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| Npower to raise energy prices by 10.4% | |
| (35 minutes later) | |
| Energy firm Npower has become the third major supplier to announce price rises, with a dual-fuel bill to go up 10.4%. | Energy firm Npower has become the third major supplier to announce price rises, with a dual-fuel bill to go up 10.4%. |
| The price rise will take effect on 1 December, and is the highest increase announced by any supplier so far. | |
| SSE will increase prices by 8.2% from 15 November and British Gas said prices would go up by 9.2% on 23 November. | SSE will increase prices by 8.2% from 15 November and British Gas said prices would go up by 9.2% on 23 November. |
| The Npower increase includes an electricity price rise of 9.3% and a gas price rise of 11.1%. The move will affect 3.1 million customers. | The Npower increase includes an electricity price rise of 9.3% and a gas price rise of 11.1%. The move will affect 3.1 million customers. |
| The change will add an extra £137 to an annual average dual-fuel bill, taking it to £1,459. | |
| 'Unwelcome' | 'Unwelcome' |
| Between August and December last year, the "big six" energy companies outlined price rises of between 6% and 10.8%. | Between August and December last year, the "big six" energy companies outlined price rises of between 6% and 10.8%. |
| "I know that any increases to household bills are always unwelcome, and this is not a decision that we have taken lightly. We will continue to take steps where we can to reduce the impact of the external influences on energy bills," said Paul Massara, chief executive of Npower. | "I know that any increases to household bills are always unwelcome, and this is not a decision that we have taken lightly. We will continue to take steps where we can to reduce the impact of the external influences on energy bills," said Paul Massara, chief executive of Npower. |
| Npower echoed the view of the other suppliers by saying that the rise was the result of cost increases in delivering energy to homes, fulfilling government schemes and raw materials. | Npower echoed the view of the other suppliers by saying that the rise was the result of cost increases in delivering energy to homes, fulfilling government schemes and raw materials. |
| The company said that it "aimed" to make a profit of five pence in the pound, which it regarded as a "fair return" for delivering energy reliably to people's homes and for the risks it has to take on. | The company said that it "aimed" to make a profit of five pence in the pound, which it regarded as a "fair return" for delivering energy reliably to people's homes and for the risks it has to take on. |
| Political row | Political row |
| The energy price increases have coincided with considerable political debate about the cost to households. | The energy price increases have coincided with considerable political debate about the cost to households. |
| Labour leader Ed Miliband has pledged a price freeze for 20 months if his party wins the next election. But Prime Minister David Cameron branded Mr Miliband's price freeze plan as a "con", saying that he did not have control over the worldwide price of gas. | Labour leader Ed Miliband has pledged a price freeze for 20 months if his party wins the next election. But Prime Minister David Cameron branded Mr Miliband's price freeze plan as a "con", saying that he did not have control over the worldwide price of gas. |
| Mr Massara, of Npower, said that the Labour proposal was "superficially attractive", but it would not lead to lower sustainable prices. | Mr Massara, of Npower, said that the Labour proposal was "superficially attractive", but it would not lead to lower sustainable prices. |
| "It doesn't cut the growing costs of supplying energy. Only 16% of the bill is under our control and imposing price controls discourages investment, increases uncertainty and ultimately leads to higher prices," he said. | "It doesn't cut the growing costs of supplying energy. Only 16% of the bill is under our control and imposing price controls discourages investment, increases uncertainty and ultimately leads to higher prices," he said. |