Energy bills to hike for Bulb customers

Starting from next month, many customers will need to pay an average of £69 more a year for their electricity and gas consumption

Big Zero Report 2022

Gas and electricity bills will soon rise for a second time this year.

Although energy bills increased for millions in April after the change of the new price cap by £96 per year, many Bulb customers will see a second rise starting from next month.

Some of the company’s customers who are on standard credit tariff will need to pay an average of £69 more a year.

The supplier said this is due to a sharp rise in wholesale energy costs: “The cost of supplying energy has continued to rise dramatically, driven by higher wholesale energy costs.

“These costs are now 29% higher than they were in March when we last changed our prices, a significant rise in just two months. These costs have doubled since this point last year.”

For that reason, starting from 21st June, the firm will increase its electricity and gas prices along with the daily standing charge for the customers who pay with Direct Debit.

It is estimated that this change will cost £1.33 more for a typical Bulb customer who is on credit tariff.

It is believed that wholesale prices, those that energy firms pay for when buying energy to deliver to customers, have soared to their highest level since 2018.

According to experts, that is driven by the post-lockdown demand, outages at ageing power plants and low levels in gas storage.”

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