Today’s announcement that British Gas will be hiking its prices by 18% or £121 for gas, and 16% or £71 for electricity from August 18th, is a real blow as it now looks like households are facing a second round of price hikes in a year.
Consumers last saw a year of double price hikes in 2008 when energy bills rocketed by £334 or 41% as a result of consecutive rounds of price increases.
For most of us though, today’s news tells us something really important – the days of cheap energy are over and it’s time that we all started to understand what this means for our bills and how we use energy.
Once these hikes kick in the average household energy bill will be an eye-watering £1,193 a year.
This is an all-time high and makes it imperative for customers to start thinking about how they can bring this cost down. More >>>