You've probably heard about the rises in energy bills expected later this year. Five of the big six energy suppliers have announced price rises recently, stating that the wholesale cost of fuel (what they pay) is increasing.
Budgeting for everyday bills is really important. We have summarised the price rises here, to help people plan ahead for when the changes take effect. These are the changes reported in The Telegraph and The Guardian.
- EDF Energy is increasing the price of gas and electricity for residential customers by an average of 10.8% on 7 December.
- Scottish Power is increasing gas and electricity prices by up to 8.7% on 3 December.
- British Gas is raising gas and electricity customers' prices by 6% on 16 November.
- Npower is raising gas prices by 8.8% and electricity prices by 9.1% on 26 November.
- Southern Electric increased gas and electricity prices by 9% on 15 October.
- E.ON has a price freeze in place until the end of the year but there may be price rises after that.
A spokesperson for thinkmoney commented:
"There is no escaping that energy bills are going to be more expensive this year for many people, and this can have a serious knock-on effect on their disposable income. So there's all the more reason to plan ahead now and figure out how to budget for these changes.
"One way of protecting yourself is to find a fixed-price energy tariff. Although these tariffs might be slightly more expensive than the cheapest deals on offer, the prices won't change for an agreed period, which means you'll be protected against further price rises.
"Some of the fixed-price deals currently last until 2014 or 2015, which could bring you a lot of peace of mind if you're worried about your living costs rising. For example, EDF’s Blue +Fixed Price tariff lasts until March 2015, so it’s definitely worth shopping around to find the right tariff for you."