Thousands of GB Energy Supply customers have been slapped with eye-watering price hikes after the gas and electricity supplier cranked up its standard variable tariff by an average of 30%.
The firm, which has about 80,000 customers, has become the latest energy supplier to increase its tariffs after it unveiled a new pricing structure, which came into effect yesterday (13 October).
GB Energy Supply's latest round of price rises, which will also affect new customers taking its fixed tariff, follows its decision to increase its variable tariff by 7% in August.
The company has blamed rising oil prices and the increase in wholesale gas and electricity costs for its latest price hikes.
If you're on GB Energy Supply's fixed tariff, you'll be protected from the incoming price hikes until the end of your existing contract. If you're on its variable tariff and you've seen your energy costs increase this week, you're free to switch to a different supplier without paying an exit fee.
Check out our Cheap Energy Club and do a comparison to see if you can switch and save.
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Which tariffs are affected and how much more will they cost?
GB Energy Supply offers just two tariffs: a standard variable tariff and a one-year fixed tariff. Both have seen price hikes, with the increase on the standard variable now applied to all customers on that deal, while new switchers to the supplier's fixed tariff will pay the higher rate.
On average, GB Energy Supply's standard variable tariff, called 'Premium Energy Saver', has jumped from £820/year for someone with typical use, to £1,060/year.
Someone on the supplier's previous fixed tariff (its 'Fixed 12 Diamond' deal) would pay £850/year with typical use. But this tariff has now been replaced and new customers taking GB Energy Supply's one-year fix will now pay on average £951/year.
Customers hit out against 'shocking' price hikes
Angry GB Energy Supply customers have taken to social media to highlight the varying extent of the firm's price hike:
@gbenergysupply shocking increase in your pieces announced today. Will be switching. Monthly increase of over £50!— Emma (@itittatwifey) October 13, 2016
— Danny Kimber (@DannyKimber) October 13, 2016
23% price hike on Gas and Electricity with GBEnergy... welcome to the new world :'(— Augusto Rodriguez (@augustostweet) October 14, 2016
Why are energy prices going up?
In August we reported price hikes at both Co-operative and Ovo Energy, and we've seen many of the cheapest deals on the market disappear since April, due to rising wholesale costs and the impact of Brexit.
The recent weakening of the pound could also have an impact on the price we pay for energy in future, as it means higher import costs for energy suppliers.
Are there any good energy deals still available?
While it's possible we'll see more hikes from other suppliers, there are still cheap deals out there.
If you're on GB Energy Supply's standard variable tariff, you'll now be paying as much as those on 'big six' standard tariffs – but you could save £100s/year on your energy bills by switching. Check how much you could save by doing a full market comparison via our Cheap Energy Club – if we can switch you we'll give you £30 dual-fuel cashback (£15 single fuel).
As a rule of thumb, if you're on a fixed deal, remember to switch when it ends or else you're likely to be moved onto a standard tariff and your price could jump by up to 50%.