SSE has become the latest of the Big Six energy providers to announce forthcoming price hikes. These will also affect M&S Energy customers whom SSE supplies.
From 11 July, 2.36 million households will see their gas and electricity bills rise by an average of 6.7% - or around £76 a year. This equates to an increase of 5.7% for gas and 7.7% for electricity.
The energy supplier says “wholesale prices remain high and we can’t absorb the costs any longer”.
Fixed tariff customers, pre-payment meter customers and those on SSE’s ‘Energy Assist’ tariff for vulnerable customers are unaffected.
However, in a further blow, SSE is axing its annual £6 discount per fuel for those who have paperless billing also from 11 July.
Stephen Forbes, chief commercial officer of SSE Energy Services, comments: "We deeply regret having to raise prices and have worked hard to withstand the increasing costs that are largely outside our control by reducing our own internal costs. However, as we’ve seen with recent adjustments to Ofgem’s [the energy regulator] price caps, the cost of supplying energy is increasing and this ultimately impacts the prices we’re able to offer customers.
“We will be writing to all affected customers, setting out details of the changes and identifying any ways in which we could help them save money. I’d urge any customer concerned about their energy costs to contact our customer service teams or visit our website as there’s plenty of support available, including around £50 million of financial assistance available through the Warm Home Discount scheme."
‘Save up to £491 moving to a cheaper tariff’
Claire Osborne, energy expert at comparison website uSwitch urges customers to use this announcement to check if they can switch their energy tariff and save. She says: “Nearly 2.4 million customers who are already paying over the odds on standard variable tariffs will now be paying even more. A whopping seven in 10 SSE customers were on these eye-wateringly expensive tariffs at the last count, a higher proportion than any other Big Six supplier.
“For many households this will be the last straw. Other suppliers are offering deals up to £407 cheaper than what SSE’s standard tariff will cost from 11 July. Anyone who is affected should join the five million households who are now switching every year, and save up to £491 by moving to a cheaper tariff.”
How other energy suppliers are upping prices
Of the Big Six providers, British Gas, EDF, Npower, and Scottish Power have dealt their cards as follows:
- British Gas customers saw prices rise by 5.5% from 29 May.
- EDF customers will see prices rise by up to 3.5% from 7 June.
- Npower customers will see prices rise by 5.3% from 17 June.
- Scottish Power customers will see prices rise by up to 6.9% from 1 June.
Meanwhile, smaller supplier Bulb has warned that customers may see their prices rise in August, which will be its second increase in four months.