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News for Spread Betters

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There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

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Digital Look's Best Picks

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Your money can work for you! Get it going with one of this month’s high interest current accounts:

1. A&L Premier Direct
2. Coventry First Account
3. Co-operative Current Plus

Date: Friday 29 Aug 2008

LONDON (ShareCast) - Britain’s big six energy suppliers have all raised household fuel bills now that Npower has joined Scottish Power in announcing new increases today.

Npower, the country’s fourth largest energy group, said massive increases in wholesale costs have made current pricing levels “unsustainable”, forcing it to hike gas prices by 26% and electricity bills by 14%.

The increases, which take effect from today, will cost the average user an extra £162 a year for gas and £60 for electricity.

Earlier Friday, Scottish Power said it will up prices for domestic customers on Monday due to further increases to input costs of coal and wholesale gas.

Gas prices will rise 34% and electricity prices by 9%, said the firm owned by Spain’s Iberdrola. The average customer will see a Dual Fuel increase of 25%.

“These are difficult times and we understand the financial impact this announcement will have on our customers,” said ScottishPower’s Director of Energy Retail Willie MacDiarmid

“The continuing volatility in the global market for gas is directly contributing to increasing UK’s domestic energy prices and ScottishPower is not immune to these rises.”

“I’m sorry we’ve had to increase our prices – and we’ve made this decision extremely reluctantly, especially as household budgets are being squeezed so much at the moment,” said Giuseppe Di Vita, managing director of Npower, owned by Germany's RWE.

Scottish and Southern Energy, British Gas, Germany’s E.On and French group EdF have all raised energy bills in recent weeks.

• News Channel