This Friday is set to be the most expensive day for millions of energy customers this year as British Gas price rises come into effect, according to comparison group Moneysupermarket.
On Friday 15 September, 3.1m British Gas customers on standard variable tariffs will be hit by a 12.5 per cent rise to their electricity prices, costing households an extra £235m per year.
Figures from Energy UK today revealed a record number of customers had switched energy supplier so far in 2017, but around 70 per cent of UK households remain on expensive standard variable tariffs from the Big Six energy providers.
This is also despite a 150 per cent spike in customers changing energy providers last month, which was caused by British Gas hiking its prices. The Centrica-owned firm announced it would increase the price of electricity by 12.5 per cent last month. It hadn't lifted prices for nearly four years before that.
According to Moneysupermarket, the average annual cost of a standard variable tariff with a Bix Six provider is £1,151. Meanwhile, the average cost of the top 20 tariffs available on the market is £855 per year.
“The British Gas price increase is the latest in a long line of blows to consumers that languish on standard variable tariffs, and these customers will continue to be impacted by price increases unless they move to a competitive, fixed rate tariff," said Stephen Murray, energy expert at Moneysupermarket.
Throughout 2017, all of the Big Six energy suppliers have increased their prices.