Energy prices ARE rising!
Igloo have announced they're increasing their prices. Again! Only in October 2020 did they last increase their prices. But what does this mean for the wider energy market?
As we have been expecting since the energy market slumped last year, energy prices are creeping back up.
To explain the reason for their price increase, Igloo cited the coronavirus pandemic, Brexit and the cold end of the year. In their words “these things have one thing in common… they push up wholesale energy prices”.
According to Igloo, energy wholesale market costs have risen by more than 30%.
As a result from 8th February 2021, Igloo will be increasing their prices by 9.1% (for a typical Igloo dual fuel home). This is coming after a 10.9% increase in October.
As Igloo only has a single offer, their Igloo Pioneer tariff, which is a variable tariff, all customers will experience a price increase. Regardless of how recently they may have switched.
If you’re an Igloo customer, it’s worth having a look around to see if you could be getting a better energy deal elsewhere. Monva’s energy comparison and switching service is free and easy to use and we have a panel of over 50 energy providers. Meaning finding the right energy deal has never been easier.
But why does this matter if you’re not an Igloo customer?
The reasons cited in their customer communications for their price increase, will not only be impacting Igloo. All energy providers will be impacted by changes in the energy market and as the wholesale cost of energy increases, so will your bills.
There has also been a lot of talk in the UK energy market of their being a price cap increase in early 2021 too. Ofgem is currently considering increasing its cap on household tariffs by £21 per year. This is in an effort to support energy providers who have been impacted by an increase in unpaid bills.
What can you do?
There is some good news if you are on a fixed rate tariff, the increase Ofgem may introduce won’t affect you. This increase would only be felt by customers on their providers standard variable rate energy tariff.
However, if you are on a variable rate tariff, or you’re just looking for a better energy deal, you can use Monva’s energy comparison and switching service.
We have a panel of over 50 energy providers, so when conducting a search through Monva you can rest assured you’ll find the best deal.