Thousands of customers who have switched to small green energy supplier Bulb will be hit by a new price hike, as confirmed.
It has the & # 39; substantial increase & # 39; in the wholesale costs of gas and electricity attributed to the third increase of the year.
An average annual bill costs Bulb customers £ 1,025, an increase of £ 923 – an increase of £ 8.50 per month or £ 102 per year, from November 11.
It is the 41st price increase of an energy supplier this year.
Increases: Bulb Energy says that rising wholesale costs of gas and electricity are the fault
The price increase applies to more than 750,000 Bulb members on the single Vari-Fair rate, the only rate that it offers.
Every household that now switches to Bulb starts with the new rate.
Rik Smith, an energy expert on the uSwitch comparison website, said: "Customers owe huge increases in the wholesale cost of energy for this latest hike, but that will be of little comfort to those directly affected by this news.
& # 39; This is a sharp reminder that customers must reassure their energy tariff for their peace of mind. It has never been more important to look for the best energy deal. & # 39;
Bulb announced a cost increase of 2.8 percent in April and a price increase of 5.1 percent in August.
It said that the energy costs of wholesale trade have increased by 18 percent since the last price increase in June.
Hayden Wood, co-founder of Bol, said: "Bulb is committed to delivering energy at a fair price.
& # 39; We have one rate for all our members, reflecting the actual cost of energy. & # 39;
The energy suppliers said that the price increase reflects the increase in the wholesale costs of gas and electricity and that their prices will reflect when wholesale costs fall
The supplier claimed that, despite the latest price increase, the £ 196 plan could work out cheaper than the average standard rate of Big Six, based on the annual dual fuel cost of a UK home.
Mr. Wood said: & # 39; When the wholesale costs for supplying energy change, our rate also changes.
We will lower prices when the wholesale costs drop by £ 20 a year for an average house.
We will continue our mission to deliver simpler, cheaper, greener energy for all our members. & # 39;
Energy Watchdog, Ofgem, said last week that more than 11 million households will save a combined £ 1 billion a year as part of new plans to reduce excessively high gas and electricity tariffs.
The regulator was given legal powers in July to introduce the upper limit and hopes that the measures will be in force by the end of the year.
A number of the Big Six companies – British Gas, EDF Energy, Eon, nPower, SSE and Scottish Power – have raised their prices twice this year.
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