Starting from June 21st, many of Bulb Energy’s customers will see their gas and electricity bills rise by an average of £69 per year.
Although many of Bulb’s customers have just seen their bills rise by £96 due to the introduction of the new price cap, the company’s customers who are currently on the supplier’s standard credit tariff and pay by Direct Debit, will need to pay an average of £69 more a year.
Thankfully, by running an online energy comparison, you can switch supplier and avoid the price hike in only a couple of minutes.
- Online energy comparison: find a cheaper tariff now
Why are prices rising again?
When announcing the change in price, Bulb Energy said that a sharp rise in wholesale costs was a huge factor. A spokesperson said “The cost of supplying energy has continued to rise dramatically, driven by higher wholesale energy costs.
“These costs are now 29% higher than they were in March when we last changed our prices, a significant rise in just two months. These costs have doubled since this point last year.”
The statistics back up Bulb’s view. Now it’s thought that wholesale prices – the amount that energy firms pay for the energy they deliver to customers – have risen to their highest level since 2018. Experts believe that these price rises have been caused by an increasing demand for energy post-lockdown, low levels in gas storage and outages at ageing power plants.
As a direct result, Bulb has decided to increase its electricity and gas prices, as well as its daily standing charge for all customers who pay via Direct Debit. From June 21st, it’s estimated that a typical Bulb customer will pay £1.33 more for their energy per week.
Switch provider now and save
If you’re a current Bulb Energy customer or your current supplier recently changed their prices, then switching to a new fixed-term tariff could save you hundreds of pounds.
Sadly, rising wholesale prices and the new price cap mean that fixed-term tariffs have been rising in cost in recent months. However, these deals are still far cheaper than standard variable tariffs.
So, if you’re unhappy with your current deal or you’d just like to take a look around and see how much you can save, run an online energy price comparison today. This will show you all the best energy deals in your area from the country’s best energy suppliers. Plus, using some basic data about your home and your energy use, you can also see exactly how much money you’d save by switching supplier.
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Tom is a freelance copywriter and content marketer with over seven years' experience. Originally from an agency background, he is proud to have worked on campaigns for a number of energy providers, comparison sites and consumer brands.