Latest energy shock
Scottish Hydro hikes electricity by 14.9%
Three and a half years since its last price rise, it said a dual fuel bill will rise by 6.9% which means a typical domestic customer will pay on average £73 a year more. This equates to around £1.40 per week.
The company has 2.8 million customers on a standard tariff.
Will Morris, managing director for retail at SSE, said that the group “deeply regret having to raise electricity prices”.
“This is the first increase since 2013 and we’ve worked hard to keep them down for as long as possible by cutting our own costs, putting in place a winter price freeze and holding gas prices, but we have seen significant increases in electricity costs which are outside our control,” he said.
“Without an increase we would have been supplying electricity to domestic customers at a loss,” he added.
E.On last week announced that its customers will pay an extra £97 a year as a result of an 8.8% price increase.
Npower has imposed 9.8% rise while ScottishPower customers will pay 7.8% more. Edf is increasing prices by 1.2%.
British Gas bucked the trend by keeping its gas and electricity prices on hold until August.
Stephen Murray, energy expert at MoneySuperMarket, said: “It’s a predictable move as SSE becomes the last of the ‘Big Six’ to announce price increases, excluding British Gas, which has frozen prices until August.
“The majority of the UK’s bill-payers are on standard variable tariffs, which are £229 more expensive than the cheapest deals available.
“However, in line with market uplift, even these cheaper tariffs are getting more expensive. In March 2016, the best fixed deal was £751 but in March 2017 it is 11 per cent more expensive, at £834.
“Now is the time to take action and lock in a fixed deal, before increasing prices get the better of your bills and you face inflated costs.
“There are savings of up to £229 to be made by shopping around and switching to a cheaper deal, so if you’re an SSE customer, or indeed if you’re on a standard tariff with another supplier, it’s worth switching.”