Around 65,000 customers on Co-op Energy’s standard variable tariff (SVT) will be hit with average price hikes of 5.2% from 20 August.
The move affects those on the supplier’s Green Pioneer SVT, although pre-payment meter customers on this tariff are unaffected.
Co-op is the latest in a long line of providers to announce price rises this summer, blaming increasing wholesale costs.
A spokesperson for Co-op says: “As the largest member-owned energy supplier in the UK, our customers are at the heart of everything we do. That is why we do our best to protect them from price fluctuations wherever possible, and why we have sought to absorb the significant increases in wholesale energy costs this year.
“However, this is not sustainable indefinitely and we have therefore reluctantly taken the decision to pass on some of these costs to customers on our Green Pioneer tariff from 20 August.”
How other energy suppliers are upping prices
Here’s how other major energy providers are increasing prices this year:
- British Gas customers saw prices rise by 5.5% from 29 May.
- Bulb customers will see prices rise by 5.1% from 12 August, after already being hit with a 2.8% price hike from 28 April.
- EDF customers saw prices rise by up to 3.5% from 7 June and it’s increasing prices again by 6% from 31 August.
- Npower customers saw prices rise by 5.3% from 17 June.
- Ovo customers saw prices rise by 5.1% from 8 June.
- Scottish Power customers saw prices rise by up to 6.9% from 1 June.
- SSE and M&S Energy customers will see prices rise by up to 6.7% from 11 July.
‘Now is the time to switch’
The message for households is to use a comparison tool now to check if you can save by switching. Rik Smith, energy expert at price comparison website uSwitch, comments: “The news from Co-operative Energy today is the 25th overall increase announced this year. We have now seen at least one price rise from Britain’s 10 biggest energy suppliers in 2018 as well as hikes from numerous smaller providers.
“Despite the warm weather it has been a tough year for energy customers who have seen their bills skyrocket by an average of £58 (5.6%).
“But in the face of this relentless barrage of price rises taking standard tariffs to nearly £400 above the cheapest deals on the market, bill payers have been fighting back in record breaking numbers. According to the latest data, 2.7 million customers have switched so far this year, with record numbers of people going to small suppliers. Now is the time to switch, save up to £482 and protect yourself against future rises.”