Npower to raise fuel prices from October
Npower are the latest utility company to announce an increase in the cost of gas and electricity.
They will raise the cost of gas by 15.7 per cent and electricity by 7.2 per cent. The increase in energy costs to a typical dual fuel customer will be 12.2 per cent. The increase will take effect from October 1st.
The supplier is the fifth of the big six energy companies to announce a prise rise with just EDF Energy keeping their prices at the same level for the time being. Npower said that the price rises are down to the “volatile global wholesale market” and that it expects the wholesale cost of fuel to continue to rise.
The price rises are lower than those announced by the four other major energy companies who operate in the UK and its new fixed rate tariff will be set for two winters, which means there won’t be an increase in the fixed rate tariff until Spring 2013.
Kevin Miles, chief commercial officer, at RWE npower said: “I know it hurts everyone when we put up prices and I wish we didn’t have to. Although our half year profits were better than last year they do not begin to match the £billions we are investing in energy for the future.
“With reduced quantities of North Sea gas, we are now forced to buy energy on the volatile global wholesale market. World events have pushed up prices and we believe this trend will continue. In the UK we have also seen rising distribution and network charges, and further environmental costs but we have still managed to keep our increases lower than those announced by any other major supplier”
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