Second wave of energy price hikes starts to strike
The first of a second wave of energy price hikes hits consumers on Monday (1st August) when ScottishPower increases its prices for the second time in just over 8 months. The latest hike of 17.4% or £124 for gas and 9.9% or £56 for electricity will take ScottishPower's average bill up to £1,391 - 21% or £239 higher than at the beginning of November last year.
Unfortunately for consumers it isn't the only big six energy supplier having to increase its prices twice - British Gas' second increase kicks-in on the 18th August while SSE's comes into effect on the 14th September. The remaining three big six suppliers are yet to reveal their hand, while SSE has promised not to increase its prices again before August 2012.
Ann Robinson, Director of Consumer Policy at uSwitch.com, says: "Unlike lightening, energy price hikes do strike twice and ScottishPower customers are the first to face the reality of a year of double price hikes. As a result, in the space of just over 8 months the average customer will be paying 21% or £239 more - this is a lot of extra money to find and will cause many concern.
"However, with two other suppliers soon to follow suit, it is now crucial that all consumers start to protect themselves by making sure that they are paying the lowest price possible for their household energy and adopting sensible energy efficiency measures. In a time of rising energy prices cutting down on the amount we pay and the amount we use is our best form of defence.
"There is no room for complacency and I would urge consumers to act now especially if they want to take advantage of some of the competitive fixed price energy plans currently available. Fixing your energy prices offers security and peace of mind, especially for those worried about the impact of price hikes on their household budget. But, whatever type of plan you opt for, always make sure you get an independent and impartial comparison based on your own personal circumstances before signing on the dotted line."