British Gas (BG) incurred the nation’s wrath last week by saying it would raise standard electricity prices by 12.5% from next month. If you are one of the 3.1m customers paying its standard tariff, it may be time time to join the 400,000 who have changed supplier in 2017.
Who will be affected?
If you buy both gas and electricity from BG on a standard variable tariff, your total bill will rise by an average of £76 a year — 7.3% — to £1,120. This will add a total of £235.6m to energy bills in the UK.
What if I am on a fixed-rate tariff?
You escape the increase for as long as your fix lasts. Check when it is due to end and consider a switch before you are moved to the standard tariff.
How do rivals compare?
Even with the price rise, BG remains the cheapest of the big six energy suppliers on standard tariffs, the others being SSE, Eon, Npower, EDF and Scottish Power. However, it is some £280 more expensive than the cheapest deal on the market if you include smaller providers.
The average home bill for gas and electricity was £1,345 last year, according to Ofgem. EDF is also increasing bills by 1.2% this year, while Npower and Scottish Power are yet to announce their plans.
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How do I switch?
If yours is among the 45% of households that have never switched provider, it may be worth doing so.
Price comparison sites include Go Compare, Compare the Market, Moneysupermarket and Uswitch. Make sure you know how much you pay your current supplier.
Top tip
Before you switch, check your tariff. You could be on a standard default tariff, up to £200 a year more expensive than the cheapest option.