Co-op Energy to hike standard rates by 5% – lock in a cheap fix ASAP

Today's news arrives after similar announcements by big six suppliers EDF and Npower, with other providers expected to follow suit over the coming weeks and months.

And with cheap fixes likely to disappear soon, if you're one of the 66% of the population already almost certainly overpaying on a standard tariff, check ASAP if you can lock in a cheap deal before the hikes bite. You can do a comparison to find your cheapest deal using our Cheap Energy Club.

How does this affect Co-op Energy customers?

After the 5% hike the new average dual-fuel price for standard variable customers will be £1,179/year. So if you're one of 96,000 customers stuck on Co-op Energy's standard tariff you can expect to pay on average £58 more a year as of Saturday 1 April.

If you're currently on a fix or a prepay tariff you WON'T be impacted by this upcoming hike. Those customers on a standard tariff will be contacted by the company directly.

Co-op Energy's upcoming price rise comes hard on the heels of a previous 3% hike to standard variable rates which hit customers in October.

I became a Co-op Energy customer when GB Energy went bust – how does this affect me?

Energy regulator Ofgem appointed Co-op Energy as replacement supplier for GB Energy's 160,000 customers when the gas and electricity provider ceased trading in November.

Co-op Energy has told us it's honouring all GB Energy tariffs, including its standard one, until the end of April. However, it's unclear whether prices will then rise – we'll update this story when we know more.

What does Co-op Energy say?

A Co-op Energy spokesperson said: "We try to protect customers from price fluctuations wherever possible. In recent months, however, we have absorbed a number of rising costs, including network charges and industry obligations. "This is no longer sustainable and we have reluctantly taken the decision to pass on some of these costs to customers by increasing the Green Pioneer standard variable tariff by an average of 5%. "We are in the process of writing to customers to notify them of this change now so that they can switch to a cheaper tariff if they choose."