USwitch Reports Additional Utility Bill Rises For Property owners
Despite Britain's six largest power suppliers growing the cost of their tariffs only a few months ago, customers could be set to find themselves coming below further financial pressures, it has been suggested.
Pointing towards Centrica's lately-released interim management statement, uSwitch claimed that two further rounds of cost increases could be set to take location more than the coming months. In its report Centrica pointed out wholesale gas and power expenses have been rising due to a shortfall in imports from continental Europe and rising demand from countries in Asia for liquefied natural gas. Record oil prices in Britain were also shown to have played a dominate role in the future of power expenses. As such, it asserted that month-ahead prices for energy and gas presently stand at 100 and 92 per cent above respectively figures recorded throughout the same period of time in 2007.
Following on from growing utility bill costs, it may be possible that Britons find themselves coming under much more pressure when managing other constraints on their finances in areas such as credit and shop cards, personal loans and mortgage repayments.
Despite the typical power bill currently growing by 15 per cent - or 136 pounds - so far this year, the price comparison site stated that a further rise of ten per cent (105 pounds) could be introduced by the finish of the summer. Meanwhile, a cost hike of 15 per cent was reported to be most likely to take place in the early stages of subsequent year.
Tim Wolfenden, head of home services for uSwitch, stated: "If Centrica - the parent of British Gas, Britain's biggest supplier - is feeling such acute stress more than pricing then it's safe to say that other people are feeling it too. Suppliers have been holding firm, but the cracks are beginning to show. It's pretty clear that something has to give and that household energy prices are going to be shooting up again this year.
"Suppliers generally give consumers breathing space by introducing a couple of smaller sized price increases rather than hitting households in one fell swoop. The pressure they are under shouldn't be sufficient to change this pattern, but it could be sufficient to force their hand sooner."
If such increases take location Mr Wolfenden stated that the common energy bill could rise to stand at 1,327 pounds. Such a figure, he reported, will outcome in utility expenses surging by 46 per cent over the course of this year. He went on to assert that in a period of power bills becoming evermore costly, those people struggling with their money management could be set to look towards a fixed-rate deal due to the safety which they offer.
For these consumers who are concerned about how they will organise their finances with the prospect of rising energy bills, taking out a debt consolidation loan might be recommended. By selecting this kind of loan, borrowers may find that they are able to merge numerous constraints on their spending into a single low-price month-to-month repayment.
