Energy supplier Good Energy has today planned to raise its electricity prices by an average of 9%.
The move will come into effect on December 5 and is expected to affect around 30,000 customers. It follows the gas and electricity price hikes announced by SSE, British Gas, npower and Scottish Power earlier this year but Good Energy won’t, however, be increasing its gas prices.
The renewable electricity supplier said its price rise is primarily due to the “costs of upgrades to the electricity grid”, which it claims have gone up by more than 50% in the last four years. This includes supplying homes with new technologies like smart meters and improving the distribution and transmission network for electricity.
Juliet Davenport, CEO and Founder of the company said: “We appreciate that any increase in price is not good news for customers. We understand the importance of price stability and have succeeded in avoiding an electricity price rise for the last four years.
“Our strategy will continue to focus on how we can maintain this into the future by building 110MW of new renewable generation capacity by 2016, increasing the number of independent generators we buy from, decreasing cost of serving our customers and continuing to invest innovating our trading services.”
Good Energy aims to purchase around 50% of their own renewable energy sources by 2016, which includes wind, solar and hydropower.