Bulb announces third price increase this year

Green energy supplier Bulb has confirmed it will raise prices for the third time this year, after previously hinting the rising cost of wholesale gas and electricity would force it do so.

Bulb said that since the company’s last price increase in June, wholesale energy costs have risen by a further 18 per cent.

All of Bulb’s 750,000 customers on its single “Vari-Fair” tariff will see their typical annual bill rise to £1,025, up from £923 – a rise of £8.50 per month from 11 November.

Bulb co-founder Hayden Wood, said: “Bulb is committed to supplying energy at a fair price. After this change, we will still be £196 cheaper than the average big six standard tariff for the typical home.

“We have one tariff for all our members, which reflects the true cost of energy. When the wholesale cost of supplying energy changes, so does our tariff. We will drop prices when wholesale costs fall by £20 a year for an average home.

“We will continue on our mission to deliver simpler, cheaper, greener energy for all our members.”

The company previously warned its customers in an email on 9 August that if wholesale energy costs continued to climb, it would potentially lead to a price increase.

Prices were last raised by the supplier by 5.1 per cent in June as a result of “increasing wholesale energy price costs” which rose by 21 per cent since February.

In February a rise of 2.8 per cent was announced.

A number of energy suppliers have recently raised their prices, also citing the rise in wholesale costs.

Big six supplier Scottish Power announced it is increasing its standard variable tariff (SVT) for the second time this year.

Around 900,000 dual fuel customers will see an average rise of 3.7 per cent from 8 October, due to a 20 per cent increase in wholesale costs since April.

Bristol Energy, a council-owned energy company, said it was increasing its tariff for the first time in its history.

The 12.6 per cent increase will mean an average monthly bill increase of £10.68

In August industry regulator Ofgem announced it was raising its safeguard tariff due to higher wholesale gas and electricity costs since the level was last updated in February.