Npower has blamed the Government’s energy efficiency targets for its decision to hike prices for gas and electricity. The energy provider confirmed today (January 4) that it is increasing electricity prices by 12.7% and gas prices by 17.2%.
It also claims that it has been “forced to put up prices” because of the cost of the wholesale markets.
Managing director of npower’s residential business Giuseppe Di Vita says: “Sadly higher energy prices are a fact of life. Npower is not alone in facing these higher costs”.
The supplier says it is “heavily involved” in the UK’s move to a low carbon economy and is spending £1.7bn to reduce its CO2 emissions by 33%. It claims that the prices rises will contribute to the money it needs to hit that target.
The company adds that customers paying by pre-payment meters will see lower average price increases and that the rises will not be applied to customers on its “First Step Social Tariff”.
Di Vita adds: “Anyone struggling to pay their bills, regardless of the time of year, should get in touch immediately.”