Co-operative Energy announced today that customers on its standard variable tariff will see a 5% increase on their energy bills from 1 April.
The increase, which affects Co-op’s gas and electricity customers, is its second price rise in six months.
The first price rise happened in October 2016, and again affected customers who were signed up to the standard tariff. Prices also increased by 6% for customers on prepayment meters.
Have a look at our independent switching site, Which? Switch, to find the cheapest energy deal. Or if you prefer to call, you can phone Which? Switch on 0800 410 1149 or 01259 220235.
Co-op Energy price rise – what you need to know
This new price hike affects about 96,000 customers who are signed onto the company’s Green Pioneer tariff, Cooperative’s only standard tariff. Co-op Energy has confirmed that the increase will not affect the former customers of supplier GB Energy who it took on when the supplier went bust in November last year.
The news follows the trend set by some of the Big Six suppliers, namely Npower, EDF and Scottish Power, who have also hiked their prices this winter.
Time for Co-op Energy customers to switch?
Co-op Energy’s standard tariff currently costs £1,121 for dual fuel on average per year. It’s among the priciest standard tariffs available, more expensive than British Gas’s standard tariff, yet still cheaper than Npower and Scottish Power.
The average increase of 5% means that your bill will be about £56 more expensive over a year. You can switch now to a cheaper Co-op Energy deal or to a different energy supplier to avoid paying more for your gas and electricity.
Co-op Energy’s cheapest gas and electricity deal (Co-op Online Exclusive May 2018 – paperless billing) costs £998 on average per year.
The cheapest UK-wide deal on the market at present is from IRESA, £834 for dual fuel on average per year (Flex4 12 month Fixed Direct Debit – paperless).
Which? response to Co-op Energy price hike
Alex Neill, Which? managing director of home and legal services, said: ‘Co-op Energy’s price rise is another blow for customers, who will be outraged that their energy bills are set to go up when the regulator suggested that inflation-busting rises are unnecessary. Customers sitting on the company’s standard tariff should look to switch to better deals now.
‘Millions of hard-pressed energy bill payers are continuing to suffer due to a lack of competition in this market. If energy companies fail to properly engage with their customers, then the government and the regulator must step in.’