more hikes are likely to be on the way from other providers, according to energy experts.
How to find a cheaper energy deal
FIRSTLY, you’ll need to have a recent bill to hand. This will have all the details you need, including the name of your tariff and your recent spending on gas
- Use a comparison website: Customers can use websites such as uSwitch.com or Energyhelpline.com to compare tariffs and find a cheaper deal. You could save up to £400 a year if you’ve never switched before.
- There are other service you can turn to: MoneySavingExpert’s Cheap Energy Club will let you set up an email reminder that alerts you when cheaper deals become available.
- Things to do before you switch: Compare prices and before you switch check to see if you can get cachback from a website like Quidco or TopCashback
More on energy bills
Rik Smith, energy expert at comparison website uSwitch.com said: “These announcements are coming like clockwork, shattering the myth that the cap is guaranteeing a good deal for customers on standard tariffs.
“Since Ofgem announced last week that the level of the cap was going up, over four million customers have already been handed a £490million confirmed bill increase, kicking in on 1 April.
"Unfortunately this number is only going to get bigger."
Stephen Murray, energy expert at comparison website MoneySuperMarket, added: “The others seem sure to follow, meaning that 11million households have higher bills waiting for them come April 1 when the new cap level becomes effective."
A spokesperson for Npower said: “Ofgem has increased the level of the SVT price cap by £117 in response to increased costs being faced by the industry.
"Therefore Npower will be mirroring the full level of the increase in our own SVT rate from April 1.”
Only last month Npower announced plans to axe 900 jobs - a move which it blamed on the energy price cap for eating up profits.
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at [email protected] or call 0207 78 24516. Don't forget to join the for the latest bargains and money-saving advice.