2018 described as ‘worst year on record’ for rising energy costs

Recent analysis shows energy companies issued 57 price hikes last year – giving 2018 the nickname “worst year on record” with regards to energy prices. This huge inflation compares to only 15 price increases in 2017, and historically, there were no price rises before 2013.

Head of research, Lily Green, from Look After My Bills – the company which gleaned the data – stated: “Small and large energy companies are raising prices across the board and not just once – but two or three times a year. People can’t be expected to keep up with it all.”

The research also found energy suppliers added £840 million onto total national bills, costing each home on average an extra £74 onto annual dual fuel bills. It was also confirmed the Big Six all raised their costs in 2018, but probably more surprisingly some of the smaller challenger companies upped prices too – as many as three times over the year period.

On a brighter note…from 1st January this year Ofgem’s price cap began, which is expected to provide respite to approximately 11 million households on standard default energy plans. Consumers pay no more than £1,137 per year with the cap, which is said to save customers who use a “typical amount of gas and electricity” around £75 per year on average. 

However, on the downside, three more price hikes have already been floated for January 2019…but this is where Smarter Power come in…

We can help!

Here at Smarter Power, we understand your time is precious – that’s why we have created the Price-a-tron Comparison-ator! Start off the new year with a bit of extra cash in your pocket! Let Smarter Power help you switch today and save £££! Instantly compare business energy price with our Price-a-tron Comparison-ator >

References

  • https://www.energylivenews.com/2019/01/03/2018-was-worst-year-on-record-for-price-rises/
  • https://www.thisismoney.co.uk/money/bills/article-6532731/Worst-year-energy-bill-price-hikes-come.html
  • https://www.theguardian.com/business/2018/dec/28/uk-hit-by-57-energy-price-rises-in-2018-as-cap-looms