British Gas has announced profits of £1.4 billion this year and Npower £313 million of profit, against the backdrop of energy price hikes.
This comes just after other energy giant Scottish and Souther Electric (SSE) declared a 38% rise in profits, making £397.5 million in six months.
Which? executive director Richard Lloyd commented saying: ‘Following the latest round of energy bill hikes and the recent allegations of gas market price manipulation, people are bound to ask whether they’re paying a fair price for their energy when they see suppliers announcing big profits.’
Make sure you’re on the best energy deal by comparing gas and electricity prices using energy comparison service Which? Switch.
Energy price rises
There have been a number of energy price rise announcements over the last few months, including rises from British Gas, which will come into effect today, and Npower on the 26 November. This is in contrast to Co-operative Energy who announced it was dropping electricity prices yesterday.
The average energy bill for British Gas customers on the standard tariff (Clear and Simple) will increase from £1,193 to £1,270.
For Npower customers, price rises of an average 8.8% on gas and 9.1% on electricity will mean an additional average of £109 on dual fuel bills.
If your energy company raises prices, read your meter on the day of price rises as suppliers have to estimate your usage until that day.
Best energy deal
Switching supplier is often the best way to make sure you are paying the best price for your energy. Which? Switch is an impartial tool allowing you to compare gas and electricity prices to find the best one for you – search online or call 01992 822 867.
If you’re not sure what tariff is best, take a look at our guide to getting the best deal to help you decide.
Once you know you’re on the best deal, the following tips can help you save further:
- Give regular meter readings to your supplier to make sure you’re paying for what you actually consume
- Paying by direct debit and managing your account online can be a cheaper option
- See what help you are eligible for if you are having difficulty paying your energy bills