Last week saw announcements from three of the 'Big Six', informing customers of price increases of up to 11.1%.
Energy firm nPower, along with British Gas and and SSE, all announced price hikes. nPower said that dual fuel bills would increase by 10.4% and is the highest price hike so far. SSE informed customers it would be increasing prices by 8.2% from November 15th and British Gas said prices would increase by 9.2% from November 23rd.
Homeowners are being urged to shop around and swtich to a lower priced, smaller suppliers where possible. Lengthy debates continue within Parliament in reference to the actions of 'the big six' and MP's are urging the government to take radical steps to protect homeowners from the financial implications of such sizeable price hikes whilst the nation is still in the midst of a recession and whilst fuel pverty is at the top of the agenda for many social action groups and government focus groups alike.
The energy companies in question claim that these most recent price increases have arisen as a result of higher wholesale prices, however, energy regulator OFGEM claims that wholesale prices have risen by just 1.7% over the past year.
David Cameron has since backed a 'Green Levy' on household energy charges and Ed Milliband has promised to freeze household energy bills for 20 months if he is successful in winning the next election.
However, for those homeowners not affected by the price hike, it is still of paramount benefit to monitor your energy spend and costs on an ongoing basis. Many home heating oil users can reap easy rewards by taking simple steps to reduce costs, such as turning thermostats down by as little as one degree, or by turning radiators in unused rooms down or off completely. Most importantly of all, it is important to make sure that oil tanks are in perfect condition, particularly in advance of the coldest weather snaps, as this can often be the cause of tank splits and subsequent leaks.