Bulb warns of second price hike in four months

10 May 2018
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Around 400,000 households supplied by Bulb may see their energy prices rise for the second time this year.

Bulb upped the price of its variable Vari-Fair tariff – the only tariff it offers – by 2.8% (£24 a year) just a few weeks ago on 28 April.

However, the provider has warned in an email to customers seen by Moneywise that it “might have to increase our prices in August” due to wholesale energy prices rising by 13% since February. 

It adds in a blog post on its website that continued cold weather in the lead-up to spring has put “increased pressure on already depleted gas stores”.

The email to Bulb’s customers states: “You might have seen in the news that several energy suppliers are increasing their prices. We wanted to reassure you that because we buy our energy in advance, we don't need to change our prices right now.

“However, if energy costs remain high, we might have to increase our prices in August. We announced a 2.8% increase in February but, unfortunately, wholesale energy prices have gone up by another 13% since then.

“We promise to give you 60 days' notice if we do increase prices. And we never charge exit fees, so you can leave at any time with zero cost.”

Bulb is a green provider, supplying 100% renewable electricity and 10% green gas to dual-fuel and electricity-only homes and businesses across the UK. Its average annual bill for a typical dual-fuel user currently stands at £880.

In comparison, the average dual-fuel household paying by direct debit currently pays £1,016 a year, according to uSwitch. Meanwhile, the energy comparison website says the average dual-fuel user on a Big Six tariff paying by direct debit will be stumping up £1,160 a year.

Moneywise has asked Bulb is it wants to comment and will update this news story if we get a response.

Are other energy providers upping costs?

Yes. Of the Big Six providers, British Gas, EDF, and Scottish Power have dealt their cards as follows:

Comments

In reply to by anonymous_stub (not verified)

Glad i didnt go with them - they offer the lowest quote but obviously its a con to get folks to switch then hit them with their real tariff - cynical just like every energy provider.

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