npower price comparison
For the first time in 18 months, npower have had to raise their domestic gas prices, whereas, during this time the cost of wholesale gas has doubled. npower’s smaller charge increase in its dual fuel and gas prices are now significantly cheaper than most major competitors, with their latest tariffs tailor made for the global price increases.
To help customers most in need, npower will be investing around £50m on its social programmes, most of which will be spent on a new "Spreading Warmth tariff" which gives an annual discount of up to £250. It is available to vulnerable customers (including those over 60, people with a disability or suffering from a chronic illness or families with a child under sixteen) whose household income is less than £14K per year. Eligible customers will also be able to save money with free cavity wall and loft insulation, which will help reduce the energy cost needed to keep homes warm this winter.
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Price Rises Explained
The current wholesale energy price rises across the UK are affecting everyone’s pockets. Due to the soaring price of raw materials, domestic customers are seeing on average increase of 14% for electricity and 26% for gas this year.
The rising cost of oil has had a major affect on the importing of gas from Europe, with the price of both commodities intrinsically linked. Fuel costs have gone up by more than a third, with customers across the UK paying £5.2 billion more than the year before.
With many of the big European energy monopolies holding back supplies of gas, the EU competition authorities are now investigating this significant behaviour pattern of European gas suppliers. Due to this country's own North Sea supplies dwindling fast, the UK has now become a net importer of gas.
The UK has always relied on its own natural reserves of gas and oil, but the world as a whole now uses far more energy than ever before. With massive countries such as China and India now importing huge amounts of energy to meet their national needs, this will of course lead to higher prices across the globe.
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