E.on, the utility giant, has become the third energy supplier to hike its gas and electricity prices. It has revealed that it will put electricity prices up by 16% and gas prices by 26% (August 22).
The energy company blames the move on surging wholesale costs, which it says have risen by 51% since February this year.
E.on Retail managing director Graham Bartlett says it will be launching “a range of products to protect prices”, as well as increasing its help for vulnerable customers.
It was announced last night (August 20) that UK wholesale prices are being increase by 14%, after a leak on the North Sea pipeline. The majority of utilities companies raised their prices in February this year. Last month, EDF Energy raised gas prices by 22% and electricity by 17%.
British Gas also hiked its prices by 35% for gas and 9% for electricity at the end of July. The company blamed the move on soaring wholesale energy prices, increasing transportation and distribution costs, and the cost of meeting Government renewable energy targets.