The Utility Warehouse has become the latest energy supplier to hike its standard variable tariff – with a 4.4% increase set to hit on Sunday 1 July, adding as much as £50 a year to household bills.
According to Ofgem figures, the supplier has around 250,000 customers on its standard variable tariff (as of September 2017) – around 53% of all its credit-meter customers – all of whom are set to see their prices rise when the hike hits.
The move follows other high-profile price increases, with Bulb announcing a price hike yesterday and Ovo raising prices last week. All of the big six have also increased the cost of their standard variable tariffs in recent months – with SSE the last of the giants to announce a hike in May.
If you’re affected by this price rise, you’re likely already overpaying for your gas and electricity. Check if you can switch and save £100s/year with our free Cheap Energy Club.
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I am a Utility Warehouse customer – how am I affected?
Utility Warehouse has three standard variable tariffs, with the price you pay depending on how many utilities – energy, phone, mobile and broadband – you have with them.
Here’s how your prices may be changing:
- ‘Value’ standard tariff. If you just take energy with the firm and you’re not on a fix, you’ll be on this tariff. For a typical household, prices are going up by £50 to £1,175/year.
- ‘Gold’ standard tariff. If you have energy, home phone and broadband with the firm and you’re not on a fix, you’ll be on this tariff. For a typical household, prices are going up by £48 to £1,151/year.
- ‘Double Gold’ standard tariff. If you have energy, a mobile phone contract, home phone and broadband with the firm and you’re not on a fix, you’ll be on this tariff. For a typical household, prices are going up by £47 to £1,121/year.
If you’re on one of these standard variable tariffs, you can switch away from it without paying any exit fees.
There are much cheaper deals on the market. The leading one, a variable deal from small supplier Outfox the Market, is £807/year based on typical use – nearly £370/year cheaper than Utility Warehouse’s ‘Value’ standard tariff after the hike comes into effect. Find the best deal for you by doing a full market comparison on our free Cheap Energy Club.
What does Utility Warehouse say about the price rises?
We contacted Utility Warehouse for a comment, but we’ve yet to hear back.