E.On is latest supplier to raise prices

Covered mag, presented by Gocompare.com
  • | by Kristian Dando

“Friday, I’m in love” sang Robert Smith, frontman of popular beat combo The Cure in their 1992 hit of the same name.

Given the recent inclination of Britain’s ‘big six’ energy companies to announce price hike bombshells at the end of the working week, it’s doubtful that the luxuriously-barnetted songsmith would be quite so enthusiastic about Fridays - E.On has today followed the lead of its competitors by announcing hefty rises to the price of electricity and gas.

From September 13th, the energy firm's gas tariffs are set to rise by 18 per cent while electricity prices will go up by 11 per cent.

The company’s reasons have an air of wearying familiarity about them. E.On spokesman Graham Bartlett said: "Uncertain times have had a huge effect on wholesale prices, with events in Japan and Libya all having a dramatic effect on gas and power prices in a relatively short period of time," said Graham Bartlett of E.On.”The past few weeks has seen British Gas, Scottish and Southern and Scottish Power all reveal similar price rises.

Mike O'Connor, Chief Executive of Consumer Focus, reacted: “Yet another price rise will leave the average energy bill weighing in at £1,250 a year. Many consumers worry how they will afford to keep their homes warm this winter given other price rises and flat or falling incomes. Four of the Big Six have now raised their prices by similar amounts. He continued: “Customers need to know whether these increases are warranted. Customers will feel they didn't get the benefit when wholesale costs were low. Wholesale costs are around a third lower than their 2008 peak yet consumer prices have reached an all-time high.”

Don’t fancy the look of these price hikes? Then now might be the time to shop around for a better energy deal – and what better place to start than here?