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‘Third time unlucky’ for Bulb customers as prices rise again
Green energy provider Bulb has announced an 11.1% price rise for consumers, their third of the year so far.
In a statement they blamed rising wholesale energy costs, which are now 18% higher than they were in June 2018.
They also say maintenance on Norwegian gas fields continued for longer than expected, which has resulted in higher costs.
Their tariff for the average UK home will rise by 11.1%, meaning the average home will see their annual tariff increase from £923 to £1,025 – a rise of £8.50 per month.
Existing members will stay on their current rates for 60 days until 11th November, with new members starting on the new rates immediately.
Bulb’s co-founder Hayden Wood said: ‘Bulb is committed to supplying energy at a fair price. After this change, we will still be £196 cheaper than the average Big Six standard tariff for the typical home.
‘We have one tariff for all our members, which reflects the true cost of energy. When the wholesale cost of supplying energy changes, so does our tariff.
‘We will drop prices when wholesale costs fall by £20 a year for an average home. We will continue on our mission to deliver simpler, cheaper, greener energy for all our members.’
However, more bad news could be on the horizon as Bulb say gas storage levels are still behind where they need to be as winter approaches.
Rik Smith, energy expert at uSwitch.com said: ‘Customers have the huge increases in wholesale energy costs to thank for this latest hike, but that will be of little consolation to the 600,000 who will be directly hit by this news.
‘This is a case of third time unlucky for Bulb customers and a sharp reminder that for peace of mind, customers should fix their energy tariff. Just as the cold weather kicks in, Bulb customers now have to face the prospect of paying an extra £102 per year for their energy.
‘It’s never been more important to shop around for the best energy deal. As well as saving up to £482 a year, fixing your energy will protect you from the relentless barrage of price rises and provide much-needed peace of mind as we head into winter.’
Bulb say they always buy 100% renewable electricity and 10% green gas.
Last week, the energy regulator Ofgem proposed a price cap on energy bills, which it hopes to have in place by this winter.
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