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Npower to raise energy prices by £64 a year for one million customers

In a statement on its website, Npower said it is increasing a typical dual fuel annual energy bill by an average of £64 across all payment types to £1,230

electricity
The gas and electricity company blamed price change increases on government policy and wholesale energy costs

Npower has announced its energy prices will increase by an average of 5.3% and will affect approximately one million of its domestic customers from 17 June.

In a statement on its website, Npower said it is increasing a typical dual fuel annual energy bill by an average of £64 across all payment types to £1,230.

READ: EDF Energy to raise UK electricity prices by £16 on average per year

The gas and electricity company said the price increase is made up of an average 4.4% rise in gas and 6.2% in electricity.

Npower, owned by German electric company RWE, said over 60% of its customers, those on fixed tariffs or using a prepayment meter, will not receive a price increase.

The gas and electricity company blamed price change increases on government policy and wholesale energy costs.

Simon Stacey, managing director domestic markets, said: “The costs all larger and medium energy suppliers are facing - particularly wholesale and policy costs which are largely outside our control – have unfortunately been on the rise for some time and we need to reflect these in our prices.”

Npower has become the latest energy firm to announce a price increase. Last month Centrica PLC’s (LON:CAN) British Gas, EDF Energy increased electricity prices, blaming governmental policies and wholesale energy costs.

In November last year SSE plc (LON:SSE) announced its plans to merge with Npower, creating Britain’s largest electricity provider and the second biggest household gas supplier after British Gas.

READ: Competition and markets Authority refers SSE and Npower merger for full investigation

The merger is subject to approval by shareholders and competition regulators in the UK and the European Union. 

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