Co-op Energy is set to raise gas and electricity prices for 65,000 customers by 5.2% next month – check now to see if you could save by switching.
The large energy company has announced it's to hike gas and electricity prices by 5.2% for around 65,000 on its Green Pioneer standard tariff.
The rise, which comes into effect on 20 August, will see dual fuel households with typical usage see annual bills rise by £60 to £1,218/yr.
With the cheapest deal at £850/yr, many could save almost £370/yr by switching.
Less than two weeks ago, Martin Lewis, founder of MoneySavingExpert.com warned of another potential round of energy price hikes. Speaking in the wake of EDF's second rise this year, he said energy suppliers were 'like sheep', with one likely to follow another by increasing tariffs.
See if you can save by switching, compare all the deals on the market with our free Cheap Energy Club.
How are prices changing?
The Co-op Energy price rise affects about 65,000 customers on its standard variable tariff:
- Gas prices are set to rise by an average 5.4%, a £31/year hike on average
- Electricity will rise by an average 5.3%, or £31/year.
- Dual-fuel bills will rise by 5.2% on average, or £60, from a typical £1,158/year to £1,218/year.
Those on a fixed price tariff, prepayment tariff or the safeguard tariff for vulnerable customers will not see any change.
How can I beat the hike?
If you're on a standard variable tariff - such as Co-op Energy's Green Pioneer - you can switch away from it without paying any exit fees.
There are much cheaper deals on the market. The cheapest, a fixed deal from small supplier Utility Point, is £850/year based on typical use - £368/year cheaper than Co-op after its latest hike comes into effect. Find the best deal for you by doing a full market comparison on our free Cheap Energy Club.
Even if you're determined to stay with Co-op, it has cheaper deals. Its Fixed September 19 tariff costs an average £1,053/year for dual fuel based on typical usage - nearly £165/year less than its standard tariff will be when the latest rise kicks in. You can search the cheapest deals with your current supplier on Cheap Energy Club.
What does Co-op Energy say?
A spokesperson for Co-op Energy said: "As the largest member-owned energy supplier in the UK, our customers are at the heart of everything we do. That is why we do our best to protect them from price fluctuations wherever possible.
"For that reason, we were the first major energy supplier to automatically move customers onto a new fixed-price default tariff rather than our variable tariffs, and why we have sought to absorb the significant increases in wholesale energy costs this year.
"However, this is not sustainable indefinitely and we have therefore reluctantly taken the decision to pass on some of these costs to customers on our Green Pioneer tariff from August 20."