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2.5 Million face a Bill Price Hike
2.5 Million consumers face an energy bill hike
One of the big six energy suppliers has announced they will raise their standard variable dual fuel tariff by 8.8 per cent, on their standard variable gas and electricity only tariffs by 3.8 and 13.8 per cent respectively.
The cause of the price hike is predominantly due to the increase in supply costs, but also the supplier also recognised costs arising from environmental and social schemes, which support renewable energy in order for customers to use less energy. Such schemes, the supplier announced have led to a 36% increase in the company’s cost base.
Despite the price hikes, the big six supplier, Eon has advised they have a range of initiatives designed to ‘shield’ vulnerable customers from potential adverse impacts. Tony Cocker, chief executive of Eon UK said: “This is the first time since January 2014 that we have increased our standard variable prices”, and also went on to say: “although these costs had been partially ‘offset’ by the company via its wholesale hedging strategy, a price rise was nevertheless necessary”.
Eon have expressed that they will contact their customers with personalised savings messages, expressing how easy it is to swap to another tariff.
Energy consumers, whether they are domestic or commercial need to stay on top of their energy supply contracts and regularly assess the market. Not only is this important if they are to obtain the best deal, but also in order to get the deal that suits their individual consumption pattern.
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