Gas and electricity Updated:
The Co-operative Energy is the latest firm to announce increases to gas and electricity prices, with customers set to see average bills rise by 4.5%.
The statement comes hot on the heels of similar announcements by two of the big six energy firms, SSE and British Gas, who are set to increase rates by 8.2% and 9.2% respectively, meaning Co-op's price hike is about half that of its bigger rivals.
This is because, it says, although it's facing the same financial pressures as other firms it's managed to absorb half of the increased costs itself, thereby sharing the burden to lessen the impact on consumers. It's also promising to hold its current prices for as long as possible.
"Due to increasing energy market costs beyond our control, namely the costs associated with buying energy and getting it into customers' homes, we find ourselves in the position of having to now pass these costs on to our customers," said Ramsay Dunning, Co-operative Energy's general manager.
He goes on to say: "We pledged to offer fair pricing and even after this increase we will still be competitively priced against the big suppliers' standard tariffs. We are not increasing prices to reward financial investors, but to ensure we continue to run a sustainable business for our members."
The firm, which is wholly owned by its customers instead of shareholders, is one of the smallest energy suppliers in the UK and has amassed 150,000 customers since its launch in 2011. Existing customers will see their bills go up from 8th January whilst new ones will notice the price rise take effect from 21st October.
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