Bulb Energy to raise price for electricity
16th September 2020 | Residential Energy
Bulb Energy Ltd announced on 14 September 2020 to raise the price for its electricity supply to the British consumers. The energy supplier would charge an additional £53 per year to its consumers from October 2020. The company said that the decision to increase the price was due to a recent up scaling of wholesale energy markets and costs related to support the government’s policies.
The price rise from Bulb Energy is seen against the general trend of cost effective energy deals in the UK market with several companies reducing the prices to attract more customers. It raises a question if the existing member of the supplier would switch to other cost effective energy providers or remain with Bulb Energy to be a part of the green energy drive. We present the key details on the announcement made by Bulb Energy, views from experts on rises in energy prices, and some recent investments made by SSE plc and Jersey Electricity plc in the renewable energy segment.
The latest rise in power bill by Bulb Energy would be the second price hike by the energy company in one year time as it raised the power prices by £22 per year in March 2020. During the lockdown period when the country noted a considerable fall in demand for electricity, the company raised its prices citing the reasons of cost of supporting the UK government’s policies of renewable energy projects and network upgrades.
The energy supplier informed that even after the rise, its prices would be cheaper in comparison with the default deals offered by other key suppliers. Bulb said that the raise prices would be £75 lesser than the Office of Gas and Electricity Market’s (Ofgem) cap on energy prices. Ofgem is the UK government’s regulator for the electricity and downstream natural gas markets in the UK and supports the Gas and /electricity Markets Authority (GEMA).
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