Still need a reason to dump your Big Six energy supplier? Here’s one – they’re making millions at your expense!
Npower, who announced the steepest price rise of all the Big Six energy suppliers last week, has just revealed it’s making even more money than previously.
The news has been greeted with fury on social media as a million of the energy giant’s customers face paying a whopping £64 a year more for their dual-fuel supplies.
Npower has 2.6 million customers – although, like British Gas, it’s losing them fast – and it admits around 40% of them will be faced with much higher bills.
But less than a week after putting up its prices, blaming rising wholesale energy prices and compliance costs, it has announced profits are up by 26%, to £38 million.
Meanwhile, a typical dual-fuel customer on a standard tariff will find their annual bill rising to £1,230.
Even bigger price rises likely
The profit announcement comes as Npower presses ahead with plans to merge with rival energy supplier, SSE. The new group would become the UK’s biggest household supplier of electricity.
But the Competition and Markets Authority (CMA), is looking into whether the merger would distort the market. It has already warned that the move could lead to higher bills for consumers.
British Gas and EDF announced last month that they were increasing bills for more than 5 million customers between them.
Scottish Power then quickly followed suit.
SSE is the only Big Six supplier yet to announce an increase.
Once again, these whopping profits and price rises, prove none of these companies have their customers front of mind.
The only way to fight back is to fix your deal to the cheapest on the market and shift your supplier as soon as you need to when your deal runs out – always opt for the cheapest deal, or you’ll end up paying hundreds of pounds more than you need to.
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