SSE has become the sixth and final large energy supplier to announce it is raising its standard variable tariff (SVT) to Ofgem’s revised price cap level.
The big six supplier said it will be adjusting prices for customers on its SVT, Energy Assist tariff and Pay As You Go tariff.
Tony Keeling, chief operating officer and co-head of retail at SSE, said: “We regret having to raise prices but with wholesale costs having steadily increased, as shown by Ofgem’s calculations, we need to pass these on in our prices.
“However, we don’t want our customers worrying about their energy bills and there is a lot of support available, including financial rebates for vulnerable customers, energy efficiency advice and access to money saving tariffs and bundles.
“Our customer service team is here to help in any way they can and I would encourage anyone worried about today’s announcement to get in touch.”
The company joins fellow suppliers Eon, EDF, Npower, British Gas and Scottish Power in raising their SVTs to the £1,254 level.
Alex Neill, Which? managing director of Home Services, said: “Inevitably, SSE has fallen in line with the rest of the ‘big six’. Two in five UK households will now be collectively hit with a billion pound price hike when their energy bills increase on 1 April.
“This is a huge blow for those who thought they would be protected by the regulator’s price cap. Anyone staring down the barrel of this sharp rise should look to switch to a better deal now – before their bills go up.”
The default price on SVTs is to rise by £117 while the price cap for pre-payment meter customers will increase by £106 to £1,242 a year for the same period of a six-month “summer” price cap.
Industry regulator Ofgem announced the rise on 7 February, which is due to take effect on 1 April.
The cap will be reviewed again later this year, with some industry analysts predicting it to fall as a result of decreased wholesale costs.