UK's npower to raise standard energy prices by around 10 percent
LONDON (Reuters) - British energy supplier npower will raise its standard variable tariff (SVT) prices by around 10 percent from April 1, becoming the third of the UK’s top six energy providers this week to announce a rise in line with regulator Ofgem’s new price cap.
Last week, Ofgem said the cap on duel-fuel bills - both gas and electricity - would rise by 117 pounds ($151) a year, or 10.3 percent, to 1,254 pounds a year from April 1 for average energy use.
“Ofgem has increased the level of the SVT price cap by 117 pounds in response to increased costs being faced by the industry. Therefore npower will be mirroring the full level of the increase in our own SVT rate from April 1,” a company spokeswoman said.
This week, EDF Energy and E.ON both announced price increases.
Reporting by Nina Chestney; Editing by Kirsten Donovan
Our Standards:The Thomson Reuters Trust Principles.